Geologix Announces Initial Drill Results From Prospect Drilling at Tepal Project
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Geologix Explorations Inc. (FRANKFURT:GF6)(TSX:GIX)(BERLIN:GF6)(MUN:GF6)(STUT:GF6)(OTCQX:GIXEF) ("Geologix" and the "Company") is pleased to announce initial assay results from the ongoing Reverse Circulation ("RC") drilling program at its Tepal gold-copper project in Michoacan state, Mexico.
The drill program was designed to test several prospective new zones, as outlined through the Company's previously reported geophysical and surface sampling programs. Several holes within Target Area #3 encountered intervals of gold, silver, and copper mineralization, including Hole TEP-12-134 which returned 30.0 metres ("m") grading 0.46 grams per tonne (g/t") gold, 26.8 g/t silver and 0.43 percent ("%") copper (or 1.86 g/t gold equivalent ("AuEq"), and Hole TEP-12-132 which returned 8.0m grading 0.92 g/t gold, 39.1 g/t silver and 0.11% copper (or 1.99 g/t AuEq). Both of the aforementioned intervals were intersected within holes collared drilled in the same areas where previous surface sampling returned individual assays of 6.88 grams per tonne ("g/t") gold over 2.0m and 433 g/t silver over 1.6m (see the attached drill plan map, available at the following link: https://media3.marketwire.com/docs/1108gix.pdf, or visit the Company's website for more details).
Initial results received from Target Area #3 provided sufficient encouragement to return the drill to the area for further drilling in an effort to better test this prospective target. All intervals reported are above the 2012 Tepal Resource grade cut-off of 0.27 g/t AuEq (US$8.70 dollar value based on $1000 Au and $2.75 Cu - see the Company's news release dated March 27, 2012). Additional assay results will be reported as they become available.
Full details on holes within Target Area #3 are as follows:
Tepal Project - 2012 RC Drilling Program--------------------------------------------------------------------------- Au Ag Cu AuEq(i)---------------------------------------------------------------------------Target Area HOLE-ID From To Width g/t g/t % g/t---------------------------------------------------------------------------Area #3 TEP-12-132 28.00 36.00 8.00 0.92 39.1 0.11 1.99---------------------------------------------------------------------------Area #3 TEP-12-133 0.00 16.00 16.00 0.07 3.3 0.13 0.39---------------------------------------------------------------------------Area #3 TEP-12-134 0.00 10.00 10.00 0.16 8.6 0.06 0.46--------------------------------------------------------------------------- and 18.00 48.00 30.00 0.46 26.8 0.43 1.86--------------------------------------------------------------------------- and 82.00 92.00 10.00 0.16 6.2 0.12 0.52--------------------------------------------------------------------------- and 108.00 138.00 30.00 0.17 8.1 0.11 0.56---------------------------------------------------------------------------Area #3 TEP-12-135 0.00 6.00 6.00 0.05 5.6 0.19 0.53---------------------------------------------------------------------------Area #3 TEP-12-136 12.00 44.00 32.00 0.13 5.4 0.16 0.55--------------------------------------------------------------------------- and 82.00 108.00 26.00 0.04 6 0.11 0.38---------------------------------------------------------------------------Area #3 TEP-12-148 14.00 24.00 10.00 0.09 2.4 0.12 0.37--------------------------------------------------------------------------- and 54.00 98.00 44.00 0.06 2.4 0.11 0.32---------------------------------------------------------------------------Area #3 TEP-12-149 6.00 32.00 26.00 0.09 7.2 0.16 0.55--------------------------------------------------------------------------- and 132.00 166.00 34.00 0.07 8.2 0.12 0.48---------------------------------------------------------------------------Area #3 TEP-12-150 34.00 44.00 10.00 0.05 6.4 0.12 0.42--------------------------------------------------------------------------- and 52.00 56.00 4.00 0.48 17.7 0.13 1.11---------------------------------------------------------------------------Area #3 TEP-12-151 8.00 12.00 4.00 0.19 13.2 0.26 0.97---------------------------------------------------------------------------(i) AuEq based on $1000/oz Au, $22.00/oz Ag and $2.75/lb Cu.
President and CEO, Dunham Craig stated, "After the first pass from our ongoing reverse circulation drilling program, we are encouraged with the drill results from Target Area #3, as there appears to be a mineralizing system worthy of follow up. A second pass of drill holes within the zone is already underway and will help evaluate the nature of what appears to be a new system, separate from the existing resource zones."
Target Area #1 is currently being prospect drilled. No significant values were returned from drilling within Target Areas #2 and #4.
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 stored at the Company's secure facilities at the Tepal project until driven in Company trucks to the ALS-Chemex 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 Michoacan state, Mexico, where the Company recently completed an upgraded resource estimation, which will be the basis of an upcoming pre-feasibility. 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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Geologix Explorations Inc.
Dunham Craig
President & CEO
604.694.1742 or Toll Free: 1.888.694.1742
dcraig@geologix.ca
Geologix Explorations Inc.
Jeffrey Wilson
VP Corporate Communications
604.694.1742 or Toll Free: 1.888.694.1742
jwilson@geologix.ca