100% Almadex owned
The Willow Project is located in Douglas and Lyon Counties Nevada and totals roughly 10,252 hectares.
The project covers an area of intense hydrothermal alteration interpreted to represent a porphyry “lithocap”, the hydrothermal alteration overlying a large porphyry system with significant copper, gold and molybdenum potential. The alteration is characterized by silicification, brecciation and alunite, kaolinite and dickite alteration, all features typical of high sulphidation gold systems that overlie copper-gold porphyry systems in the lithocap environment.
Past work on the project includes surface sampling, mapping and several campaigns of surface geophysics which have defined both epithermal gold targets and porphyry copper-gold targets. Future plans include diamond drilling to test these targets.
In 2017, Almadex’s predecessor company optioned the Willow project to Abacus Mining and Exploration Corp. (TSX-V: “AME”)
Abacus can earn an initial 60% interest in the Willow project by incurring work expenditures on the project totaling US$3,000,000 and issuing a total of 416,668 shares to the Company over a five-year period.
Upon having earned its initial interest, Abacus will be required to incur minimum annual exploration expenditures of US$500,000 on the property and, by February 22, 2027, deliver a Feasibility Study in respect of the Willow project to Almadex, subject to certain rights of extension. Should Abacus fail to incur the minimum annual expenditures for two consecutive years, Almadex may elect to become operator of the project, and the parties will enter into a 60%/40% joint venture agreement with standard dilution provisions.
Abacus will earn an additional 15% interest in the project upon delivery of a Feasibility Study to Almadex, at which point a 75%/25% joint venture will be formed, with pro-rata funding of ongoing work in proportion to the respective interests held at that time. Until such time as a joint venture is formed pursuant to the agreement, Almadex’s interest is a carried interest.
Please note: Prior to June 2015, work on Willow was conducted by Almadex's predecessor, Almaden Minerals. News releases below link to archived releases. To read all news releases of Almaden's prior work on the project, please visit Almaden Minerals' newsroom.
June 15th, 2011
Almaden has received preliminary results from a recently completed Titan 24 deep penetration geophysical survey on the Willow. The Titan survey outlined several large areas of high chargeability, which are targets areas to be followed-up by drill testing. The Titan 24 Deep Earth Imaging system is the most advanced electrical earth imaging technology available. Measuring parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), the Titan 24 measures to depths of 750 meters with IP and to depths of more than 1.5 kilometers with MT data. These depths and multi-parameter data make the system one of the best options available for obtaining subsurface information related to geologic structure and for the direct detection of mineral deposits. Read more +
April 29th, 2011
A geologic and alteration mapping, rock sampling, soil sampling and stream sediment sampling program has been completed. Mapping has outlined a 2 by 2 kilometer area of intense hydrothermal alteration characterised by minerals and features typical of high sulphidation epithermal systems.
In this area 174 rock samples have been taken with results ranging from 0.005 to 0.29 g/t gold. The 1,297 soil samples collected returned gold values from below detection up to 1.2 g/t gold and averaging 0.024 g/t gold (24 ppb gold). Several significant areas of greater than 0.1 g/t gold were outlined in this soil sampling program. Stream sediment samples were also taken and returned values up to 3.4 g/t gold. These geochemical results are considered extremely important, and with the hydrothermal alteration, are interpreted to be indicative with top of a well mineralised high sulphidation gold system. Read more +
The October 2008 program focussed on an east-west band through this area which included an erosional window through a tabular zone of massive silicification thought to represent the original top of the high sulphidation system.
A total of 45 rock chip, grab and float samples were taken and returned gold values up to 0.58 g/t gold. Silver values ranged from below detection up to 289 g/t silver including three samples over 100 g/t silver. Significant arsenic, barium, mercury and antimony values were returned as well, consistent with the interpretation that the property represents high levels of exposure in a well preserved system. Covellite was identified in the material sampled, a common mineral in high sulphidation systems. The presence of this copper mineral is interpreted to be very encouraging because it suggests that the late brine pulse necessary to form well mineralised high sulphidation systems occurred at the Willow project.
A work program has been completed on the Willow. The work consisted of geologic and alteration mapping, rock sampling, soil sampling and stream sediment sampling. Several significant areas of greater than 0.1 g/t gold were outlined in this soil sampling program. These geochemical results are considered extremely important, and with the hydrothermal alteration, are interpreted to be indicative with top of a well mineralised high sulphidation gold system.