Rights To The Drill-Ready Davis/Paradise Valley Property

VANCOUVER - Almadex Minerals Ltd. reported that it announced on September 14, 2020 with Makara Mining Corp., regarding the Davis/Paradise Valley property located in Nye County, Nevada, has been terminated by the Company in accordance with its terms. Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners the Davis property, which adjoins the Paradise Valley property which had been staked by Almadex’s predecessor company. Almadex then optioned the combined properties to Makara in 2020.

Collectively these properties now comprise 302 claims totaling approximately 2,400 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994. Geologically-speaking, these properties are located in the Walker Lane, a structural zone of mainly northwest-trending, strike-slip faults along the western edge of the Great Basin that hosts significant, historic and currently producing, epithermal precious metal deposits including the Comstock Lode at Virginia City, the Round Mountain gold deposit, Paradise Peak, Tonopah and Goldfield.

The Davis property covers an area of hydrothermal alteration hosting gold-silver zones and veins on which there has been historic mining and exploration drilling. The property has been explored historically with various targets drilled by several operators. 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. One of the targets tested during this time was the Davis Mine area with a total of eleven drill holes to investigate mineralization in the vicinity of the shaft of the historic Davis mine. More recently another operator drilled additional holes in the same general area of the previous drilling. While this historic Davis Mine area drilling cannot be verified by the Company, as it was not completed in accordance with NI 43-101 and therefore should not be relied upon, it provides 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.

Since consolidating this land position in 2019 Almadex, either on its own or as operator under the now terminated Makara option agreement, has made excellent progress identifying drill targets and now holds the required permits for drilling.