Geodex gains former Cape Spencer mine

Intrigued by the potential for both bulk-tonnage and high-grade narrow-vein gold targets, Geodex Minerals (GXM-V) has struck a deal to acquire the Armstrong Brook property in southern New Brunswick.

The property includes the Cape Spencer gold mine, a former producer 20 km east of Saint John on the Bay of Fundy coast. Pro-Max Resources, a New Brunswick-based private company, has outlined several promising gold showings and untested geochemical targets over a 7-km-long area along strike of Cape Spencer.

Geodex can earn a 100% interest in the mineral claim package by spending $200,000 in exploration over three years, in addition to paying $15,000 cash and issuing 300,000 shares.