Almadex Minerals (TSXV: DEX) gained by 11.11% today to $0.25 per share and has $0.28 per share in cash and no debt. It has a book value of $0.42 per share.
DEX's 100% owned 958.7-hectare New Hope Copper Porphyry Project in Arizona contains the geology at surface typical of the upper levels of a porphyry copper deposit including phyllic alteration identified to the northwest, advanced argillic alteration identified to the northeast, and an exposed set of porphyry-related veinlets identified to the southwest.
The exposed set of porphyry-related veinlets was defined in limonitic alteration. This zone of quartz veining is currently interpreted to represent a potential centre to the porphyry system at New Hope. The observed zone of veining is an approximately 600 metre in diameter semi-circular area.
Fluid inclusion petrography on these veinlets indicate that they were formed by vapour rich fluids. These types of veinlets are interpreted to be typical of shallow-level emplaced porphyry systems and above the level at which main stage porphyry-style copper-gold mineralisation is to be expected.
Within this broader area, two inner zones about 200 metres and 100 metres in diameter were mapped where veinlet densities of greater than 10 per metre were observed. To date 78 rock grab samples have been taken on the property from outcrop, subcrop and float in the alteration zone. While the area is weathered and the level of erosion is above that of where main stage porphyry mineralisation would be expected, elevated gold and molybdenum results were returned! Porphyry Copper Deposits are the dominant source of molybdenum!
DEX is developing a complete set of 2024 drill targets at New Hope!
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