Adex Reports Final Phase 2 Drill Results for Its Mount Pleasant Property, Including 44 Metres of 1.11% Tin and 242 G/T Indium
Adex Mining Inc. (“Adex” or the “Company”) (TSX VENTURE: ADE) is pleased to announce the remaining analytical results for the Phase 2 drilling program at the Mount Pleasant Mine Property in southwestern New Brunswick, Canada. The results, for sampled core from Holes AM-08-17 to AM-08-20 and Holes AM-08-40 to AM-08-47, confirm that both the Deep Tin and North Adit sub-zones of the property’s tin-indium North Zone remain open laterally in multiple directions.
“These results, indicative of significant near-surface and at-depth mineralization, further underscore the significant potential of the tin-indium areas of the Mount Pleasant Mine Property,” said Kabir Ahmed, President and CEO of Adex Mining. “In addition, the completion of our 2008 drilling program is an important milestone for us as we continue our fast-track approach to moving the Mount Pleasant project to the feasibility stage of mine development.”
All of the holes are vertical with the exception of Hole AM-08-44, which was drilled to the northeast at 45 degrees, and Holes AM-08-42 and AM-08-43, which were drilled to the east at 60 and 45 degrees, respectively. Holes AM-08-17 to AM-08-20 and Holes AM-08-44 to AM-08-47 were drilled to evaluate a known historical surface exposure of tin-zinc-copper mineralization in the North Zone named the #4 Tin Lode, drilled in the 1970s, and located 100 metres northeast of the North Adit sub-zone. Eight short, closely-spaced holes covered the occurrence over a surface area of 55 by 40 metres. Summary results are as follows:
———————————————————————– —- Hole From To Tin Indium Zinc Copper Arsenic Identification (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) ————————————————————————— AM-08-17 4 34 0.40 36 0.63 0.07 0.12 ————————————————————————— AM-08-18 2 46 1.11 242 2.88 0.37 0.45 ————————————————————————— AM-08-19 7 208 0.29 61 0.97 0.11 0.40 ————————————————————————— Including 7 55 0.73 134 1.52 0.19 0.35 ————————————————————————— AM-08-20 4 34 0.29 87 1.10 0.10 0.23 ————————————————————————— AM-08-44 5 83 0.33 112 1.23 0.14 0.23 ————————————————————————— AM-08-45 13 79 0.16 66 0.89 0.10 0.72 ————————————————————————— AM-08-46 10 46 0.31 96 1.31 0.10 0.31 ————————————————————————— AM-08-47 5 62 0.14 42 0.57 0.06 0.14 —————————————————————————
These results are particularly encouraging because Hole AM-08-19, the only hole drilled below 100 metres, intersected tin-indium-zinc-copper mineralization to a depth of greater than 200 metres. Results from Hole AM-08-45, collared 30 metres northeast of AM-08-22, suggest the intersected mineralization remains open laterally and extends below the surface to the southwest towards the North Adit sub-zone. The results from Holes AM-08-46 and AM-08-47 indicate the #4 Tin Lode remains open to the north. These results are being assessed in conjunction with the historical drill records in the continuing evaluation of the lode.
Two drill holes tested a second known surface exposure of tin-zinc-copper mineralization, historically named the Fire Tower Breccia, located in the vicinity of the Fire Tower Zone. The results are as follows:
———————————————————————– —- Hole From To Tin Indium Zinc Copper Arsenic Identification (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) ————————————————————————— AM-08-42 14 68 0.13 55 1.57 0.20 0.73 ————————————————————————— AM-08-43 11 41 0.16 54 1.62 0.22 0.40 —————————————————————————
Subsequent to this drilling, the exposure has been trenched and chip-sampled, with analytical results pending.
In addition, follow-up Holes AM-08-40A and AM-08-41 were drilled 50 metres west and north, respectively, of Hole AM-08-34 in the Deep Tin sub-zone. Results are as follows:
———————————————————————– —- Hole From To Tin Indium Zinc Copper Arsenic Identification (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) ————————————————————————— AM-08-40A 140 185 0.31 112 1.76 0.05 1.28 ————————————————————————— AM-08-41 14 74 0.14 64 0.95 0.05 0.39 —————————————————————————
The results from Hole AM-08-40A indicate the Deep Tin sub-zone remains open to the west.
Future drilling will focus on enlarging these zones as well as continuing to investigate the shallowly emplaced #4 Tin Lode and its spatial relationship to the rest of the North Zone. The nature of the geological setting of the Mount Pleasant mineralized bodies hosted within and along the contacts of granite bodies and breccias results in highly variable shapes and orientations of its zones. Consequently, no estimation of true widths can be provided from these results at this stage.
Besides the drilling exploration, an extensive program of additional splitting and sampling of historical core is continuing, as is the completion of missing indium analyses for sample pulps and split core stored at the Mount Pleasant mine site. The aim of this work is to better define the shape and extent of these bodies, particularly at shallow depths.
The 2008 drilling program was completed as part of an ongoing review of the Mount Pleasant Mine Property with the purpose of completing an updated National Instrument 43-101 (“NI 43-101″)-compliant evaluation of these resource bodies. Concurrent with this drilling, a program of additional sampling and analysis of core, pulps and rejects from historical holes located in the vicinity of the 2008 drilling is ongoing. The results are being compiled and incorporated into Adex’s GEMCOM database of the North Zone with the purpose of generating a NI 43-101-compliant deposit model and resource estimate for the mineralized bodies.
Additional information concerning the Mount Pleasant Mine Property is contained in the NI 43-101-compliant Technical Review of the Mount Pleasant Property, Including a Mineral Resource Estimate for the Fire Tower Zone Southwestern New Brunswick dated August 1, 2006 completed by Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist, Andrew Hara, P.Eng., Senior Associate Mining Engineer, Robert de l’Etoile, M.Sc., P.Eng., Senior Associate Engineer, and Dorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of Watts, Griffis and McOuat Limited, and Dr. Trevor Boyd, Ph.D., P.Geo., Independent Consultant, which is available at www.sedar.com.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program. Core is split in half using a hydraulic core splitter, sealed in secure packages and shipped by bonded carrier to S.G.S. Laboratories in Toronto for analysis using sodium peroxide fusion with ICP-MS finish for indium and ICP-OES finish for tungsten, molybdenum, tin, bismuth, arsenic, zinc, copper and lead. Samples are also sent to Activation Laboratories in Ancaster, Ontario for analyses by Fusion XRF for tin and tungsten, and sodium peroxide fusion with either ICP-MS or ICP-OES finish for indium, molybdenum, bismuth, arsenic, zinc, copper and lead. A pulp duplicate unknown to the laboratory is submitted per batch of 10 samples and sent to the alternate laboratory, while a polymetallic standard unknown to the laboratory is included with each shipment of duplicate samples. Both S.G.S. and Activation Laboratories fulfill standard QA/QC protocols.
The Mount Pleasant exploration program is being conducted under the direction of Trevor Boyd, P.Geo., the company’s independent Geological Consultant and a qualified person as defined by National Instrument 43-101. Mr. Boyd supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
Adex Mining Inc. is a Canadian junior mining company with an experienced management team. The Company is focused on developing its flagship Mount Pleasant Mine property, a multi-metal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. Located in Charlotte County, New Brunswick, the Mount Pleasant Mine property is situated approximately 80 kilometres south of Fredericton, the provincial capital, and is 65 kilometres from the United States border. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol “ADE.”
No securities commission or regulatory authority has approved or disapproved the contents of this press release. FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Adex, its subsidiary or the industry in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Adex with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in reports filed by Adex with the Alberta, British Columbia and Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Adex, its prospects and the risks and uncertainties relating to Adex and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Adex to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Adex cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
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Contacts: Adex Mining Inc. Kabir Ahmed President, Chief Executive Officer and Director 1-866-508-2339 (ADEX) Email: email@example.com Website: www.adexmining.com
SOURCE: Adex Mining Inc.