Geodex reports acquisition of three new claim blocks near the Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick.
The Nashwaak River property ("the property") is the subject of an Option Agreement recently concluded between Geodex Minerals ('the company') and two private companies based in New Brunswick. The property is composed of three separate claim blocks (total of 100 claims) located 5 km to the west of the main Sisson Brook property where development work is now taking place.
To earn a 90% interest in the property, Geodex has agreed to make cash payments to the owners (each as to 50%) of $30,000 and issue 150,000 shares over a three year period. The optionors will retain a 2% NSR, half of that being subject to a buyback by the company at any time for $500,000 per 0.5%. Geodex has a minimum work commitment of $175,000 over that three year period.
The entire claim area is underlain by the Devonian Nashwaak granite, the Becaguimec Lake Gabbro and in the case of the northern block, various geological units ranging in age from Cambrian to Devonian. No previous exploration has been reported from the area of two of the claim groups. The southeastern claims were explored by Utah Mines Ltd. which located an area of soils anomalous in tin and tungsten. Till samples collected by the New Brunswick Department of Natural Resources (NBDNR) to the southeast and down-ice from all three properties contained extremely high values in tungsten. Ablation till samples in this area (NBDNR) also showed high values in tin, tungsten, uranium and tantalum. Geological Survey of Canada stream silt samples also show elevated tungsten and molybdenum values.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
Forward Looking Statement
Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.
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
MEDIA - ADAM ROSS: AROSS@RENMARKFINANCIAL.COM 
TEL.: (514) 939-3989
FAX: (514) 939-3717
WWW.RENMARKFINANCIAL.COM
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Geodex Minerals Ltd
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EXPLORATION STAGE |
CODE : GXM.V |
ISIN : CA3719372029 |
CUSIP : 371937103 |
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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. |