New Hope

History

In 2023, Almadex acquired by staking 100% interest in the New Hope property and has completed geologic mapping an extensive surface alteration mapping using a Terraspec mineral spectrometer.

Rock grab samples have been taken on the property from outcrop, subcrop and float in the alteration zone. While the area is weathered and the level of erosion is above that of where main stage porphyry mineralisation would be expected, elevated gold and molybdenum results were returned.

Several orientation lines of soil samples were also taken to determine amenability of the area for a more detailed soil sampling program. This included four lines over the area of veining and one line over the area of advanced argillic alteration to the northeast. Anomalous Ag-Mo-Cu-Au and Bi results were returned for these test lines, aiding the interpretation that the mapped zone of veining represents a porphyry centre within the alteration footprint.

Two diamond drill holes were completed on the project in 2026 as part of a first pass two-hole drill program.

• The first hole intersected andesite porphyry affected by moderate to strong phyllic alteration and zones of quartz veining to 384 meters when, after a zone of faulting and brecciation, propylitic to potassic alteration was encountered.  Anomalous gold was encountered in several short sections of veining within the phyllic altered zone.

• The second hole, which was collared from the same pad as the first hole of the program, intersected andesite units affected by phyllic alteration and intruded by late diorite bodies to a depth of 483 meters, after which a tourmaline bearing breccia body was encountered until the end of the hole at 926.6 metres. Short zones of mineralisation with trace chalcopyrite were intersected, including 6.00 metres @ 0.15% copper and 156 ppm molybdenum.

The two holes confirm the presence of a large porphyry alteration system. Tourmaline bearing breccias are common in porphyry environments and are often a late overprinting feature. The breccia fragments and associated alteration suggest that the drilling to date may be on the periphery of the core to a porphyry system which has not yet been intersected.

Recent drone-based magnetics on the property suggest that the drilling to date is on the western edge of the alteration zone and a broad magnetics low associated with this alteration zone. The recent IP lines surveyed to the east of the initial line supports this interpretation as the chargeability remains strong and open in this direction.

Further examination and analysis of the drill core and geophysical survey results will be carried out to prepare for a potential phase II drill program.