RSS UpdatesCompany Information for Geodex Minerals Ltd
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 TSX.V; GXM
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Company Statement
Geodex Minerals Ltd. (TSX.V: GXM) is a Canadian based resource company with a focus on the exploration and development of tin, tungsten molybdenum and indium deposits in New Brunswick. The Company's flagship property is Sisson Brook which contains a large open-pittable tungsten/molybdenum deposit. Geodex is also considered the world's largest land holder of premium indium exploration properties due to the ownership of their second property, the rich Mount Pleasant Camp.
Strengths
- Geodex has an experienced management team in place
- Geodex is positioned for exploration and development in mining friendly New Brunswick, Canada
- Geodex is well financed
- Geodex has multiple opportunities for growth on several of their New Brunswick properties
Strategy
- Focus on medium risk Canadian acquisition & development in New Brunswick
- Move the Sisson Brook Flagship Project towards production by 2011
- Identify and participate in additional mineral properties in area
Current Operations
Sisson Brook
Located north of Fredericton, New Brunswick, Sisson Brook is Geodex’s flagship property. Total expenditures to the end of the 2007 exploration program are estimated to be $6 million.
Texas Gulf / Kidd Creek Mines explored at Sisson Brook in the late 1970s and outlined three zones of disseminated and fracture-controlled porphyry-style mineralization - two tungsten – copper bodies and a larger molybdenum – tungsten zone. Since early 2005, Geodex has completed approximately 29,000 metres of diamond drilling, which has greatly expanded the deposit. Geodex’s 2007 work shows that the zones are not discrete bodies, but are part of a larger hydrothermal system, the extent of which remains to be determined.
Mercator Geological Services of Halifax prepared an independent inferred resource estimate (News Release, March 28, 2007) for the Sisson Brook deposit based on historical Kidd Creek drilling plus the 2006 Geodex drilling results. The resource estimate was updated (News Release, October 17, 2007) using assay results received from the first 17 holes drilled in the 2007 program.
All assays from the 2007 drilling program should be available by late February, 2008 with an updated block model and resource calculations completed by Mercator soon afterwards. It is expected that this will advance the status of the Sisson Brook deposit resources from the ‘inferred’ to the ‘measured and indicated’ categories.
Engineering work is also being carried out concurrently by independent contractors to prepare an environmental baseline study, to conduct site studies, to advance the geotechnical database and to develop a more extensive metallurgical testing program. Geodex is also drill-testing several new areas on the claims, including the Goodwin tungsten discovery and the Ellipse zone.
The scoping study has provided an overall preliminary economic assessment and outlined a plan by which the project will be advanced to succeeding pre-feasibility and feasibility stages. It considers all development aspects, including geotechnical, open-pit mining, process engineering, infrastructure, environmental, capital costs, operating costs and economics.
Mount Pleasant West
Geodex’s Mount Pleasant West Project comprises a 10 km by 20 km block of claims adjacent to the formerly-producing Mount Pleasant mine (owned by Adex Mining Inc.) and located south of Fredericton in southwestern New Brunswick. Geodex’s land position includes claims acquired by staking and through joint venture agreements with other companies. As is the case at Sisson Brook, Mount Pleasant West is well-located in an area with excellent logistics and infrastructure.
Billiton Exploration Canada Ltd. produced molybdenum and tungsten at Mount Pleasant between 1983-1985 at a milling design rate of 650,000 tonnes/year. The mine closed due to falling metal prices. In addition to the molybdenum and tungsten ore bodies, Billiton also delineated important underground resources of tin and indium. The Mount Pleasant mine-site still exists with hydro, mine and mill buildings and tailings facilities.
Geodex was an early participant in the renewed exploration activities in the Mount Pleasant camp, attracted by the excellent potential for further discoveries and the rapidly escalating prices for the metals present at the Mount Pleasant mine The price of indium in particular has soared from price of US$70 / kilogram in 2001 to as much as US$ 1,000 / kilogram in 2006 and is worth approximately US$690 / kilogram in early 2008.
Following research of available government data of the area around the mine, Geodex accumulated a large land position covering numerous historic showings, soil geochemical anomalies and mineralized boulders which had never been adequately followed up due to the 1980s collapse in metal prices.
New Brunswick Gold Properties
Annidale-Harry Brook Gold Belt
Geodex has staked three properties along a 10 km section of the Annidale Belt, a narrow but laterally extensive belt of rocks in south-central New Brunswick which is bounded on either side by major regional faults. Exploration by other companies in the 1980s showed that the belt had features typical of many gold-bearing districts, namely, widespread shearing, fuchsite-iron carbonate alteration (very typical of gold producing areas) and many promising gold assays from trenches and boulders in the area. In all respects, the whole belt seemed enriched in gold and it was decided to take a position with these three claim blocks as a starting point. It can often be shown that linear belts like this have high gold potential, here and elsewhere, but it is often harder to understand why one belt should be gold-enriched relative to the rocks on either side of it.
Harry Brook Property (50% JV with Freewest Resources TSX.V:FWR)
Harry Brook is located approximately 20 km to the northeast of the Annidale claims in a very accessible area of the province. This area had seen sporadic gold exploration over the years. Small claim blocks had been staked by prospectors and it was known from provincial geochemical surveys that one of the highest stream sediment gold anomalies in the district had come from Harry Brook.
In 2005, Susan Johnson, a geologist with the N.B. Department of Natural Resources, discovered a float boulder of quartz vein material in Harry Brook which assayed 1320 g/tonne gold (nearly 40 ounces per tonne gold). This represents the highest gold assay ever recorded in New Brunswick and suggests the possibility of high-grade gold deposits in the region.
Geodex staked 41 claims in and around the discovery boulder and along the northeasterly regional structures which were felt to be the most likely controls of gold mineralization. These structures appear to be part of the northeasterly extension of the Annidale Gold Belt.
Armstrong Brook Property
- Located near Saint John, the property includes an open-pit gold mine which operated in the mid -1980s,producing about 226,000 tonnes of ore with a reported head-grade of 1.6 g/t gold.
- The property also covers a 10 km long area of gold showings plus geophysical and geochemical soil anomalies.
- In 2006, Geodex entered into a JV agreement with Mantra Mining (TSX.V:MAN) to explore the Armstrong Brook project.
Geographical Spread
All projects are located in the province of New Brunswick, Canada
Board of Directors and Key Management
| Mark Fields | President & CEO, Director |
| Jack M. Marr | V.P. Exploration, Director |
| Jack Patterson | Director |
| Neil Humphreys | Chief Geologist, Director |
| David M. Buckle | Director |
| Neil S. Seldon | Director |
| Christopher R. Anderson | V.P. Business Development |
| Blaine Bailey | Chief Financial Officer and Secretary |
| Dave Martin | New Brunswick Supervisor |
| William (Bill) Gardiner | Advisory Board |
| Dave Sinclair | Advisory Board |
| Raymond Dujardin | Advisory Board |
Company Address450 - 800 West Pender Street
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Additional Address/Key ContactMailing Address |
CapitalShares Outstanding: 65 million
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Broker/Analyst Reports
14/04/08 - Junior Mining - New Brunswick mulls fate of major tungsten/moly/copper mining project
11/04/08 - CBC News Article
Related News
22/02/10 - Geodex Consolidates Its Position As A Leading Junior In The Tungsten Space03/09/09 - Geodex Minerals Moves One Step Closer To A Prefeasibility Study On The Sisson Brook Tungsten-Moly Project In New Brunswick
06/05/09 - Geodex Engages In Some Nifty Footwork In Response To A Possible Resurgence In The Tungsten Price
03/11/08 - Geodex Minerals Engages In Some Belt-Tightening On Its Tungsten Properties, But Overall The Fundamentals Still Look Good
07/04/08 - This May Be Tungsten’s Year And Geodex Has Plenty Of Tonnage And Near Term Production To Take Advantage
Most Recent Statement
02/03/10 - GEODEX ANNOUNCES ADVISORY BOARD APPOINTMENT17/02/10 - Geodex Provides Corporate Update and Strategic Direction
10/02/10 - Geodex Reports New Tungsten Discovery on Flume Ridge Property, New Brunswick
04/02/10 - Geodex Reports New Tungsten Discovery on Nashwaak Property, New Brunswick
29/01/10 - Geodex Announces Closing of $1.1 Million Private Placement
19/01/10 - GEODEX ANNOUNCES UNIT PRIVATE PLACEMENT