History

In 2017, Almadex’s predecessor company optioned the Willow project to Abacus Mining and Exploration Corp. (TSX-V: “AME”).

On February 24th, 2022 Abacus reported that in 2021 three holes totaling approximately 1700 metres on Willow were drilled and that all holes intersected the Luhr Hill granite porphyry, which is the host rock of the four known porphyry copper-molybdenum (Cu-Mo) deposits in the Yerington camp. 

Two holes drilled on Willow by Abacus in 2018 were also reported to have intersected this porphyry granite rock, with one hole intersecting the Luhr Hill just before being lost.  On April 20, 2022, Abacus reported that all 2021 holes hit significant composited intervals of low-grade copper and molybdenum mineralization, and that all were well mineralized and altered, with individual intervals as high as 0.37% Cu over 1.1 m in AW21-001 and 0.38% Cu over 0.2 m in AW21-003.  Abacus stated that the results indicate close proximity to a porphyry copper centre and clearly indicate that further drilling is warranted.

Under the terms of the original option agreement signed in 2017, Abacus could earn an initial 60% interest in the Property by incurring work expenditures totaling US$3,000,000 and issuing a total of 2,500,000 shares (416,668 post-consolidation shares) to the Company over a five-year period. Upon having earned this initial interest, Abacus would be required to incur minimum annual exploration expenditures of US$500,000 on Willow and, within 10 years, deliver a Feasibility Study in respect of the Willow to Almadex, subject to certain rights of extension. Abacus would earn an additional 15% interest in Willow upon delivery of a Feasibility Study to Almadex, at which point a 75:25 joint venture would be formed.

However, Abacus did not complete the necessary US$3,000,000 in cumulative expenditures required to earn its initial 60% interest in the Property prior to the deadline under the option agreement, and in early 2023 Almadex reported that it agreed to amend the option agreement such that, in return for the issuance of 2,000,000 shares of Abacus to Almadex, Abacus’s earn-in period would be extended to December 31, 2025, on the condition that AME completes US$5,000,000 in total expenditures by that time.

Please note: Prior to June 2015, work on Willow was conducted by Almadex's predecessor, Almaden Minerals. To read more about Almaden's prior work on the project, please visit Almaden Minerals' newsroom.

June 15th, 2011
Almaden has received preliminaryresults 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.

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.

Fall 2008
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.

Spring 2008
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.