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Geodex Minerals Ltd. reported the results of the first ever drill program on its Flume Ridge property in New Brunswick. Geodex's business plan remains focused on advancing its flagship Sisson Brook tungsten-molybdenum project towards production, while maintaining an aggressive portfolio of prospective exploration properties in New Brunswick. The Flume Ridge property forms part of a group of properties, in addition to Sisson Brook, with potential for granite-related deposits with tungsten, molybdenum, tin and related metals. The challenge and potential of the region lies in the complexities due to the extensive glacial till cover masking potential mineral deposits. Geodex has successfully moved the Sisson Brook deposit through exploration to development stage in this geological environment and the drill discovery at Flume Ridge is further proof of the potential of this region of New Brunswick.
The Flume Ridge property is located in southwest New Brunswick on the western edge of the Company's Mount Pleasant West project, and approximately 20 kilometres west of the formerly-producing Mount Pleasant tungsten-molybdenum mine, owned by Adex Mining Inc. Geodex can earn a 90% interest in the Flume Ridge property through an option agreement. Geodex completed successful soil sampling, prospecting, magnetic and trenching programs during the summer and fall of 2009 to develop promising drill targets. The drill program at Flume Ridge consisted of 6 shallow holes totalling 610 metres and was focused in the central region of the property, testing the northern area of a coincident tungsten soil anomaly (approximately 2,000m by 2,500m with scattered anomalous tin values) and magnetic anomaly. Geodex trenching exposed scheelite-bearing quartz veining within this zone. All six holes intersected scheelite (a tungsten mineral) mineralization. This first ever drill program indicates potential for broad near-surface tungsten mineralization as these holes were located over approximately 600 metres east to west. These mineralized intervals have not been tested at depth below 100 metres and the southern region of the soil anomaly/magnetic anomaly remains untested.
Drill core from the 2009 Flume Ridge drill program was geologically logged and split with half core samples being submitted to Activation Laboratories (Ancaster, Ontario) for analysis (gold by Fire Assay AA and multi-element by Sodium Peroxide Fusion ICP and ICPMS). The table below is a summary of highlights of the three most significant holes.
Flume Ridge Drill Intersections
Hole
Length From To Interval WO3 Cu Zn Bi
Hole Dip Azimuth (m) (m) (m) (m) %(i) ppm ppm ppm
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FR-09-02 -45 330 101 16.00 28.50 12.50 0.0788
incl. 16.00 16.80 0.80 0.2482
incl. 23.28 23.85 0.57 0.7661
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FR-09-05 -45 150 105 39.60 50.77 11.17 0.0976
incl. 43.35 44.00 0.65 0.7018
incl. 48.50 50.77 2.27 0.1349
69.91 70.43 0.52 NA 7660 7430 816
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FR-09-06 -45 130 101 53.70 54.80 1.10 0.2306
64.25 75.50 11.25 0.0830
incl. 64.25 65.40 1.15 0.2029
incl. 71.25 75.50 4.25 0.1312
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(i) The lab analyses were converted to % from ppm.
Geodex is pleased with the success of the 2009 exploration programs on its portfolio of New Brunswick exploration properties which complement its flagship Sisson Brook project. New drill discoveries were made both at Flume Ridge as per this press release and Nashwaak (announced February 2, 2010). The Company believes the Mount Pleasant West project, comprising an extensive land package with a number of promising targets surrounding the formerly producing Mount Pleasant mine, is a promising geological environment to discover additional deposits beneath the glacial till cover. Geodex is planning the appropriate programs to continue to advance its exploration projects in 2010, with a focus on trenching and drilling the previously defined targets.