(PRWEB) October 30, 2006
Geodex Minerals Ltd. (the 'Company') is pleased to report assay results from the next two drill holes at its summer drill program at Sisson Brook, New Brunswick. Holes SB-06-08 and 09 are from the 7,500 m drill program (29 holes) which was completed at the end of September.
The primary objective of the present drill program was systematic definition of the tungsten-molybdenum resource in Zone III, which was defined by only 13 drill holes during exploration by Texasgulf/Kidd Creek Mines in the period 1978 to 1982. This present program focused on infill drilling between the older holes on 100 metre sections and was successful in extending the zone of mineralization along strike in both directions and to depth. All but one hole was drilled in Zone III which appears to be the southern part of a larger mineralized system. Zone III is now known to be an elliptical deposit over one kilometer long and up to three hundred metres wide through its central area. It is still uncertain how it connects into Zones I and II which are more copper-rich and lie immediately to the north.
Highlights of significant results from holes SB-06-08 and 09 are as follows (please also see attached file):
Hole Grid Loc'n Incl'n Length(m) From(m) To(m) Interval(m) Mo% WO3%
SB-06-08 6+00S, 3+72W -55 305 120.3 303.5 183.2 0.029 0.092
120.3 219.5 99.2 0.041 0.111
SB-06-09 6+00S, 4+50W -55 354 159.0 339.0 180.0 0.031 0.106
250.5 339.0 88.5 0.052 0.129
These two holes lie on the western edge of the Zone III deposit and were drilled from west to east. They lie between 235 m and 400 m north of the four holes released in the News Release of October 12. Like the previous holes, they show a consistently wide zone of mineralization and include many narrower zones which are separate from and not included in the table above. Many of these may be important to an eventual mine plan.
Core from these holes was logged, split and sent for assay under secure conditions at the company's core-handling facilities in Nakawic, N.B. Blanks are inserted every 30th sample and a standard pulp every 80th sample to monitor laboratory performance under the direction of the company's consultants. The laboratory prepares two duplicate pulverized samples every thirty samples, one to be analyzed as a duplicate split and one to be sent to a second laboratory for check assays. Actlabs of Ancaster, Ontario, carried out the assays using a Neutron Activation (INAA) procedure for tungsten and molybdenum on one gram samples, using Canmet certified reference materials every 11 samples to verify the assay procedures.
For comparative purposes to other types of deposits, the company notes that metal prices (Northern Miner, October 5, 2006) remain high and holding for tungsten ($US 22,000/metric tonne for WO3, approximately $US 10.00/lb) and molybdenum ($US 27.50/lb. for oxide). A grade of 0.1% for example in the table above represents 2.2 lbs of metal per tonne and enables preliminary gross calculations of value. These prices, of course, may not hold for longer term development or mine operations.
The company intends to release data from subsequent holes in batches as the assays become available from the laboratory. These will be incorporated with all the survey data into an independent N.I. 43-101 report which is expected from Mercator Geological Services Limited in December. With this report in hand, the company expects to announce plans to complete a Pre-Feasibility study by December 2007. Further drilling, bulk sampling, metallurgical studies, pit design, site studies and environmental monitoring will commence in early Spring of 2007. In addition, the northern Zones I and II will be drilled off to the same degree as Zone III. Historical resource data suggests that more copper can be expected in this area, in addition to molybdenum and tungsten.
The deposit at this stage appears to be setting up as a classic open pit development in an area of central New Brunswick with excellent access, power supply and logistics. The powerline on the property, in particular, will ensure very competitive operating costs.
Jack Marr, M.Sc., P. Geo., is the in-house QP for the project in relation to N.I. 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Trading Symbol: GXM
Frankfurt : G2W
"Jack M. Maris"
Jack M. Maris
For further information contact: Christopher R. Anderson, V.P Business Development
(604) 689-7771, Toll free 1-888-999-3500