Davis/Paradise Project Exploration Program In Nevada

VANCOUVER - Almadex Minerals Ltd. reported on the exploration program at the Davis/Paradise project in Nevada. The property covers multiple targets, and is located approximately eight miles southeast of Gabbs, Nevada. The Davis/Paradise property is fully permitted for drilling. Geological Fieldwork was carried out in early April to better define hole orientations for a diamond drill program planned.

J Duane Poliquin, Chairman, said, “This core holding in Nevada represents an opportunity for discovery in a district that has significant historic production which we know very well. We look forward to getting the drill turning soon.”

The Northern Davis portion of the property covers an area of high-level epithermal alteration and veining, including a zone of brecciation and silicification interpreted to be a surficial breccia and sinter, extending over 1.5 km in length running parallel to the Davis zone. The exposed vein hosted gold-silver zones have seen historic mining and various exploration drill programs. The property was held by USSRAM Exploration from 1979 to around 2004, during which time various exploration and drilling programs were carried out on the property, including eleven drill holes to investigate mineralization in the historic Davis mine area. While this drilling is historic in nature and was not completed in accordance with NI 43- 101 and therefor cannot be relied upon, it provides a clear exploration focus. One of the significant intercepts from this historic drilling program is reported to have returned 40 feet (12.2 meters) of 0.18 oz/t gold (6.2 g/t gold) and 0.62 oz/t silver (21 g/t silver). The strike and dip of the Davis vein was interpreted by the historic operators but cannot be verified by the Company at this time so true widths cannot be estimated or confirmed by the Company. Part of the upcoming drill program will be at the Davis mine area to follow-up and confirm these historic results with the aim of defining a second phase of drilling. The Company also plans to conduct first pass drilling on the sinter zone to test for underlying vein mineralization. Recent field work on the sinter zone has identified banded opaline quartz veining up to 3 meters wide which were sampled for analysis.

The Southern Paradise portion of the property covers high level acid sulphate quartz alunite alteration as well as a zone of phyllic alteration identified by past alteration mapping and a recent WorldView remote sensing study conducted by the Company in 2020 with results received in 2021. This new data suggests that the Paradise area represents a large lithocap with potential for both gold-silver high sulphidation mineralization and porphyry mineralization at depth, similar to that seen at the adjacent Paradise Peak gold deposit where both styles of mineralization were observed. There is evidence of historic drilling on the Paradise property with unknown results. In early 2022 a claim internal to the Almaden claim package was optioned under terms to acquire a 100% interest through a series of payments. Field work conducted in April on the claim mapped an area of strong phyllic alteration associated with several styles of quartz veining with pyrite and chalcopyrite evident, suggesting a porphyry style of mineralization. Samples were collected for assay and fluid inclusion petrography to confirm this interpretation. The Company plans to conduct first pass drilling on both the high sulphidation and porphyry target areas in the upcoming drill program.