Trading Symbol : GXM
Frankfurt : G2W
VANCOUVER, Aug. 9 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM) The
Hayden Brook property ("the property") is the subject of an Option Agreement
recently concluded with SLAM Exploration Ltd. ('SLAM'), Miramichi,
New Brunswick. This 75 claim property lies 15 km northeast of Napadogan on
Provincial Highway 107 which crosses the northern part of the Sisson Brook
claim block. The Hayden Brook property covers six historical occurrences, one
of which (URN 1153) was grab sampled by SLAM prospectors, returning
significant assays in zinc (up to 4.54%), lead, copper, indium (up to
52.7 ppm) and silver (up to 240 g/tonne). Earlier survey and trenching work
was carried out by the Miramichi Lumber Company, culminating in five drill
holes in 1977. Two soil grids on the property recently returned anomalous
values. Prospecting by SLAM in 2006 discovered angular boulders over a 900 m
strike length with assays in mineralized breccia boulders running up to 0.5%
copper, 6.2% lead, 1.8% zinc and 96.2 g/tonne silver.
To earn a 50% interest in the property, Geodex has agreed to make cash
payments to SLAM totaling $80,000 and complete exploration expenditures
totaling $600,000 over a three year period. The company can increase this
interest to 70% by spending an additional $1M no later than September 30,
2012. A 2% NSR on gold/silver and a 1% NSR on all other metals, with a buyback
provision in place, are retained by Merton Stewart, the underlying property
The Turnbull Mountain property, located 4 km north of Napadogan was
recently staked by Geodex (52 claims) to cover an area of widespread anomalous
molybdenum in soils found during 1976-1979 property work by the Miramachi
The molybdenum potential of Turnbull Mountain has been largely ignored
due to a previous emphasis on base metal exploration. However, based on about
1,800 soil samples, anomalous molybdenum values up to 165 ppm are scattered
over a zone approximately 4,000m long by 1,500m wide. This zone contains
two discrete soil anomalies (molybdenum (greater than or equal to) 20 ppm)
measuring about 1,000m by 700m, and, 2,000m long by up to 500m wide. The
latter anomaly has associated anomalous copper and tungsten values.
On the Sisson Brook project itself, three drills were employed through
July, extending and connecting the resource which was announced this spring.
By the end of July, a total of 11,240 m had been drilled from an estimated
20,000 m program. As announced in the News Release of July 19, 2007, the three
rigs are systematically defining Zone III on intermediate lines, exploring the
'gap' area north of Zone III and testing the more copper-rich Zones I and II
in the same area. Assays are already being returned and forwarded to Mercator
Geological Services Limited for updating of the block model.
The overall intent in 2007 is to increase grades significantly within the
same tonnage framework. Three deep holes are planned at the end of the program
to assess extensions of the mineralization to about the 400 m depth level.
The first stages of engineering work are now underway. Coordinated by
Wardrop Engineering, the program involves environmental testing (Rescan
Environmental Services), geotechnical work (Golder Associates) and
metallurgical testwork (SGS Mineral Services). The Scoping Study, planned for
completion in late September, is in progress at this time.
Regarding its many prospects around the former Mount Pleasant mine in
southwestern New Brunswick (Mount Pleasant West Project), the company is
pleased to report that a drill has been moved south this week and will
commence 'scout' drilling on the MacDougall target, a 1.0 km long, zinc and
indium-rich soil anomaly with closely related silver-bearing mineralized
float. After initial assessment, it will move to the Foster lake property,
30 km west of the former mine, to 'scout' test an anomalous belt of high
tungsten in soils confirming a northeasterly trend of mineralized float and
earlier regional till anomalies.
The second drill will be moved south from Sisson Brook in early
September. It will continue testing the Pughole-Whopper zone, immediately
adjacent to the former mine, which was drilled last winter. A recent trench is
being assessed and a drill pattern established to continue testing of this
zinc and indium-bearing discovery, which has similarities to the upper levels
of the nearby Mount Pleasant mine.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
Forward Looking Statement
Certain information regarding the Company contained in this press release
may constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
opinions, forecasts, projections or other statements that are not statements
of fact. Although the Company believes that expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. The Company cautions that actual
performance will be affected by a number of factors, many of which are beyond
the Company's control, and that future events and results may vary
substantially from what the Company currently foresees.
On Behalf of the Board of Directors
GEODEX MINERALS LTD.
'Jack M. Maris'
Jack M. Maris,
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,