History

In February 2019, Almadex announced an option agreement with Independence Gold Corp. (“IGO”), whereby IGO would hold the right to acquire a 60% interest in the Nicoamen property. IGO terminated this option agreement in early 2022, so Almadex retains 100% ownership of this property.

During its option period, IGO reported that exploration in 2019 included the collection of 41 surface rock samples, and a ground magnetic survey covering 50% of the property. IGO noted that the magnetic survey highlighted a “magnetic low” structural corridor that was coincident with mineralized chalcedonic quartz veins, returning up to 4.46 g/t gold. Access to several prospective areas was restricted in 2019 due to active logging and to Almadex’s knowledge no further work was conducted at the property during the option period.

Almadex is reviewing the data collected on this property prior to determining next steps.