Almadex Minerals talks drilling at Davis, Paradise

Mr. J. Duane Poliquin reports ALMADEX PROVIDES PARADISE DRILLING UPDATE AND DISCUSSES DAVIS HIGH GRADE GOLD AND SILVER TARGETS Almadex Minerals Ltd. has provided a review of past and current exploration activity at the Davis and Paradise projects in Nevada. In 2019, Almadex consolidated the Davis-Paradise Valley area by optioning the Davis property from the underlying owners. The Davis claims adjoin the Paradise Valley property, which had been staked by Almadex. The property now comprises 358 claims totalling approximately 2,800 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the Paradise Peak gold mine. The company has a large portfolio of recently acquired exploration projects in the Western United States that are prospective for porphyry copper-gold and epithermal gold-silver mineralization. The in-house approach to acquire these targets includes focusing on zones of exposed advanced argillic alteration in and along very specific geologic regions and trends the company has defined as prospective using proprietary tools. Mapping these alteration zones mineralogically defines whether or not they represent the upper portions of a porphyry copper-gold system and worthy of acquisition. Porphyry deposits are amongst the largest class of mineral deposit for their global endowment of metals such as copper, gold and molybdenum, and, as such, the Earth has been scoured for near-surface deposits of this type. Future exploration will require deep exploration. Exploring in the upper, often barren, tops of porphyry systems in the past decade has shown to have revealed large discoveries globally. Almadex's team is focused on such exploration for buried deposits in the Western United States and, over three years, has assembled this important exploration portfolio of porphyry lithocap alteration zones. The company is financed to conduct first-pass drilling and plans to systematically carry out vector-type drill programs over each of its projects. These drill programs are designed to test these projects for mineralization and as such are discovery oriented. But these scout drilling programs are intended to provide important early-stage three-dimensional geological information and a vector for future drilling on each project as well as prioritize the property portfolio. Such drilling is under way at the Paradise porphyry lithocap project, progress from which is discussed below. A review of some of the targets defined at the Paradise project and the adjoining Davis project is also provided below. Paradise drilling activities Almadex has completed the drilling of a third hole at the Paradise porphyry lithocap exploration target and will shortly commence a fourth hole in this 2025 vectoring drill campaign. All four holes in this 2025 program were planned in different parts of this large (currently mapped at 4.5 by 1.8 kilometres) alteration zone. The program was designed to test different parts of the lithocap where high-temperature alteration, high chargeability and magnetic features have been mapped in previous geophysical, geochemical and geological programs conducted by the company. Assays from the first two holes in the program have now been received. The second hole in the program (PD-25-002) hit zones of elevated gold and base metal sulphide veining, including highly altered volcanic rock. Highlights of these results include: From 33.00 to 36.50 metres (3.50 metres) -- 0.37 gram per tonne gold; From 135.65 to 136.60 metres (0.95 metre) -- 23.10 g/t silver, 0.15 per cent copper, 1.58 per cent lead and 1.09 per cent zinc; From 139.00 to 139.55 metres (0.55 metre) -- 28.10 g/t silver, 0.44 per cent copper, 2.84 per cent lead and 1.24 per cent zinc; From 177.55 to 178.70 metres (1.15 metres) -- 7.70 g/t silver, 0.02 per cent copper, 1.43 per cent lead and 1.56 per cent zinc; From 189.00 to 213.10 metres (24.10 metres) -- 3.21 g/t silver, 0.03 per cent copper, 0.36 per cent lead and 0.53 per cent zinc; Including 208.50 to 210.00 metres (1.50 metres) -- 11.80 g/t silver, 0.08 per cent copper, 1.53 per cent lead and 1.52 per cent zinc. The company considers this mineralization to be part of the broader porphyry system and an important indication that the Paradise lithocap is metal endowed. When complete results are received from the remaining holes in the program and have been interpreted, the company will provide a further update, along with an interpretation of the program. Davis project high-grade gold-silver targets The adjacent Davis epithermal gold-silver project covers a number of zones of veining and epithermal mineralization. Mapping and sampling have broadly identified two styles of veining: classic banded low-sulphidation veining associated with high-level near-surface epithermal alteration, including sinter and hydrothermal breccias; and intermediate-sulphidation-style veining with gold, silver and some base metal enrichment. The company has recently reviewed the historic data it has gathered, which have highlighted several areas for immediate follow-up. In 2024, Almadex drilled a hole in the northern part of the property designed to test under an area of sinter float boulders and banded epithermal veins at surface in volcanics, but the hole was abandoned after encountering faulting and older metasediments (see Almadex news release of Dec. 2, 2024). Subsequently the company carried out an IP (induced polarization) geophysical survey, which identified a chargeability feature spatially associated with the older metasediments and with high-grade grab samples taken from surface reported previously (see Almadex's news release of Sept. 22, 2022), including 18.5 and 36.3 g/t gold). The coincident IP anomaly and surface veining make this area a priority for follow-up mapping to better understand the IP anomaly and if it relates to the high-grade surface samples. This zone is roughly 540 metres north of where, in 2022, Almadex drilled two holes on a section beneath the Davis vein zone and historic mine. Highlights from this drill program included 0.80 metre of 17.1 g/t gold and 10.3 g/t silver, 1.70 metres of 11.8 g/t gold and 68.2 g/t silver, and 13.70 metres of 2.3 g/t gold and 24.1 g/t silver in the top hole (DP-22-001) and 2.10 metres of 5.7 g/t gold and 22.3 g/t silver and 6.65 metres of 1.9 g/t gold and 11.9 g/t silver in the deeper hole (DP-22-002; see Almadex's news release of July 15, 2022). Roughly three kilometres to the southwest, at the Peppercorn showing, chip samples returned 0.4 metre of 1.9 g/t gold and 1,330 g/t silver and 0.2 metre of 2.0 g/t gold and 415 g/t silver and a grab sample returned 6.0 g/t gold and 2,410 g/t silver. All samples were collected from historic workings in 2022 (see Almadex's news release of Sept. 22, 2022). Similarly at the Twin Shaft showing, grab samples taken in 2022 returned 38 g/t gold and 261 g/t silver, 9.9 g/t gold and 64.3 g/t silver, 5.2 g/t gold and 122 g/t silver, and 3.5 g/t gold and 35.1 g/t silver. Both these areas and others highlight the multitarget nature of this project. J. Duane Poliquin, chairman of Almadex, commented: "We look forward to receiving all results from this Paradise vectoring drill program. In the meantime, we are pleased to provide this review of some of the targets at the Davis project. We are contemplating next steps for Davis and will make plans on how to advance the project either ourselves or by seeking a partner." About lithocap alteration zones and the Paradise lithocap Lithocaps are extensive areas of hydrothermally altered rocks that occur above or adjacent to intrusive rocks and related porphyry deposits. The hydrothermal alteration forms when ascending high-temperature magmatic fluids are released from the source intrusion below and alter permeable and reactive rocks occurring above. Lithocaps can be over 10 by 10 kilometres in surface area and over one kilometre thick. The alteration mineral assemblages vary, usually with distance from the intrusive source. Often, more neutral and higher-temperature stable alteration mineral assemblages are seen at depth, closer to the source intrusion and potential porphyry deposit. More acidic and lower-temperature stable assemblages generally occur higher and farther away. Mapping of alteration minerals and geochemical analysis using soil and rock samples can map these changes in mineralogy. This mapping can then provide a vector toward potential underlying porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed porphyries and other styles of mineralization. If no mineralization is present at surface, drilling based on geochemical and alteration vectors aided by geophysical data is the best way to explore for buried deposits. The 1,547-hectare Paradise property covers a roughly 4.5-by-1.8-kilometre area of exposed intense hydrothermal alteration developed in volcanic rocks. This alteration zone which includes quartz-alunite, pyrophyllite and diaspore, is typical of high-sulphidation environments forming above porphyry copper-gold systems. The alteration has been mapped by Almadex using a Terraspec infrared spectrometer. This work, using rock-chip spectral data points, has defined a well-preserved porphyry lithocap with alunite core zones (with increasing sodium composition) haloed by pyrophyllite, dickite and then hypogene kaolinite. Surrounding the acid sulphate zones are halos of sporadic paragonitic illite (grading to dominant muscovitic alteration) with chlorite in peripheral alteration halos (propylitic). About the Davis property option The company acquired an option to purchase 100 per cent (subject to royalty provisions) of the Davis project, which comprises 163 claims. Qualified persons and technical details Dr. Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. The 2022 rock-chip samples and 2022 Davis drill program were taken and conducted under the supervision of Jocelyn Pelletier, PGeo, a qualified person as defined by NI 43-101, as described in the company's news release of Sept. 22, 2022). A total of 119 surface rock-grab and rock-chip samples were taken over the project in May and June, 2022, from which the highlighted results were taken. These samples averaged 2.2 g/t gold and 84.2 g/t silver. The chip samples ranged in width from 0.05 metre to 2.0 metres in width. The chip and grab samples were taken to better understand the distribution of and to characterize mineralization on the property and as such may not be representative. True widths for surface sample intervals reported cannot be determined at this time. The estimated true widths for the Davis drilling intercepts are approximately 73 per cent of the core intersections for hole DP-22-001 and 67 per cent for DP-22-002. True widths are not possible to calculate at this time for the Paradise intercepts described as they occur in zones of complex veining and brecciation. The analyses reported from Almadex sampling (both new and historic) were carried out at ALS Chemex laboratories using industry-standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma -- atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HClO4 digestion with HCl leach and ICP-AES finish. For copper, lead and zinc, samples are first analyzed by ICP-AES, with four-acid digestion. Samples that return values greater than 10,000 g/t using this technique are then reanalyzed by HF-HNO3-HClO4 digestion with HCl leach and ICP-AES finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program, which complies with NI 43-101 requirements. The IP geophysical lines were surveyed using the company's highly experienced in-house team and equipment, a five-kilowatt GDD transmitter and Iris Elrec-6 receivers generally using a 100-metre dipole in a pole-dipole array on eight levels. Pseudo-sections were prepared, and the data were inverted using RES2DINV software. About Almadex Minerals Ltd. Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of projects and NSR (net smelter return) royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and deal making by Almadex's management team. The company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house. We seek Safe Harbor.