Drilling Plans and Financing

Written by Mark Fields, President & CEO

It’s been some time since we’ve been able to do a blog posting. That is a reflection of the activity level within the company and public exploration companies overall. Typically activity picks up in the fall as exploration programs prior to winter are finalized and financing for them undertaken.

Financing and work programs are closely linked of course. Work programs in New Brunswick can extend over most of the year, in fact all year if winter drilling is appropriate, however work programs need to be budgeted to fit Geodex’s treasury. After the lull that typifies the summer when many people take holidays, Geodex announced a financing to fund the proposed drill programs.

Geodex is again enjoying the New Brunswick advantage to carry out pretty reasonable sized programs at a modest cost. We are planning some geophysics and other work followed by drilling up to 3 holes into the Benjamin porphyry copper-moly project and 2 holes into the South Dungarvon tin project. We are also considering drilling a third project.

The projects have some common features as per earlier programs: drilling geochemical and geophysical targets under extensive glacial cover. Details on the projects can be found on our web site, www.geodexminerals.com and in our news releases.

Below is a figure of the Benjamin copper-molybdenum project. There are several key features that combine in our view to warrant a drill program. The main area of focus is the left area outlined by a heavy back line. Within that area is a molybdenum-copper soil anomaly. Coincident with that is an induced polarization (IP) anomaly. One of the possible causes of an IP anomaly is minerals that form copper deposits. In addition to that the ice direction indicates that the soil anomalies would have been transported in a west to east direction. So with these main factors, combined with some interpreted geology, Geodex plans to extend the IP surveys to fully define the IP anomaly and then drill areas that appear to be the most prospective under the pervasive till cover. We believe the combination of geochemical, geophysical, geological and ice direction movements constrain the drill target well. The next step is to therefore drill test the targets.

Drilling is where discoveries come from, so it is always an exciting time to have targets on the verge of being drilled.