Almadex Minerals Ltd. announced that it has received results from the third hole drilled in 2022 on its wholly owned San Pedro Project located in Jalisco, Mexico. This hole was drilled roughly 60m away from the pad where previously reported holes SP-22-003 and SP-22-004 were drilled from. Hole SP-22-005 also intersected long intervals of brecciated rock and returned two separate mineralised intersections including: From 1.35 to 3.85 metres of 0.42 g/t gold and 106.5 g/t silver From 141.10 to 144.00 of 7.45 g/t gold and 9.5 g/t silver, Including From 142.25 to 143.30 of 18.65 g/t gold and 20.5 g/t silver.

The hole SP-22-05 intersected two zones where disseminated sulphides were observed to be associated with silicification in the matrix of the breccia. Vuggy silica texture was recognised in the breccias. With the information currently available, the breccia body appears to have a subhorizontal distribution.

Further surface mapping is planned to confirm and refine this interpretation in order to optimise the next drilling program. The San Pedro project covers a large area of acid sulphate alteration, including zones previously described as vuggy silica. Recent Terraspec analysis indicates sericitisation superimposed on propylitic alteration in the mineralised zones with acid sulphate alteration occurring at the north end of the project.

Elevated base metals and silver have been returned from outcrop sampling and previous soil sampling surveys. Previous RC drilling by past operators, including Cominco, returned anomalous gold, silver and base metals. Including the hole reported here, four holes have now been completed by Almadex in this Phase 2 program, following on the two completed in 2021.

The breccia zone intersected in the recent drilling by Almadex is likely to be part of this large high sulphidation system as confirmed by the observation of vuggy silica textures in a breccia fragment. Elevated copper in the form of chalcopyrite may reflect the potential for an underlying porphyry copper system as well. Further interpretation including alteration and fluid inclusion studies will be conducted to help better define additional drilling.

The Company plans to recommence drilling when this is complete.