Final Drilling From Second Quarter Drill Program At Davis/Paradise

VANCOUVER - Almadex Minerals Ltd. reported on drilling from the final three holes of its May/June 2022 drilling program at its Davis/Paradise project in Nevada. Two holes (DP22-003 and 4) were drilled in the sinter target area of the project. The sinter target covers a zone of silicification interpreted to represent an ancient hot spring deposit and paleo water table environment. The hot spring layered silica deposits are locally crosscut by banded epithermal veins which dip to the west and strike roughly N-NE. Two holes were drilled from pads permitted before detailed mapping was conducted in this area. This detailed mapping indicates that the veins may dip away from the drilling, so future drilling is planned to be carried out from pads that can better facilitate holes to drill deep underneath the sinter area and cross cut veins at right angles to the structural measurements made on surface.

DP-22-004 intersected a 2.0 meter interval from 59.50 meters averaging 1.16 g/t gold in a crustiform vein. DP-22-003 intersected a 0.5 meter interval from 269.0 meters that returned 0.32 g/t gold in a banded vein and a 2.0 meter interval from 304.3 averaging 0.19 g/t gold at the bottom of the hole in altered rock and veined volcanic. Mapping suggests that these holes were not collared optimally to intersect the banded veins mapped on surface in the sinter zone. Both sinter holes were associated with elevated epithermal pathfinder elements, supporting the interpretation that the altered zones and veins intersected are at high levels in the epithermal system that formed them.

The final hole DP-22-005 was drilled in the Butler area. This first hole into this area did not intersect veining and returned no values of significance. The attached map shows the location of all drilling completed by Almadex to date. Prior to drilling, a surface prospecting, mapping and sampling program was initiated over this very large multi target project. This work is ongoing and the Company expects to be able to report on results of surface sampling and alteration mapping soon once data has been compiled.

J. Duane Poliquin, Chairman, said, “These new results from the “sinter zone” are the first known drillholes in this area. Banded veins seen on surface cross cutting paleo water table alteration are indicative of a dynamic hydrothermal system. These results show the presence of gold at high levels in this system. Veins are mapped at surface dipping away from the collars of these holes. Future drilling is planned to test for high grade gold at depth beneath the sinter and with azimuths and collars better designed to cross cut the structures identified on surface.”