GXM

Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W) (the "Company" or
"Geodex") has acquired the road accessible Cumberland project in central New
Brunswick for its rare earth elements ("REE") potential as part of its
continuing generative program.


The Sisson tungsten-molybdenum project joint venture agreement with Northcliff
Resources Ltd. of the Hunter Dickinson Inc. group in October 2010 was a
watershed event for Geodex. The $13.7 million Sisson feasibility study and
Environmental Impact Assessment ("EIA") are progressing well as previously
reported (see March 29, 2011 press release). With the Sisson joint venture under
a strong mine development group such as Hunter Dickinson, Geodex has been able
to focus on other projects in its New Brunswick portfolio as well as to actively
acquire additional projects that will complement its Sisson flagship project.
The intent is to deliver another significant deposit to its shareholders. Geodex
also owns the Mount Pleasant West project which covers a large 20km by 10km
block around Adex Mining Inc's formerly producing Mount Pleasant Mine, for which
Adex is planning a feasibility study.


Geodex has undertaken an initiative to generate and evaluate other opportunities
with a focus on central and southern New Brunswick. This initiative is
continuing. The intent is to build upon Geodex's recognized expertise and
successes over the past seven years in New Brunswick, Sisson and Mount Pleasant
West being the best examples. Geodex has successfully applied exploration
methods to explore the till covered terrain that is prevalent throughout this
region, masking deposits such as Sisson. Geodex recently announced the
acquisition of the Jake Lee REE-gold-base metal project via staking (see April
19, 2011 press release). The geology of New Brunswick is prospective for a
number of critical metals, including tungsten, indium and REE as well as tin and
molybdenum. The addition of projects with a REE focus complements Geodex's
Sisson tungsten-molybdenum deposit and Mount Pleasant West
tin-tungsten-indium-rare earth element project. The critical metal focused
exploration portfolio, all in New Brunswick, is an important element of Geodex's
full value.


Cumberland Project

Geodex has acquired by staking and agreements with prospectors the 2950 hectare
Cumberland project 60 kilometers east of Fredericton. Geodex will conduct an
exploration program focused on the REE potential based on the geology and
supported by initial sampling.


The Cumberland project is underlain by felsic volcanic rocks that are documented
as trachyte and peralkaline rhyolite. These altered and locally brecciated
volcanic rocks form part of a basement high underlying the flat lying basin
sedimentary rocks. Airborne geophysics surveys by the Geological Survey of
Canada and Vale Inco Ltd. covered the Cumberland project area. Multiple
coincident magnetic and spectrometric thorium and potassium anomalies were
outlined in a roughly oval zone (approximately 4.5 km in diameter) in the
central region of the Cumberland project area. Three grab samples from a quarry
within the claims had an average of 725 ppm LREE (light rare earth elements) and
312 ppm HREE (heavy rare earth elements) in addition to 2258 ppm zirconium. The
geology and geophysical anomalies coupled with these promising REE values from
an existing quarry demonstrate the prospectivity of the Cumberland project.


Geodex acquired the Cumberland project through a combination of staking and two
agreements with prospectors. Geodex has the right to purchase a 100% interest in
various claims through initial payments of $12,500 (complete) and subsequent
staged payments over 3 years totaling a further $137,500. The prospectors retain
a two per cent net smelter royalty, which Geodex has the right to purchase all
of in one case and half of in the other case.


Geodex will conduct an initial exploration program analyzing for REE as well as
other metals. The prospective geology and structures provide encouragement that
Geodex will be able to rapidly evaluate the potential of this new project.
Access is excellent, as for most of New Brunswick, with two roads cutting
through the project. Over the past seven years in New Brunswick, Geodex has
successfully applied exploration methods to advance projects such as Cumberland
from an initial evaluation process to first pass drilling, often during the
first year of exploration. Geodex will provide details of the 2011 exploration
program and timing for its New Brunswick projects when it is finalized.


David Martin, B.Sc., P.Geo., CGA, Geodex's Vice President, New Brunswick, is a
qualified person under NI 43-101 and is responsible for the design and conduct
of the programs carried out by the Company on the Jake Lee Project. Mr. Martin
has reviewed this release and approved its contents.


ON BEHALF OF THE BOARD OF DIRECTORS

GEODEX MINERALS LTD.

Mark Fields, President & CEO

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.

Geodex Minerals Ltd. (TSXV:GXM)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

Geodex Minerals Ltd. (TSXV:GXM)
Historical Stock Chart
Von Mai 2023 bis Mai 2024