Geologix Explorations
announced today the commencement of a 30 hole, 4,250 meter drill program aimed at testing five newly identified prospective zones (Target Areas 1 through 5) as outlined through the Company’s recently reported geophysical and surface sampling programs at its Tepal project in Mexico. The Company indicated that additional holes could be added to extend the program if warranted by initial assay results. Having topped up its till earlier this month with the closing of a $2.5M non-brokered private placement, the Company is certainly well financed to do so.
Today’s release reported that drilling had started within the Tepal project’s Target Area #3, where the Company recently reported a high concentration of elevated gold and silver values, including individual sample assays up to 6.88 grams per tonne (“g/t”) gold over 2.0m and 433 g/t silver over 1.6m (see news release dated June 13, 2012 and/or the Company’s website at www.geologix.ca for more details). These are among the highest sample grades ever identified anywhere on the Tepal project and offer highly prospective exploration and drill targets for potential new discovery.
Initial assay results from the first holes should be available in 6 – 8 weeks, with additional results to follow.
All of the 5 target areas to be tested in this program are outside of the existing know resource zones at Tepal, which already host a resource of 4.0M ounces gold equivalent (or 1.8M ounces gold and 813.0M pounds of copper) in the Measured & Indicated categories. This existing resource is the basis of a pending pre-feasibility study. Any exploration success identified in these new target areas can provide a positive addition to this already robust project. The sound fundamentals of a sizable resource and pending pre-feasibility study, combined with the blue sky exploration potential of several new higher grade target areas, makes Geologix quite interesting for speculators.
https://www.grandich.com/2012/08/grandich-client-geologix-explorations-13/