Almadex Minerals Partners with Azucar on Nevada Exploration
Exciting Partnership Between Almadex Minerals and Azucar
Almadex Minerals Ltd. is thrilled to announce a new Option-Joint Venture exploration agreement with Azucar Minerals Ltd. This agreement allows Azucar to acquire a significant 60% interest in three mineral claims in Nevada, specifically the Pilot, Confusion Hills, and Red Ring projects. This collaboration aims to leverage the strengths of both companies, promising advancements in exploration and discovery.
Details of the Joint Venture Agreement
The agreement entails a structured approach where Azucar needs to adhere to specific cash payment and work commitments.
Cash Payments Structure
Azucar will make initial cash payments totaling $400,000 USD to Almadex. This includes:
- $100,000 USD upon approval by the TSX Venture Exchange and disinterested shareholders from Azucar.
- $300,000 USD for each Project upon completion of defined Exploration Requirements.
Exploration Work Commitments
To maintain their option, Azucar is committed to extensive exploration activities on the projects:
- At least 2,000 metres of combined drilling within the first 18 months of the agreement.
- A minimum of 3,000 metres of drilling on the chosen project must be completed within five years.
If Azucar completes more than 15,000 metres of drilling, an additional $750,000 USD payment will be required.
Exploration Focus on Three Promising Projects
Pilot Mountain Porphyry Copper-Gold Prospect
The Pilot project represents a promising area of hydrothermal alteration within sedimentary rocks that interact with tonalite porphyry bodies. Previous geological work by Almadex has uncovered substantial alteration patterns, including the presence of pyrophyllite and white mica, indicating potential porphyry mineralisation. The exploration efforts have also yielded valuable data through soil sampling, confirming a broad copper-molybdenum and gold anomaly.
Confusion Hills Porphyry-Epithermal Gold-Copper Prospect
At the Confusion Hills prospect, extensive geological activities have taken place. Notably, 107 grab samples were collected, revealing promising results with high gold grades in several instances. In addition, mapping activities have delineated a high sulphidation and porphyry lithocap structure, indicating significant alteration patterns conducive to economic mineralization.
Red Ring Porphyry-Epithermal Gold-Copper Prospect
The Red Ring prospect shows extensive alteration zones alongside carbonate rocks. Recent mapping efforts have observed an impressive alteration zone spanning 2.8 km. Early rock sampling indicates the presence of pathfinder elements commonly associated with high-sulphidation environments.
The Vision of Almadex Minerals
J. Duane Poliquin, the Chairman of Almadex, expressed enthusiasm for this agreement, stating that it represents a significant step forward not only for Almadex but also for Azucar as a collaborative partner. Almadex´s ongoing commitment to exploration highlights its drive to yield substantial value for its shareholders through strategic partnerships.
This joint venture showcases Almadex's position as a valuable player in the mining sector, with an impressive portfolio of mineral projects across North America. The company’s expertise in exploration, coupled with its capacity for cost-effective drilling, positions it favorably for upcoming exploration phases in 2025.
Conclusion and Future Outlook
As the joint venture progresses, both companies aim to realize their full potential through effective exploration and development of the Nevada properties. With adequate cash reserves and a robust drilling program, Almadex Minerals Ltd. is poised to achieve significant milestones in the realm of mineral exploration.
Frequently Asked Questions
What is the purpose of the joint venture between Almadex and Azucar?
The purpose is to enhance exploration efforts in Nevada and allows Azucar to earn a 60% interest in Almadex's projects.
How much will Azucar pay Almadex under the agreement?
Azucar will make cash payments totaling $400,000 USD plus additional funds depending on drilling completion.
What type of projects are included in the joint venture?
The joint venture includes the Pilot, Confusion Hills, and Red Ring mineral prospects.
What has been discovered at the Confusion Hills project?
Exciting preliminary results showed high gold returns from grab samples, indicating significant mineralization potential.
When will exploration activities take place?
Exploration activities are expected to ramp up starting in 2025 as part of the agreement commitments.
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