Categories: Precious Metals
Topics: General Precious Metals

Almadex Minerals (TSX-V: DEX)(OTC: AAMMF) CEO Morgan Poliquin on New Silver-Gold Discovery at San Pedro

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Almadex Minerals, Dr. Morgan Poliquin. Morgan, great to have you on. Congrats on another discovery. How are you?

Morgan Poliquin: I'm great, thanks. Thanks for having me on. How are you?

Gerardo Del Real: I am well, I am well. Thank you for asking. I congratulated you on a discovery. You had some news today that the market is receiving very favorably. You intersected 4.51 meters of 656.8 grams per tonne silver at the San Pedro Silver Gold Project in Jalisco, Mexico. Those are phenomenal numbers. That also included 2 meters of 1,090 grams per tonne silver. Congrats.

I'd love for you to provide the context. Me, as you know, I am not a geologist, but I know incredible mineralization when I see it, and this has got to be a very, very, very encouraging first hole for you.

Morgan Poliquin: Absolutely, yeah. Well, thank you. It's always fun. To start off with, we own our own drills in Almadex and that allows us to go and do things like this, to do conceptual type of one-off drilling, and that's really what this was. One or two holes to test a new theory that came from some mapping we did on this project. We've had the project for a while, there's some historic drilling, but we had some significant soil and IP results that were really intriguing in terms of silver, lead and zinc. And it was a head puzzler because the previous drilling hadn't really explained the high geochemistry and soils. So we did a little mapping, found an area of interesting silver grades that surfaced, and just threw a hole at it, which we can do with our in-house drilling.

And of course, you just read the result. It's in a, what we call a breccia zone, which is basically broken up rock. And as we described in the news release, there's lots of interesting aspects to the breccia. It looks like fluids move through it, the type of fluids that bring along gold and silver. It's altered, we call it, and there's fragments of silicified material, which means that the breccia itself might be part of the mineralizing event. But what assayed and returned these high values? At first blush, we're looking at it again in great detail as you can imagine, but at first blush, it didn't look really all that unique.

It's not a very discrete structure, like a vein that people may be familiar with. It's in a breccia, so it's kind of more amorphous. So we've got to figure out the shape of it, where it could be going, and what it might represent. So it's really early days, but obviously when you get significant values, high values like that, it's pretty exciting.

Gerardo Del Real: How encouraged are you that these high values start at 5.49 meters? That has to be encouraging.

Morgan Poliquin: Absolutely. I think there's two things that make a deposit in the end, and they call it grade and tonnage, and what that means is high concentrations like we've seen here. And then when you find that, you've got to see if there's scale to it because obviously a little tiny bit of something high grade is not good. And so many deposits are very large low grade deposits as we know, like copper porphyries, for example. And other deposits can be very high grade and smaller in volume. So we've got this high grade zone and now we have to see if it goes anywhere, and where it could go and what kind of scale could come with it. So it's a very interesting situation because, as I say, these breccia bodies that we're seeing could possibly have scale to them, but it's very early days. But as you point out, the grade is very encouraging.

Gerardo Del Real: Two additional holes have now been completed. I got to believe again that you're looking forward to the assays there so you can better start understanding the nature of the system and where it's going. What comes next, Morgan?

Morgan Poliquin: We got the two holes outstanding. We intersected more breccia in those holes. And I should point out in the first hole, some of the breccia bodies that we encountered did not return significant silver grade. So obviously, there's some things to figure out, but we've got two holes outstanding that we're waiting on assays and we're drilling another hole on top of that. So we'll get as much information as we can before, as the season kind of winds down here close to Christmas. And hopefully, the results will come out of the lab and quickly enough that we can update people.

And obviously, there's a fair amount to do to understand where this silver could be going that we encountered, and it's a pleasure to do that. That's what we're made to do here at Almadex. We’ve got a great drilling team, we've got a geological team and we've got all the capacity to figure this out. And obviously, lots of... Our treasury is full, and so we're in a great position here to do the follow up work.

Gerardo Del Real: The last time that you and I chatted publicly, I tried making the case for how ridiculously valued Almadex was, despite being up some 27% in the market. There is still a lot of compelling value, but I am encouraged to see the market recognize that this could be potentially a significant discovery in Jalisco, Mexico. Morgan, I know there's a lot of irons in the fire. I'd love to chat about the drills and the cash position and the other projects, but I think today's news merits an individual update, so I'll keep it here. And then let's definitely catch up again soon to go over the pending assays and the other catalysts. And there's a lot that Almadex has here in the near future.

Morgan Poliquin: Absolutely. I'd like to do that. Yeah. For somebody who may be just listening or trying to understand what Almadex is all about for the first time, I think you're quite right. I would welcome another chance to chat. This is part of a portfolio of projects that we have that are all early stage, and there's royalties and all manner of assets in the company.

And I think what I hope people can draw on and maybe learn more from another interview with you is that this asset, this project is part of our portfolio, early stage things, as I said, and we intend to drill and advance those things internally. And we have a project in Nevada we're excited about. And so this is what we do and we've got a track record of having success with the drill bit on good projects that we've acquired.

Gerardo Del Real: Well done. Congrats again, Morgan.

Morgan Poliquin: Thank you so much.

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