Almadex pauses drilling at Paradise, shifts to New Hope

Executive Summary

• Almadex Minerals provides an update on its scout drilling program at the Paradise project in Nevada, reporting results from the third hole and noting the loss of the fourth hole due to difficult drilling conditions.
• The company plans to move its exploration rig to the New Hope porphyry copper-gold project in Arizona to conduct a first-pass drill program, potentially before the end of 2025, subject to logistical matters.
• The Paradise program is paused to review data, including petrographic analysis, before deciding on a follow-up drilling round in 2026; current results indicate a large porphyry system but have not yet intersected the core.

Key Details

• Paradise Project (Nevada) - Hole 3 Results:
  • Intersected propylitic alteration overprinted by zones of phyllic alteration with high pyrite.
  • Intercepted 1.60 metres at 0.48 g/t gold from 480.40 to 482.00 metres depth.
  • Intercepted 0.50 metre at 0.47 g/t gold from 468.90 to 469.40 metres depth.
• Paradise Project (Nevada) - Hole 4 Status:
  • Drilling was lost in very difficult conditions and faulting prior to reaching target depth.
  • Hole was collared in argillic alteration, passed through a fault contact into propylitic alteration, and lost after entering a zone with weak to moderate phyllic alteration.
  • Hole 4 was designed to target IP geophysics, advanced argillic alteration at surface, and the edge of a magnetic anomaly at depth.
• Paradise Project Future Plans:
  • Drilling paused for crew breaks and to plan a follow-up program.
  • Approval received for a potential fifth drill site targeting high magnetics and chargeability at depth.
  • Samples assembled for petrographic analysis; results will be reviewed before deciding on 2026 follow-up drilling.
  • Interpretation indicates a large porphyry system with broad zones of propylitic, phyllic, and advanced argillic alteration, but the core of the system has not yet been cut.
• New Hope Project (Arizona) Plans:
  • Company plans to move the exploration rig and team to the New Hope porphyry copper-gold project.
  • Permitted drill holes exist to test a zone of porphyry-related veining mapped at surface and a nearby IP chargeability anomaly.
  • First-pass drill program planned, possibly before year-end 2025, depending on logistical matters.
• Portfolio Strategy:
  • Almadex is embarking on systematically drill-testing its early-stage portfolio with first-pass scout drilling on projects with defined and permitted targets.
  • Focus is on porphyry copper-gold and epithermal gold-silver mineralization in the Western U.S.
  • Scout programs are designed to test for mineralization, provide 3D geological information, vector for future drilling, and prioritize the property portfolio.

Notable Quotes

• "We are carrying out our plan to drill test our portfolio of newly assembled projects in the Western USA. Many of these projects cover large porphyry lithocap alteration zones that may conceal buried porphyry deposits, the principal focus of our exploration efforts. These first-pass drill programs are designed to best target mineralization, but the results will be used to vector for a potential stage II program. We are excited to move the drill to New Hope Arizona where this process will continue next." — J. Duane Poliquin, Chairman