Properties

Mount Pleasant West Poly-metallic Project
(Tungsten-Molybdenum-Zinc-Indium-Tin)

Background

Geodex's Mount Pleasant West Project comprises a 10 km x 20 km block of claims adjacent to the formerly-producing Mount Pleasant mine (owned by Adex Mining Inc.) and located south of Fredericton in southwestern New Brunswick. The property includes claims acquired by staking and through joint venture agreements with other companies. The project area is in an area with excellent logistics and infrastructure.

Billiton Exploration Canada Ltd. produced molybdenum and tungsten at Mount Pleasant between 1983-1985 at a milling design rate of 650,000 tonnes/year. The mine closed due to falling metal prices. In addition to the molybdenum and tungsten ore bodies, Billiton also delineated important resources of tin and indium. The mine-site still exists with hydro, mine and mill buildings and tailings facilities.

Geodex was an early participant in the renewed exploration interest in the Mount Pleasant camp, attracted by the excellent potential for further discoveries and the rapid prices increases for the metals present at the mine. The price of indium in particular has soared from about US$94 / kilogram in 2002 to as much as US$1,000 / kilogram in 2006. Prices in October, 2009 are in the range of US$500 / kg.

Exploration Methods and Properties

Because of the high level of regional exploration activity resulting from the Mount Pleasant mine discoveries, abundant historical data is available in government assessment and other reports for the area. These provided Geodex with very useful information on mineral showings, geochemical anomalies, promising drill intersections etc. to give a focus for early-stage exploration on the various properties. Due to the blanket of glacial overburden covering the Mount Pleasant area, initial field work typically consisted of prospecting, soil sampling and geophysical surveys (ground magnetic, I.P. and gravity) to define trenching and drilling targets. Although widespread, the glacial overburden commonly forms only a thin veneer in most areas, thus the results of soil surveys are generally reliable, and trenching is usually successful in exposing bedrock.
The accompanying map shows the main exploration areas at Mount Pleasant West. Results from the highest priority targets are summarized below.

Pughole - Whopper

This property has seen the most exploration on the Mount Pleasant West claim group and borders the Adex's Mount Pleasant mine property. Since 2006, Geodex has completed extensive soil geochemical and geophysical surveys, trenching and diamond drilling programs.
Work has concentrated on testing the Whopper zone which features a coincident zinc-indium soil anomaly and magnetic anomaly. The drill holes have intersected numerous zones of polymetallic mineralization with significant values in zinc, indium, tin, lead and copper. Mineralization is associated with granitic dykes and hydrothermal alteration characteristic of that seen in the Mount Pleasant mine deposits. Geodex's interpretation is that the mineralized structures discovered at Pughole-Whopper may represent the higher level expression of a larger intrusive body at depth -- a geological setting similar to that at the Mount Pleasant mine.
Highlights of the Pughole Whopper drilling programs are as follows:

Hole	From (m)	To (m)	Interval (m)	Est.True Width (m)	Indium (ppm)	Zinc (%)
WP-08-23	30.80	49.40	18.60	10.60	55	1.45
Includes.	30.80	32.00	1.20	0.70	785	18.10
WP-08-26	77.20	81.43	4.23	2.00	148	4.33

Kedron

Kedron is located in the western section of Geodex's project area and covers ground on which Billiton, in the 1980s, discovered significant tin, copper, silver and zinc values in drill intersections. The tin values in Billiton's holes were particularly encouraging, e.g. 0.11% Sn over 21.0m (Hole BR84-4) and 1.16% Sn over 0.7m (Hole BR84-8). In addition, a float sample was found which assayed 2.22% SnO2.

The highlight of Geodex's drilling is the intersection in KD-07-02. This hole was drilled under Billiton's hole BR84-4 and shows that the the tin zone found in that hole is becoming wider with depth. The tin mineralization is associated with altered granitic dykes and possible cupolas of a buried intrusion, suggesting the potential at Kedron for a large porphyry-style, granite-related mineralized system.

Hole	From (m)	To (m)	Interval (m)	Est.True Width (m)	Tin (%)
KD-07-02	25.30	70.00	44.70	44.70	0.10%
Includes.	53.52	70.00	16.48	16.48	0.16%

Elsewhere on the property, extensive multi-element soil anomalies and magnetic anomalies remain to be tested. Also, sphalerite-rich float was found in the eastern part of the claim block which assayed 18.02% zinc and 312 ppm indium.

McDougall Inlet

The McDougall Inlet property, located east of the Mount Pleasant mine, covers multi-element soil anomalies as well as occurrences of lead, zinc and molybdenum found in historical (1970-1981) drill holes. The main target is a one kilometre long multi-element soil geochemical anomaly and coincident I.P. chargeability high. In 2007, Geodex drilled five holes for a total of 659 metres, and the results identified a broad zone of zinc and lead mineralization, often accompanied by anomalous molybdenum and indium. Compared to other targets on the Mount Pleasant claim block, the McDougall Inlet mineralizing system is distinctly higher in lead.

Highlights of the McDougall Inlet drilling are as follows:

Hole	From (m)	To (m)	Interval (m)	Est.True Width (m)	Lead (%)	Zinc(%)
MI-07-1	100.64	136.73	36.09	18.00	0.91%	0.18%
Includes.	123.81	136.73	12.92	6.50	1.92%	0.17%
MI-07-3	95.00	139.87	44.87	22.44	0.18%	0.28%

The mineralization in these relatively shallow holes may represent the upper expression of a broader underlying hydrothermal system. The McDougall Inlet property also covers other targets of interest, including a significant gold in soil anomaly. Further exploration at McDougall Inlet will focus on deeper drilling to test the mineralized system at depth as well as testing other soil anomalies on the property.

Piskahegan West

This claim block is located in the central part of the Mount Pleasant West project area and covers ground where previous explorers identified multi-element soil anomalies. Geodex's work has defined significant tin and molybdenum soil anomalies and prominent gravity lows interpreted to reflect buried felsic intrusions.

In 2008, Geodex drilled four holes on coincident gravity and soil anomalies. The holes intersected numerous narrow mineralized 'lodes' with anomalous zinc, lead, tin, molybdenum, arsenic, bismuth and silver with some elevated gold values. Three of the holes also intersected felsic dykes which were weakly mineralized, but which show interesting hydrothermal alteration.

The four holes drilled did not adequately test the extensive soil geochemical and gravity anomalies on this claim block. The use of more detailed geophysical surveys in particular will provide a better understanding of the mineralizing system in this part of the Mount Pleasant West property.


Geodex is encouraged by results to date from the Mount Pleasant project and believes there is excellent potential for discoveries within its large land position. The company is presently compiling and evaluating the results of 2009 surface exploration and previous drilling programs to determine priority targets for 2010 exploration.

Jack M. Marr, M.Sc. P. Geo., is the QP with respect to NI43-101, responsible for the Mount Pleasant West project.


The Company expressly warns readers not rely on the information herein for investment or other related purposes. Accordingly, any use of thia information is at their own risk and without liability to the Company. The information contained herein is not, and under no circumstances is to be construed as either a public or private offer of solicitation to purchase securities in the capital stock .The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company.