Adex Mining Inc. is a

Toronto, Ontario Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...

-based mining exploration company engaged in the development of its wholly owned Mount Pleasant Mine property in

Charlotte County, New Brunswick Charlotte County (2016 population 25,428) is the southwest-most county of New Brunswick, Canada. It was formed in 1784 when New Brunswick was partitioned from Nova Scotia. Once a layer of local government, the county seat was abolished with t ...

, 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." The company's stock trades on the

TSX Venture Exchange The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta, with offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading f ...

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. Mount Pleasant's Fire Tower Zone contains

tungsten Tungsten, or wolfram, is a chemical element with the symbol W and atomic number 74. Tungsten is a rare metal found naturally on Earth almost exclusively as compounds with other elements. It was identified as a new element in 1781 and first isol ...

molybdenum Molybdenum is a chemical element with the symbol Mo and atomic number 42 which is located in period 5 and group 6. The name is from Neo-Latin ''molybdaenum'', which is based on Ancient Greek ', meaning lead, since its ores were confused with le ...

mineralization, and is the site of a past-producing tungsten mine operated by

Billiton BHP Group Limited (formerly known as BHP Billiton) is an Australian multinational mining, metals, natural gas petroleum public company that is headquartered in Melbourne, Victoria, Australia. The Broken Hill Proprietary Company was founded ...

from 1983 to 1985.Truscott, Brian. "Adex in Redux Mode." Dow Jones Newswires, reprinted in the National Post, November 21, 2007. The property's North Zone is the focus of

tin Tin is a chemical element with the symbol Sn (from la, stannum) and atomic number 50. Tin is a silvery-coloured metal. Tin is soft enough to be cut with little force and a bar of tin can be bent by hand with little effort. When bent, ...

indium Indium is a chemical element with the symbol In and atomic number 49. Indium is the softest metal that is not an alkali metal. It is a silvery-white metal that resembles tin in appearance. It is a post-transition metal that makes up 0.21 par ...

and

zinc Zinc is a chemical element with the symbol Zn and atomic number 30. Zinc is a slightly brittle metal at room temperature and has a shiny-greyish appearance when oxidation is removed. It is the first element in group 12 (IIB) of the periodic t ...

exploration.

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 on the North and Deep Tin zones. Adex acquired Mount Pleasant in 1995 and began conducting exploration and metallurgical tests on the tin-indium areas. 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 National Instrument 43-101 (the "NI 43-101" or the "NI") is a national instrument for the ''Standards of Disclosure for Mineral Projects'' within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying informat ...

-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.

Tungsten-Molybdenum at Fire Tower Zone

In the early 1980s,

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. Surface facilities from the mine (including storage areas, conveyor galleries, warehouse space and office space) remain intact on the property. The Fire Tower Zone contains a

-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.

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 A feasibility study is an assessment of the practicality of a project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats pr ...

and mine activation phases. Work to date has focused on both the tin-indium-zinc and tungsten-molybdenum zones on the property and has included exploration drilling, a 43-101 resource estimate on the North Zone and the Fire Tower Zone, upgrading of tailings impoundment structures and other activities.

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 A caldera ( ) is a large cauldron-like hollow that forms shortly after the emptying of a magma chamber in a volcano eruption. When large volumes of magma are erupted over a short time, structural support for the rock above the magma chamber ...

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.Dunbar, Paul, et al. "An Amended 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 McOuat Ltd., September 24, 2012.

References

{{Reflist Companies listed on the TSX Venture Exchange Mining companies of Canada Tungsten mines in Canada Indium Tin Tungsten mining Molybdenum mining