Almadex Minerals Ltd. provided an update regarding recent mapping and sampling at three of our new prospects, all of which are located in central Nevada, USA and are prospective for epithermal gold-silver deposits. The Company is planning initial work programs designed to rapidly provide the exploration dataset to evaluate whether these targets merit drilling in the summer field season of 2024. The three prospects have only had preliminary exploration mapping and sampling performed on them to date.

Confusion Hills: The Confusion Hills Prospect is comprised of 237 lode claims that cover a large hydrothermal alteration zone developed in volcanic rocks. Two styles of alteration were identified in the preliminary geologic mapping that has been undertaken. Argillic alteration is found widespread in volcanic rocks and breccias along with local silicification.

In one area, high temperature pyrophyllite and kaolinite were detected which is indicative of a possible porphyry lithocap environment. 14 grab samples of outcrop have been taken to date in the area of silicic and argillic alteration. Results ranged from below detection to 0.182 g/t gold.

Significant trace element epithermal pathfinder results were also returned. Detailed prospecting, mapping and sampling is planned for the spring of 2024. County Line: The County Line Prospect is comprised of 191 lode claims. Preliminary mapping has identified two styles of alteration.

A small area (200 metres by 150 metres) of high-sulphidation style alteration where hypogene kaolinite, pyrophyllite, dickite and K-alunite occur at the south end of a broader area of silicification, chalcedonic veining and coxcomb veining, which is representative of a low or intermediate sulphidation environment. Subsequent to staking this area, Almadex received information on limited previous exploration work mainly in the southern portion of County Line, including drilling (three drill holes), with no significant results that have been reported to date, however, details on these exploration campaigns and their reach are unclear. Preliminary rock sampling results on the prospect have returned gold values ranging from below detection to 0.116 g/t. The significant values were returned from the southern high sulphidation alteration zone.

Detailed mapping, sampling and prospecting is planned for the spring of 2024 to focus on the zones of veining to the northeast of the area of past work. Silverton South Hydrothermal Cell: This prospect is comprised of 50 lode claims which cover an approximately 4 by 2 km area of intense clay alteration with local replacement silicification. A portion of the alteration zone has been mapped using a Terraspec Field spectrometer.

In this 1.5 by 0.9 km area, high temperature kaolinite was mapped. Based on the minerals identified, this alteration zone is currently interpreted to represent a steam heated cap to a possible low sulphidation vein system concealed beneath. The new Nevada lexicon for describing steam heated zones is hydrothermal cell.

The Silverton South area likely represents such a cell. While no gold results above detection have been returned, the preliminary grab samples of altered rocks taken to date have returned anomalous epithermal pathfinder elements typical of the interpreted level of erosion. Detailed prospecting, mapping and sampling is planned for the spring of 2024 to help define a vector for possible future drilling.