Almadex Minerals Ltd. discussed its plans for a 2023 exploration program on its 100% owned San Pedro gold-silver project, Jalisco, Mexico. The San Pedro project covers an area of high-sulphidation acid sulphate lithocap alteration (north area) as well as an area of brecciation and sulphide development with elevated base and precious metals on the southern portion of the project. In 2022 the Company drilled four holes, three of which have been reported (holes SP-22-003, 4 and 5).

These three holes all intersected broad zones of brecciation and locally significant base and precious metal values. Hole SP-22-003 intersected 4.51 metres of 656.8 g/t silver and 0.03 g/t gold, SP-22-004 intersected 1.3 metres of 846.0 g/t silver and hole SP-22-005 intersected 1.05 metres of 18.65 g/t gold and 20.5 g/t silver. All four holes drilled in 2022 including SP-22-006 reported help with interpreting the shape of the breccia body which appears to have a sub horizontal distribution.

Hole SP-22-006 is interpreted to have been drilled underneath the breccia and did not intersect mineralisation and precious metals values. Further surface mapping is planned to confirm and refine this interpretation in order to optimise the next drilling program. The elevated base metals and copper seen in the breccia, along with acid sulphate altered fragments suggests that the breccia and related mineralisation may be a late feature in the lithocap environment.

Acid sulphate altered lithocaps have been seen to form above porphyry copper deposits around the world and Almadex interprets the San Pedro project to have potential for both high sulphidation gold mineralisation in the lithocap, late gold-silver mineralisation in the southern breccia and deep copper porphyry potential beneath the lithocap. A more detailed surface mapping and sampling program is planned, and geophysical surveys may be undertaken as well. Once this work is complete Almadex intends to initiate a further round of drilling to test the targets generated.

Almadex looks forward to reporting its progress as exploration work proceeds and results are available. About the San Pedro Project: 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, (shown on attached figures) 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 fragments. 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. About the San Pedro Project: Almadex acquired the San Pedro project by staking. The property comprises approximately 1,000 hectares with multiple targets, located approximately 18 kilometers southeast from Juchitlan, 93 kilometers southwest of Guadalajara and 85km from the Barqueño project (Guachinango) of Agnico-Eagle.