PARADISE PROJECT

History

In 2024 Almadex completed a detailed field alteration mapping program over the lithocap area, identifying several strong mineral vectors towards potential porphyry mineralisation at depth.

Almadex then completed a two hole 1,679.65 metre exploratory diamond drilling program on one of these alteration target areas. The drilling successfully confirmed that the Paradise lithocap is associated with a porphyry system at depth as porphyry B-type veining visible copper mineralisation was intersected. The area drilled is interpreted to represent a possible proximal shoulder to a porphyry system, and the company is encouraged by these results.

At the end of 2024 Almadex conducted several test IP geophysical lines over the Paradise project. These results are also encouraging as they demonstrated elevated chargeability responses within the lithocap.

In 2025, Almadex completed a three-hole diamond drilling program totalling 2,380.48 metres.  A fourth hole was drilled but was lost due to poor drilling conditions and faulting prior to reaching its target depth.  The 2025 program was designed to test different parts of the lithocap at Paradise where high temperature alteration, high chargeability and magnetic features had been mapped in previous geophysical, geochemical and geological programs conducted by the Company.

All four holes in this program were planned in different parts of this large (currently mapped at 4.5 by 1.8 km) porphyry lithocap alteration zone.

The second hole in the program (PD-25-002) hit zones of elevated gold and base metal sulphide veining including highly altered volcanic rock. Highlights of these results include:

From 33.00 to 36.50 (3.50 metres) 0.37 g/t gold

From 135.65 to 136.60 (0.95 metres) 23.10 g/t silver, 0.15% copper, 1.58% Lead, 1.09% Zinc

From 139.00 to 139.55 (0.55 metres) 28.10 g/t silver, 0.44% copper, 2.84% Lead, 1.24% Zinc

From 177.55 to 178.70 (1.15 metres) 7.70 g/t silver, 0.02% copper, 1.43% Lead, 1.56% Zinc

From 189.00 to 213.10 (24.10 metres) 3.21 g/t silver, 0.03% copper, 0.36% Lead, 0.53% Zinc

Including 208.50 to 210.00 (1.50 metres) 11.80 g/t silver 0.08% copper, 1.53% Lead, 1.52% Zinc

The third hole (PD-25-003) intersected propylitic alteration overprinted by zones of phyllic alteration with high pyrite. Several geochemically anomalous zones were intersected including:

From 480.40 to 482.00 (1.60 metres) 0.48 g/t gold

From 468.90 to 469.40 (0.5 metres) 0.47 g/g gold

Almadex interprets the results to be indicative of a large porphyry system with broad zones of propylitic, phyllic and advanced argillic alteration observed both in drilling and surface mapping and considers this mineralisation to be part of the broader porphyry system and an important indication that the Paradise lithocap is metal endowed; however, drilling to date has not yet been successful in cutting into the core of the system.