Geodex Announces Acquisition Of Four New Properties In Southwestern New Brunswick With Indium And Uranium Potential.
Vancouver, B.C., June 6, 2007 - Geodex Minerals Ltd. (the "Company") (TSX-V: GXM) is pleased to report that it has added four new properties to its inventory in southwestern New Brunswick. This is in line with the company's policy of aggressively extending its land position in this area to explore for the granite-related suite of elements, tin, tungsten, molybdenum and indium. Two of these properties have significant uranium potential and this reflects strong interest in and heavy claim staking for uranium all over New Brunswick. Work on these properties will be starting immediately.
An agreement has been concluded with two private companies to acquire a 90% interest in the Victoria Lake Property located in Charlotte County, New Brunswick, approximately 20 km southeast of the former Mount Pleasant mine. The property consists of 47 claims in three groups. The Company may earn a 90% interest in the property by paying the optionors a total of $30,000 and 150,000 shares of the Company over a three year option period. The area covers three tin greisen occurrences which were explored in the St. George batholith by Billiton and Shell Canada in the 1980s. However, recent prospecting of float boulders has reported values in indium up to 89.9 ppm, 1.5% copper, 2.28% zinc and an impressive suite of rare earth elements.
The Nerepis-Cunningham Brook 30-claim property was recently staked by Geodex. It lies 40 km east of the former Mount Pleasant Mine and approximately 25 km northwest of the city of Saint John. A contact skarn zone between Silurian sediments and the Mount Douglas batholith has returned historical assays in float boulders up to 8% zinc, 7% lead, 1.5% copper and 2.5 oz/ton silver. Cobalt values up to 1.5% were also found. Subsequent drilling reported 4.42% zinc over 7.9 m in one hole and 3.0 m of 0.28% copper and 0.27% tin in another. No assaying was carried out for indium which has a well-known association with zinc.
The Tamarack Lake (31 claims) property and the Cranberry Lake (20 claims) property, both recently staked by Geodex, are located 15 km southeast of the Mount Pleasant mine. Both protect sites of highly anomalous stream sediment values in uranium, which were reported from a 1977 survey by the New Brunswick Department of Natural Resources and 1987 sampling by the GSC. The Cranberry Lake anomaly (532 ppm U) and the Tamarack anomaly (838 ppm U) were two of the most prominent samples in those surveys. The Tamarack Lake area also shows widely elevated tin values from till sampling carried out previously by Shell Canada Resources. Uranium can be an important associate of the suite of metals in which Geodex is interested.
About Geodex Minerals
Geodex Minerals Ltd. is a Canadian-based resource company with a focus on the exploration and development of three important properties in New Brunswick. The company has a 70% interest in their Sisson Brook flagship property which was shown in a recent independent report to contain an inferred molybdenum/tungsten resource of up to 167 million tonnes, depending on the cut-off used. At the Mount Pleasant West group of properties in southwestern New Brunswick, Geodex is considered the world's largest landholder of premium indium exploration ground.
Jack Marr, M.Sc., P.Geo, is the in-house QP for this project.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
'Jack M. Maris'
Jack M. Maris President
For further information contact:
Christopher R. Anderson, V.P Business Development
(604) 689-7771, Toll free 1-888-999-3500, Email: info@geodexminerals.com
Visit our website at www.geodexminerals.com
Renmark Financial Communications Inc.
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Christine Stewart : cstewart@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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Geodex Minerals Ltd
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EXPLORATION STAGE |
CODE : GXM.V |
ISIN : CA3719372029 |
CUSIP : 371937103 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Geodex is a gold and copper exploration company based in Canada. Geodex holds various exploration projects in Canada. Its main exploration properties are HARRY BROOK, MOUNT PLEASANT, ARMSTRONG BROOK, TURNBULL MOUNTAIN, VICTORIA LAKE PROPERTY, SISSON BROOK, TAMARACK LAKE, CRANBERRY LAKE and NEREPIS-CUNNINGHAM BROOK in Canada. Geodex is listed in Canada and in United States of America. Its market capitalisation is CA$ 347 478 as of today (US$ 270 748, € 232 654). Its stock quote reached its highest recent level on January 18, 2008 at CA$ 99.00, and its lowest recent point on January 01, 2016 at CA$ 0.01. Geodex has 2 779 827 shares outstanding. |