Essex Minerals Inc. Outlines Copper-Molybdenum Target at Mt Turner

Essex Minerals Inc. is pleased to announce that initial exploration by the Company's technical team has outlined a very large copper-molybdenum (gold and silver bearing) porphyry target within the Mt Turner project area in northern Queensland, Australia.

Paul Loudon, president and CEO of Essex Minerals, said: "According to the International Energy Agency's report on key minerals in the clean energy transition, demand for copper and molybdenum is expected to increase by 300 percent by 2040."

"With such a strong demand outlook, we are very pleased to see that our initial exploration has demonstrated the potential for a large copper-molybdenum (with silver and gold) deposit at Mt Turner."

"Having incubated the project with initial exploration expenditures, Essex is now looking to leverage its position in the project through a joint venture for the next round of exploration expenditures and then spin-off the property into a new key mineral listing. This project incubation and then spin-off, particularly as we can retain the rights to the royalties and provide stream or project financing, is fundamental to the company's business growth model."

The Mount Turner property is located to the west of the Georgetown property, which forms the bulk of the declared Etheridge Goldfield. It consists of differently metamorphosed and deformed sedimentary and volcanic rocks of Paleozoic to Mesozoic age intruded by Mesozoic granites.

Proterozoic rocks were intruded by granites of Siluro-Devonian age during subduction and subsidence, which is thought to have occurred during the Tabberabberan cycle of the Tasman Orogen orogeny (ca. 430-380 Ma).

Geologists from Geoscience Australia and the Queensland Geological Survey conducted a preliminary examination of the property during the 1975 field season after extensive hydrothermal alteration was discovered around Mount Turner.

Essex Minerals and KNX each own 50% of the Mt Turner property. on September 22, 2021, Essex announced that it has agreed to acquire all of the outstanding shares of KNX in exchange for the issuance of 5,000,000 common shares and 5,000,000 two-year stock purchase warrants to KNX shareholders. The acquisition is subject to the approval of the TSX Venture Exchange. Upon completion of the acquisition, Essex will own 100% of Mt Turner.

Rock samples collected by the Essex field team during detailed mapping indicate that the property has undergone multiple phases of intrusive events, providing the potential for a multi-stage mineralization event and therefore the potential for higher grades.

In 1977, the Queensland Government drilled a 295-metre hole (NS4) on the periphery of the porphyry target area, which eventually intersected near ore grade mineralisation at 0.187% Cu and 0.075% Mo. The core from this hole was re-logged by Essex and showed multi-lithological intrusive debris at breccia depth, which also indicates a history of multi-phase intrusion.

The re-logging also shows early extensive potassic alteration, followed by superimposed phyllic events, followed by a late second potassic event associated with multi-stage vein mineralization. This alternating pattern is consistent with the classical model of multi-stage mineralization.

The next phase of exploration will involve detailed ground geophysics to define targets prior to the initial drilling program. Management has been investigating the opportunity to bring in a joint venture partner for the copper-molybdenum target at Mt Turner project and has held discussions with an Australian group that has expressed interest in the option to earn-in and acquire the Mt Turner property as a cornerstone project for significant mineral exploration listed on the Australian Stock Exchange.

Essex Minerals Inc. is an exploration and development company focused on mineral exploration and mine development and financing opportunities.

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