New Brunswick
Advanced tungsten - molybdenum - copper resources.
Message: Increases Tungsten Land Position
| April 21, 2009 |
| Geodex Increases Tungsten Land Position |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2009) - Geodex Minerals Ltd. (the "Company") (TSX VENTURE:GXM)(PINK SHEETS:GXMLF)(FRANKFURT:G2W) reports that it has entered into an option agreement to acquire a 90% interest in the Flume Ridge property, located in Charlotte County, New Brunswick. The property is comprised of 63 claim units optioned from Southfield Resources Ltd. and Campfire Resources Ltd. (collectively the "Optionors"). The Company can earn its 90% interest by paying the Optionors a total of $30,000 and 150,000 Geodex shares over a three year option period. The Optioners are carried on their 10% retained interest in the Property to the start of commercial production. Minimum work commitments by Geodex are $20,000 in year one and $100,000 by the end of year three. The Optioners will retain a 2.0% Net Smelter Royalty of which Geodex will have the right to purchase up to 1% at any time, for the sum of $500,000 per 0.5%. The Flume Ridge property lies immediately northwest of the Company's Mount Pleasant West project and near the formerly-producing Mount Pleasant tungsten-molybdenum mine, owned by Adex Mining Inc. Flume Ridge claims cover an area of tungsten anomalies in soil and stream sediment samples found by government surveys. The anomalies are found in the vicinity of several isolated aeromagnetic anomalies which may reflect buried intrusions. This part of the province has not previously been systematically explored for tungsten deposits. Widely-spaced soil samples collected by the Optioners show tungsten values ranging up to 33 ppm over a length of about 500m. Multiple float boulders of calc-silicate sedimentary rocks found within the soil anomaly contain scheelite in quartz veins and have returned tungsten assays up to 0.86% WO3. Geodex believes there is good potential for intrusion and skarn-hosted tungsten deposits at Flume Ridge and is planning a program of prospecting and soil geochemistry to identify drill targets on the property. Neil Humphreys, M.Sc., P. Geo. is the in-house QP for the project in relation to N.I. 43-101 resources. |
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