GXM

Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W) (the "Company" or
"Geodex") has begun exploration of the rare earth element ("REE") potential of
its recently acquired road accessible Cumberland and Jake Lee projects in New
Brunswick. Work on other projects within Geodex's New Brunswick portfolio will
also be undertaken. Geodex expects to drill specific targets this year as part
of the program. The intent of the current exploration program is to deliver
another significant deposit to its shareholders as Geodex has previously
successfully done at the Sisson tungsten-molybdenum project. 


In October 2010, Geodex entered into a joint venture agreement with Northcliff
Resources Ltd., of the Hunter Dickinson group,whereby Northcliff acquired a 70
per cent interest in the Sisson project, which Northcliff can retain by
investing $17 million in exploration, feasibility and project costs. The current
Sisson program includes site investigations, engineering and environmental
studies designed to provide the data necessary to complete mine planning, and
environmental and socioeconomic assessments for the project. Northcliff's
program also includes active engagement with local communities and other
stakeholders. On June 7, 2011, Northcliff completed a non-brokered private
placement financing of 27,857,544 common shares at a price per common share of
$1 for total gross proceeds of $27,857,544 concurrently with the completion of
its qualifying transaction (please see Northcliff's press release dated June 7,
2011). 


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. These programs will be the focus of
Geodex's 2011 exploration programs.


Background

Geodex undertook an initiative earlier this year 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 prevalent throughout
this region, masking deposits such as Sisson. Geodex recently announced the
acquisition of the Cumberland REE and Jake Lee REE-gold-base metal projects via
staking and agreements with prospectors (see April 19 and 26, 2011 press
releases). Geodex has further expanded its portfolio recently by staking the
Donnelly property in southwestern New Brunswick for its antimony and tungsten
potential. Geodex owns or has the right to acquire 100% of each project. The
geology of New Brunswick is prospective for a number of critical metals,
including REE, tungsten, indium and antimony 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-REE
project. The critical metal focused exploration portfolio, all in New Brunswick,
is an important element of Geodex's full value.


2011 Exploration Program

The focus of the initial work is the Cumberland and Jake Lee projects for the
REE potential. Geological mapping, prospecting and soil sampling are underway
with a geophysical program and drilling planned to follow. It is expected that
drilling will occur by late summer to the fall. The focal areas will be where
elevated REE values were previously identified by prospecting, geochemical and
government surveys. These REE values are supported by related
magnetic-radiometric anomalies in areas underlain by trachyte, peralkaline
rhyolite and peralkaline granite, rock types associated with REE mineralization.


The Cumberland project is highlighted by multiple coincident magnetic and
spectrometric thorium and potassium anomalies in a roughly oval zone
approximately 4.5 km in diameter. Three grab samples from a quarry within the
property 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 Jake Lee project has soil samples and stream sediment samples anomalous in
lanthanum (respectively up to 1210 ppm and 780 ppm), as well as phosphorous and
molybdenum. In addition to the REE potential there have been very elevated gold
values, including gold bearing float rock samples, reported from the area
covered by the new claims. Multiple stream sediment and soil samples were
reported in excess of 100 ppb gold, including 3580 and 5280 ppb gold, although
the results have generally been erratic. 


Geodex will also conduct work on its Mount Pleasant West and Nashwaak projects.
The Mount Pleasant West project comprises a 10 km by 20 km group of properties
that surround the formerly producing Mount Pleasant mine owned by Adex Mining
Inc. Adex continues to advance Mount Pleasant towards making a production
decision. Geodex is targeting specific anomalies previously delineated and plans
a combination of soil sampling, prospecting, geophysics and drilling at Mount
Pleasant West.


Dave Martin, Vice President of New Brunswick Operations commented, "The 2011
exploration program will permit a rapid evaluation of several promising
properties that we have acquired over the course of the winter. We are looking
forward to putting a drill on two or more of these properties following our
initial field work that is currently underway."


David Martin, B.Sc., P.Geo., CGA, Geodex's Vice President, New Brunswick
Operations, 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 projects
described. Mr. Martin has reviewed this release and approved its contents.


ON BEHALF OF THE BOARD OF DIRECTORS

GEODEX MINERALS LTD.

Mark Fields, President & CEO

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