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Adex Mining Inc.
Type Public ADE
Headquarters Toronto, Canada
Key people J. Errol Farr, President, CEO and Director
Industry Mining
Website http://www.adexmining.com

Adex Mining Inc. is a Toronto, Canada-based mining exploration company engaged in the development of its wholly owned Mount Pleasant Mine property in Charlotte County, New Brunswick, Canada. According to a Government of Canada report, Mount Pleasant is “North America’s largest tin deposit and the world’s largest reserve of indium.”[1] The company’s stock trades on the TSX Venture Exchange under the symbol ADE.

Adex holds 102 mineral claims at Mount Pleasant covering approximately 1,600 hectares (4,000 acres), as well as 405 hectares (1,000 acres) of surface rights.[2] Mount Pleasant’s Fire Tower Zone contains tungsten-molybdenum mineralization, and is the site of a past-producing tungsten mine operated by BHP Billiton from 1983 to 1985.[3] The property’s North Zone is the focus of tin, indium and zinc exploration.

Contents

Tungsten-Molybdenum at Fire Tower Zone

In the early 1980s, Billiton Exploration Canada Ltd. invested approximately $150 million for the construction of a tungsten mine and mill at Mount Pleasant’s Fire Tower Zone.

The facility was active from 1983 to 1985, milling 990,200 tonnes of tungsten ore at a grade of 0.35%. Challenging economic conditions and a downturn in the price of tungsten led to the mine's closure in 1985.[3]

Surface facilities from the mine (including ore storage areas, conveyor galleries, warehouse space and office space) remain intact on the property.

The Fire Tower Zone contains a National Instrument 43-101-compliant resource of 13,489,000 tonnes in the "indicated" category at 0.33% tungsten and 0.21% molybdenum, as well as 841,700 tonnes in the "inferred" category at 0.26% tungsten and 0.20% molybdenum.[4]

A scoping study of the Fire Tower Zone was completed and prepared by Aker Metals, a division of Aker Solutions Canada Inc. Results of the scoping study indicate that the Fire Tower Zone is financially robust and the operation is projected to generate about C$1.1 billion in revenue over a 13 year life of the mine.[5]

Tin-Indium-Zinc at North Zone

Successive historical exploration drilling programs by previous owners of Mount Pleasant began the process of defining the property’s tin and indium mineralization centred around the North and Deep Tin zones.

Adex acquired Mount Pleasant in 1995 and began conducting exploration and metallurgical tests on the tin-indium areas.[6] In 1997, the property was placed in care and maintenance due to poor economic conditions in the mining industry.

The tin-indium-zinc North Zone contains a National Instrument 43-101 compliant resource estimate of 10,882,000 tonnes in the “indicated” category at 0.43% tin, 67.8 grams per tonne indium, and 0.67% zinc, as well as 7,603,000 tonnes in the "inferred" category at 0.22% tin, 74.6 grams per tonne indium and 0.99% zinc.[7]

A scoping study of the North Zone is expected to be completed in late 2009. This includes an investigation into the economic potential of a small to medium scale mining operation.

Recent activities

In the summer of 2007, Adex reactivated the Mount Pleasant project. Subsequently, the company launched a number of programs designed to move the project towards the definitive feasibility study and mine activation phases.

Work to date has focused on both the tungsten-molybdenum and tin-indium zones on the property and has included exploration drilling, a scoping study on the Fire Tower Zone, upgrading of tailings impoundment structures and other activities.[8]

Geology

The Mount Pleasant deposits are located in southern New Brunswick within the Appalachian Orogen. These deposits occur within gently dipping Late Devonian age volcanic and sedimentary rocks that are the remnants of a large epicontinental caldera complex.

The regional geology in the mine area is dominated by the Mount Pleasant Caldera, the exposed part of which measures approximately 13 by 17 kilometres. Multiple layered granitic intrusive rocks and associated mineralization at Mount Pleasant were emplaced along the southwestern margin of the caldera complex. This structure occurs within the northern extension of the Appalachian geosynclinals belt and is situated on the southeast flank of New Brunswick's Central Basin.[9]

References

  1. ^ Wright, Phillip. “Mineral and Metal Commodity Review: Tin.” Natural Resources Canada, 1996.
  2. ^ www.adexmining.com/corporate.php
  3. ^ a b Truscott, Brian. “Adex in Redux Mode.” Dow Jones Newswires, reprinted in the National Post, November 21, 2007.
  4. ^ www.adexmining.com/overview.php.
  5. ^ www.adexmining.com/news30102008.php
  6. ^ Gowan, Derwin. “Mining company clears regulatory hurdle: Adex Mining moves ahead with Mount Pleasant mine. Telegraph-Journal (New Brunswick), December 4th, 2007.
  7. ^ Dunbar, Paul, et. al. “A Technical Review of the Mount Pleasant Property, Including a Mineral Resource Estimate on the North Zone Southwestern New Brunswick for Adex Mining Inc.” Watt, Griffis and McOut Ltd., May 6, 2009.
  8. ^ Hill, Liezel. “Canadian junior on the fast track to reopen former Billiton mine.” Creamer Media’s Mining Weekly, May 22, 2008.
  9. ^ Dunbar, Paul, et. al. “A Technical Review of the Mount Pleasant Property, Including a Mineral Resource Estimate for the Fire Tower Zone Southwestern New Brunswick for Adex Mining Inc.” Watt, Griffis and McOut Ltd., March 13, 2007.
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