NEWSVancouver, BC - July 16, 2012 - Geologix Explorations Inc. (TSX: GIX) ("Geologix" and the "Company") is pleased to report that results for an additional 555 rock chip sample program have been received in addition to the 656 reported earlier. Samples within Target Area #3, a 1.8 x 0.6 kilometre ("km") gold and silver enriched zone reported in the Company's news release dated June 13, 2012, have confirmed and further defined the mineralization within the Target Area #3 boundary. The area is located 1 km north of the proposed prefeasibility mill location. For maps, please visit the Tepal Project page of Company's website at www.geologix.ca
Of the 1211 samples, 708 lie within the 1.8 x 0.6 km boundary defined on the maps. Results for these 708 samples are tabulated below:
Cut off
> Au/g/t |
GOLD: Target Area 3 - Rock Sample Averages |
% above
M&I
Resource* |
| Samples |
Average
Width |
Average
Au g/t |
| 0.5 |
38 |
1.4 m |
1.44 |
380% |
| 0.3 |
72 |
1.4 m |
0.94 |
213% |
| 0.1 |
216 |
1.6 m |
0.42 |
40% |
Cut off
> Ag g/t |
SILVER: Target Area 3 - Rock Sample Averages |
% above
M&I
Resource* |
| Samples |
Average
Width |
Average
Ag g/t |
| 10 |
131 |
1.5 m |
29.7 |
1829% |
| 5 |
296 |
1.6 m |
17.1 |
1010% |
| 1.5 |
522 |
1.6 m |
11.1 |
621%
621 |
127 of the 708 samples average 0.17 % copper (> 0.1% cut off) with values up to 1.24% Cu.
112 of the 708 samples average 0.007% molybdenum (> 0.003% cut off) with values up to 0.043% Mo
| *Tepal 2012 M&I Resource Grade |
Au g/t |
Ag g/t |
Cu% |
Mo % |
| (187 M tonnes within in pit shells) |
0.30 |
1.54 |
0.20 |
0.004 |
*See Company News Release dated March 27, 2012 and posted on SEDAR
Geologix's Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators, has verified the data (including sampling and analytical data) and prepared the information contained in this news release. All samples were collected from the Company's secure facilities at the Tepal project by ALS-Chemex, and taken to their sample preparation facility in Guadalajara, Jalisco State, Mexico, with the analytical work being completed at their North Vancouver, B.C. laboratory.
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company's primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán state, Mexico, where the Company recently completed an upgraded resource estimation, which will be the basis of a pre-feasibility study expected to be completed early in the third quarter of 2012. Field programs at Tepal are ongoing as the Company continues to explore for additional mineralization throughout the property, in an effort to expand the size of the resource and scale of a possible future mining operation.