Jul. 20, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Goldex Resources Corporation ("Goldex" or the "Company") (TSX VENTURE:GDX) announced today the final stages are near completion for an upcoming reverse circulation drill program on its El Arco property in Mexico.
VP of Exploration for Goldex, Larry Kornze, has called the El Arco property, "The best undrilled property in the Americas" and has recommended the 4,000 metre reverse circulation drill program to identify the quality and size of the many veins at El Arco. The company has employed the services of Bufete Mineros, a consultant for legal and environmental services to the mining industry in Mexico, to use their extensive expertise in the state of Durango to confirm and update all the relevant permits to allow for drilling.
"We expect the drill program at El Arco to commence mid-August and we have been ensuring all permits are in place as well as being in constant communication with potential drill contractors to make sure the drills start turning as soon as we are able. El Arco is a particularly exciting property for Goldex and a favourite of Larry Kornze, our VP of exploration," stated Chuck Ross, President of Goldex.
The El Arco mineralization model is very similar to its illustrious neighbour La Cienega in that it consists of mineralisation evident at the surface in the upper series Rhyolite. In the lower series Andesite, a more favourable host, the veins are expected to expand significantly from the surface dimensions. Another notable example of this type of geology is the 'Midas' or 'Ken Snyder' mine which is in production under Newmont in Nevada. Both of these huge mines display very similar geology to that which is observed at El Arco. The Midas mine boasted initial deposits of 3 million oz Au and 25 million oz Ag at bonanza grades of 23 g/t Au and 278 g/t Ag respectively.*
*These statements are purely for comparison purposes. There is no certainty that further exploration will lead to the discovery of this type of mineralization or that a substantial mineral deposit will be developed.
Update El Pato, Guatemala
The current drill program at El Pato has recently come to an end and as such drill results are pending.
This company has the right idea seeing that the gold is just <feet> below. They are already talking about starting on a small scale production of $12 million just for floater money to fund further exploration in a bonanza gold claim vs PP.
They have enough cash as it is but just the thought of the gold being that accessible blows me away. Milling shouldn't be a problem at first if they draw up a short term contract with one of the other near by producers. So many positive options here.
The selling is just from the cheap PP that they did and as of June or July they had the option to sell. No one will sell their whole position but enough to pay for some freebies.Even the founder and head of Canaccord, Peter Brown, took 700,000 shares.Good to see Canaccord still accumulating since the news. The company must have plenty going for it to have attracted this kind of audience, who are likely planning to make more than a few pennies on it.
To the longs your well aware of the huge upside but for the new investors DD this and you'll find it hard to pass up. JMHORead this and watch the video! Monster finding in the making