Adex Reports Fire Tower Zone Drill Results, Including Six Metres of ...

Tag : tungsten

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - Adex Mining Inc.("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to announcethe final analytical results for the Fire Tower Zone ("FTZ") Phase1 definition drilling program at its Mount Pleasant Mine Propertyin southwestern New Brunswick, Canada. The results, which includesix metres of 0.77% tungsten and 0.43% molybdenum, are for sampledcore from 3,312 metres of drilling completed in eight holes testingthe FTZ's North, South, West and East mineralized bodies.
"The tungsten and molybdenum grades returned in this group ofresults are equal to or higher than the values contained in ourprevious National Instrument 43-101 ("NI 43-101")-compliantinferred resource estimate for the FTZ completed by Watts, Griffisand McOuat in August 2006", said Kabir Ahmed, President and ChiefExecutive Officer of Adex. "We look forward to utilizing theresults from our Phase 1 drill program in the preparation of anupdated resource estimate, which we anticipate will upgrade the FTZto the NI 43-101 "indicated" category, which will, in turn, enableus to continue fast-tracking the Mount Pleasant Mine Propertytowards feasibility."
Summary analyses for FTZ holes AM-08-08 to AM-08-09 and holesAM-08-11 to AM-08-16 are as follows:
Holes AM-08-11 to AM-08-14 were drilled to better delineate the FTZas part of Adex's updated NI 43-101-compliant evaluation of thetungsten-molybdenum-bismuth (WO3-MoS2-Bi)-bearing FTZ. HolesAM-08-08 and AM-08-09 were drilled as twins of historical HolesPRL-95-04 and PRL-95-02, respectively. The analytical results fromthese two holes are comparable with their twins.
Hole AM-08-15 was an angle hole drilled to the west to follow-upthe intersection of significant mineralization from the additionalsampling of historical Hole PRL-95-04 that had been previouslyannounced in the news release issued by Adex on April 25, 2008(82.3 metres down-hole grading 0.30 wt.% WO3 and 0.21 wt.% MoS2).The results of Holes AM-08-08 and AM-08-15 (shown in the tableabove) confirm the presence of a separate tungsten-molybdenummineralized body east of the FTZ named the Fire Tower EastSub-Zone. Hole AM-08-16, drilled 50 metres north of historical HolePRL-95-04, found the Fire Tower East Sub-Zone was mostly cut off bythe Fire Tower Fault, but intersected a narrow shallow extension ofthe mineralized body.
The Phase 1 drill results are either consistent with or better thanthe expectations of management of Adex. Holes AM-08-08 andAM-08-15, with the intersection of the Fire Tower East Sub-Zone,demonstrates the exploration potential of extending the FTZ to theeast. All Phase 1 holes were vertical with the exceptions of HolesAM-08-13a and AM-08-15.
The nature of the geological setting of the Mount Pleasantmineralized bodies hosted within and along the contacts of granitebodies and breccias results in highly variable shapes andorientations of its zones. For this reason, no estimation of truewidths can be provided from these results at this stage.
Phase 2 Exploration Program at Fire Tower Zone Completed
Adex has also completed the Phase 2 exploration program at the FTZ,designed to increase the size of the mineral resource. Results ofthe Phase 2 program, which consisted of follow-up drill testing ofthe Fire Tower East Sub-Zone to the south of Hole AM-08-08 and ofthe Fire Tower North to the north of Hole AM-08-11, are pending.
Since early March 2008, Adex has completed 47 drill holes in totalfor its Phase 1 and 2 programs, testing both thetin-indium-zinc-copper and tungsten-molybdenum-bismuth zonesthroughout the Mount Pleasant Mine Property.
The 2008 drilling program is being completed as part of the ongoingindependent review of the Mount Pleasant Mine Property. The resultsof this drilling program and the additional sampling of historicalcore in the vicinity of these holes are being compiled andincorporated into Adex's GEMCOM database of the FTZ with thepurpose of generating an updated NI 43-101-compliant deposit modeland resource estimate for the FTZ.
Additional information concerning the Mount Pleasant Mine Propertyis contained in the NI 43-101-compliant Technical Review of theMount Pleasant Property, including a Mineral Resource Estimate forthe Fire Tower Zone Southwestern New Brunswick dated August 1,2006, completed by Paul Dunbar, M.Sc., P.Geo., Senior AssociateGeologist, Andrew Hara, P.Eng., Senior Associate Mining Engineer,Robert de l'Etoile, M.Sc., P.Eng., Senior Associate Engineer, andDorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of Watts,Griffis and McOuat Limited, and Dr. Trevor Boyd, Ph.D., P.Geo.,Independent Consultant (the "2006 Fire Tower Zone Report"). The2006 Fire Tower Zone Report is available at www.sedar.com.
The new technical report with respect to the Fire Tower Zone willupdate the 2006 Fire Tower Zone Report which reported an "inferred"resource of 13,074,438 tonnes at 0.35 wt.% WO3 and 0.21 wt.% MoS2.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program.Core is split in half using a hydraulic core splitter, sealed insecure packages and shipped by bonded carrier to S.G.S.Laboratories in Toronto for analysis using sodium peroxide fusionwith ICP-MS finish for indium and ICP-OES finish for tungsten,molybdenum, tin, bismuth, arsenic, zinc, copper and lead. A pulpduplicate unknown to the laboratory is submitted per batch of 10samples and sent to a second laboratory, while a polymetallicstandard unknown to the laboratory is included with each shipmentof duplicate samples. S.G.S. fulfills standard QA/QC protocols.
Qualified Person
The Mount Pleasant exploration program is being conducted under thedirection of Trevor Boyd, P.Geo., the company's independentGeological Consultant and a qualified person as defined by NationalInstrument 43-101. Mr. Boyd supervised the preparation of thetechnical information contained in this press release in compliancewith NI 43-101.
ABOUT ADEX:
Adex Mining Inc. is a Canadian junior mining company with anexperienced management team. The Company is focused on developingits flagship Mount Pleasant Mine Property, a multi-metal projectthat is host to promising tungsten-molybdenum andtin-indium-zinc-copper mineralization. Located in Charlotte County,New Brunswick, the Mount Pleasant Mine Property is situatedapproximately 80 kilometres south of Fredericton, the provincialcapital, and is 65 kilometres from the United States border. Thecommon shares of Adex trade on the TSX Venture Exchange under thestock symbol "ADE."
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute"forward-looking" statements which involve known and unknown risks,uncertainties and other factors which may cause actual results,performance or achievements of Adex, its subsidiary or the industryin which they operate to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. When used in this press release, thewords "estimate", "believe", "anticipate", "intend", "expect","plan", "may", "should", "will", the negative thereof or othervariations thereon or comparable terminology are intended toidentify forward-looking statements. Such statements reflect thecurrent expectations of the management of Adex with respect tofuture events based on currently available information and aresubject to risks and uncertainties that could cause actual results,performance or achievements to differ materially from thoseexpressed or implied by those forward-looking statements. Theserisks and uncertainties are detailed from time to time, including,without limitation, under the heading "Risk Factors", in reportsfiled by Adex with the Alberta, British Columbia and OntarioSecurities Commissions which are available at www.sedar.com and towhich readers of this press release are referred for additionalinformation concerning Adex, its prospects and the risks anduncertainties relating to Adex and its prospects. New risk factorsmay arise from time to time and it is not possible for managementto predict all of those risk factors or the extent to which anyfactor or combination of factors may cause actual results,performance and achievements of Adex to be materially differentfrom those contained in forward-looking statements. Although theforward-looking statements contained in this press release arebased upon what management believes to be reasonable assumptions,Adex cannot assure investors that actual results will be consistentwith these forward-looking statements. Given these risks anduncertainties, investors should not place undue reliance onforward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release iscurrent only as of the date of the press release. Adex does notundertake or assume any obligation to release publicly anyrevisions to these forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
No securities commission or regulatory authority has approved ordisapproved the contents of this press release. The TSX VentureExchange does not accept responsibility for the adequacy oraccuracy of this press release.
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