Adex Reports Fire Tower Zone Drill Results, Including
Six Metres of 0.77% Tungsten and 0.43% Molybdenum
Toronto
? Sept. 23, 2008 ? Adex Mining Inc. (?Adex? or the ?Company?) (TSX-V:
ADE) is pleased to announce the final analytical results for the Fire Tower
Zone (?FTZ?) Phase 1 definition drilling program at its Mount Pleasant Mine
Property in southwestern New Brunswick, Canada. The results, which include six
metres of 0.77% tungsten and 0.43% molybdenum, are for sampled core from 3,312
metres of drilling completed in eight holes testing the FTZ's North, South,
West and East mineralized bodies.
?The
tungsten and molybdenum grades returned in this group of results are equal to
or higher than the values contained in our previous National Instrument 43-101
(?NI 43-101?)-compliant inferred resource estimate for the FTZ completed by
Watts, Griffis and McOuat in August 2006,? said Kabir
Ahmed, President and Chief Executive Officer of Adex. ?We look
forward to utilizing the results from our Phase 1 drill program in the
preparation of an updated resource estimate, which we anticipate will upgrade
the FTZ to the NI 43-101 ?indicated? category, which will, in turn, enable us
to continue fast-tracking the Mount Pleasant Mine Property towards
feasibility.?
Summary
analyses for FTZ holes AM-08-08 to AM-08-09 and holes AM-08-11 to AM-08-16 are
as follows:
Hole Identification
(ID)
|
From (m)
|
To
(m)
|
Bismuth
(wt.% )
|
Tungsten
(wt.%)
(WO3)
|
Molybdenum
(wt.%)
(MoS2)
|
Arsenic
(wt.%)
|
AM-08-08
|
278
|
353
|
0.06
|
0.27
|
0.22
|
0.30
|
AM-08-09
|
167
|
248
|
0.15
|
0.28
|
0.15
|
2.89
|
including
|
218
|
248
|
0.24
|
0.43
|
0.23
|
4.82
|
plus
|
341
|
374
|
0.27
|
0.28
|
0.17
|
0.36
|
AM-08-11
|
198
|
330
|
0.15
|
0.39
|
0.23
|
3.08
|
including
|
273
|
279
|
0.23
|
0.77
|
0.43
|
2.60
|
AM-08-12
|
313
|
363
|
0.06
|
0.34
|
0.12
|
0.27
|
including
|
319
|
334
|
0.09
|
0.66
|
0.11
|
0.79
|
AM-08-13a
|
186
|
213
|
0.08
|
0.34
|
0.14
|
0.96
|
AM-08-14
|
305
|
362
|
0.10
|
0.67
|
0.18
|
0.72
|
AM-08-15
|
299
|
335
|
0.02
|
0.38
|
0.16
|
0.28
|
AM-08-16
|
171
|
192
|
0.12
|
0.22
|
0.09
|
1.53
|
Holes
AM-08-11 to AM-08-14 were drilled to better delineate the FTZ as part of Adex's
updated NI 43-101-compliant evaluation of the tungsten-molybdenum-bismuth
(WO3-MoS2-Bi)-bearing FTZ. Holes AM-08-08 and AM-08-09 were drilled as twins of
historical Holes PRL-95-04 and PRL-95-02, respectively. The analytical results
from these two holes are comparable with their twins.
Hole
AM-08-15 was an angle hole drilled to the west to follow-up the intersection of
significant mineralization from the additional sampling of historical Hole
PRL-95-04 that had been previously announced in the news release issued by Adex
on April 25, 2008 (82.3 metres down-hole grading 0.30 wt.% WO3 and 0.21 wt.%
MoS2). The results of Holes AM-08-08 and AM-08-15 (shown in the table above) confirm
the presence of a separate tungsten-molybdenum mineralized body east of the FTZ
named the Fire Tower
East Sub-Zone.
Hole AM-08-16, drilled 50 metres north of historical Hole PRL-95-04, found the
Fire Tower East Sub-Zone was mostly cut off by the Fire Tower Fault, but
intersected a narrow shallow extension of the mineralized body.
The
Phase 1 drill results are either consistent with or better than the
expectations of management of Adex. Holes AM-08-08 and AM-08-15, with the
intersection of the Fire
Tower East
Sub-Zone, demonstrates the
exploration potential of extending the FTZ to the east. All Phase 1 holes were
vertical with the exceptions of Holes AM-08-13a and AM-08-15.
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. For this reason, no estimation of true widths can be
provided from these results at this stage.
Phase
2 Exploration Program at Fire Tower Zone Completed
Adex
has also completed the Phase 2 exploration program at the FTZ, designed to
increase the size of the mineral resource. Results of the Phase 2 program,
which consisted of follow-up drill testing of the Fire
Tower East
Sub-Zone to the south of
Hole AM-08-08 and of the Fire Tower North to the north of Hole AM-08-11, are
pending.
Since
early March 2008, Adex has completed 47 drill holes in total for its Phase 1
and 2 programs, testing both the tin-indium-zinc-copper and tungsten-molybdenum-bismuth
zones throughout the Mount Pleasant Mine Property.
The
2008 drilling program is being completed as part of the ongoing independent
review of the Mount Pleasant Mine Property. The results of this drilling
program and the additional sampling of historical core in the vicinity of these
holes are being compiled and incorporated into Adex's GEMCOM database of the
FTZ with the purpose of generating an updated NI 43-101-compliant deposit model
and resource estimate for the FTZ.
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 (the ?2006 Fire Tower
Zone Report?). The 2006 Fire Tower Zone Report is available at www.sedar.com.
The
new technical report with respect to the Fire Tower Zone will update the 2006
Fire Tower Zone Report which reported an ?inferred? resource of 13,074,438
tonnes at 0.35 wt.% WO3 and 0.21 wt.% MoS2.
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. A pulp duplicate unknown to the laboratory is submitted per batch of
10 samples and sent to a second laboratory, while a polymetallic standard
unknown to the laboratory is included with each shipment of duplicate samples.
S.G.S. fulfills standard QA/QC protocols.
Qualified
Person
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.
ABOUT
ADEX:
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-copper 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.?
CONTACT
INFORMATION:
Adex
Mining Inc.
Kabir
Ahmed
President,
Chief Executive Officer and Director
1-866-508-2339
(ADEX)
Email:
investorrelations@adexmining.com
Website:
www.adexmining.com
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.
The
forward-looking information contained in this press release is current only as
of the date of the press release. Adex does not undertake or assume any
obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as required by law.
No
securities commission or regulatory authority has approved or disapproved the
contents of this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.