Geodex Options Past-Producing West Gore Antimony-Gold Mine in Nova Scotia
25 Juni 2014 - 8:47PM
Marketwired
Geodex Options Past-Producing West Gore Antimony-Gold Mine in Nova
Scotia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 25, 2014) -
Geodex Minerals Ltd. (TSX-VENTURE:GXM)(FRANKFURT:G2W), ("Geodex")
is pleased to announce that it has signed an option agreement with
Elk Exploration Ltd. ("Elk Exploration") whereby Geodex will
acquire a 100% interest in the West Gore Antimony property located
near Halifax, NS. Under the terms of the agreement, Geodex, as
operator, can acquire the property by making cash option payments
of $75,000 over three years and issue 200,000 shares and via the
payment of a 3% NSR on production.
The West Gore antimony-gold deposits are located in west-central
Nova Scotia, approximately 50 km northwest of Halifax. The initial
discovery and mining date back to the late 1800s. Mining continued
intermittently into the 1930s. Antimony and gold bearing veins
occur in three sub-parallel northwest trending faults. Antimony and
gold are also documented in sheared wall rock, of which there could
be increased potential. Two significant veins are indicated on the
exploration licence of Elk Exploration. Past mining was mainly
within the area of the Elk Exploration licence. There are also
reports of antimony and gold bearing waste rock dumps.
Previous Underground Development/Mining: Antimony was discovered
in the area in 1880. Underground development and antimony-gold
mining occurred during 1884-1917 with some further development
until 1939. In a 1957 report, Cameron Consulting Engineers stated
that "about 100,000 tons of material were removed" including
"between 70,000 and 80,000 tons of milling ore" that averaged "at
least 4% antimony and about 0.1 oz. Troy gold". A later report by
JVX Ltd. stated "the mine produced some 3,000 tons of antimony".
Most past production was from the Main Vein - Fissure. There are as
many as 8 shafts on this vein. Development was conducted on the
Brook Vein - Berggren South Vein (2 shafts) and the Flowers Vein (2
shafts).
A 1944 report by George Packard estimated 56,200 tons of
material on waste/tailings dumps containing an estimated 1.2
million pounds of antimony and 2,528 ounces of gold. Later reports
document further sampling / metallurgical studies of the
tailings/waste piles. The resource estimate reported above is an
historical estimate and was not prepared using the resources
categorizations set out in NI 43-101. The Company is not aware of
any more recent resource estimate for this property. The Company is
uncertain as to the relevance or reliability of the historical
estimate.
Terms of the Transaction
Geodex shall pay Elk Exploration CDN $15,000 and 200,000
ordinary shares of Geodex at the initiation of the Option then a
further CDN$25,000 on or before 12 months of Agreement date and a
further CDN $35,000 on or before 24 months of Agreement date. There
shall be an Advance Royalty Payment of CDN $5,000 on or before 36
months of Agreement date and all subsequent years on the Agreement
date anniversaries thereafter until commencement of commercial
production. There shall be a 3% NSR payable to Elk Exploration on
production.
Director Resignation
Geodex wishes to advise that Jack Marr, V.P.
Exploration, has resigned from that role and from the Board of
Directors of Geodex. The Board would like to thank Mr. Marr for his
years of service and his role in the development of the company's
Sisson discovery.
About Geodex
Geodex is a mineral resource company focused on critical metal
projects and particularly in the Maritime Provinces of Canada.
Geodex has operated for a decade in New Brunswick where it has had
a number of discovery and development successes including Sisson
and Mount Pleasant West.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Christopher Ecclestone, 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.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Geodex Minerals Ltd.Investor Relations(604) 689-7771 or Toll
free
1-888-999-3500604-689-5528info@GeodexMinerals.comwww.geodexminerals.com
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