Trading Symbol GXM
VANCOUVER, June 6 /CNW Telbec/ - Geodex Minerals Ltd. (the "Company")
(TSX-V: GXM) is pleased to report that it has added four new properties to its
inventory in southwestern New Brunswick. This is in line with the company's
policy of aggressively extending its land position in this area to explore for
the granite-related suite of elements, tin, tungsten, molybdenum and indium.
Two of these properties have significant uranium potential and this reflects
strong interest in and heavy claim staking for uranium all over New Brunswick.
Work on these properties will be starting immediately.
An agreement has been concluded with two private companies to acquire a
90% interest in the Victoria Lake Property located in Charlotte County,
New Brunswick, approximately 20 km southeast of the former Mount Pleasant
mine. The property consists of 47 claims in three groups. The Company may earn
a 90% interest in the property by paying the optionors a total of $30,000 and
150,000 shares of the Company over a three year option period. The area covers
three tin greisen occurrences which were explored in the St. George batholith
by Billiton and Shell Canada in the 1980s. However, recent prospecting of
float boulders has reported values in indium up to 89.9 ppm, 1.5% copper,
2.28% zinc and an impressive suite of rare earth elements.
The Nerepis-Cunningham Brook 30-claim property was recently staked by
Geodex. It lies 40 km east of the former Mount Pleasant Mine and approximately
25 km northwest of the city of Saint John. A contact skarn zone between
Silurian sediments and the Mount Douglas batholith has returned historical
assays in float boulders up to 8% zinc, 7% lead, 1.5% copper and 2.5 oz/ton
silver. Cobalt values up to 1.5% were also found. Subsequent drilling reported
4.42% zinc over 7.9 m in one hole and 3.0 m of 0.28% copper and 0.27% tin in
another. No assaying was carried out for indium which has a well-known
association with zinc.
The Tamarack Lake (31 claims) property and the Cranberry Lake (20 claims)
property, both recently staked by Geodex, are located 15 km southeast of the
Mount Pleasant mine. Both protect sites of highly anomalous stream sediment
values in uranium, which were reported from a 1977 survey by the New Brunswick
Department of Natural Resources and 1987 sampling by the GSC. The Cranberry
Lake anomaly (532 ppm U) and the Tamarack anomaly (838 ppm U) were two of the
most prominent samples in those surveys. The Tamarack Lake area also shows
widely elevated tin values from till sampling carried out previously by Shell
Canada Resources. Uranium can be an important associate of the suite of metals
in which Geodex is interested.
About Geodex Minerals
Geodex Minerals Ltd. is a Canadian-based resource company with a focus on
the exploration and development of three important properties in New
Brunswick. The company has a 70% interest in their Sisson Brook flagship
property which was shown in a recent independent report to contain an inferred
molybdenum/tungsten resource of up to 167 million tonnes, depending on the
cut-off used. At the Mount Pleasant West group of properties in southwestern
New Brunswick, Geodex is considered the world's largest landholder of premium
indium exploration ground.
Jack Marr, M.Sc., P.Geo, is the in-house QP for this project.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
'Jack M. Maris'
Jack M. Maris President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
For further information:
For further information: Christopher R. Anderson, V.P Business
Development, (604) 689-7771, Toll free 1-888-999-3500,
email@example.com, Visit our website at www.geodexminerals.com; Renmark
Financial Communications Inc.: Neil Murray-Lyon:
firstname.lastname@example.org; Christine Stewart:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,