TIEX INC. -- EXPLORATION UPDATE ON ITS QUESNEL TROUGH PROPERTIES, CENTRAL BRITISH COLUMBIA, CANADA
Further to Tiex Inc.'s July 22 news release, the company is providing the second update of the exploration work on its Gold Creek and Horsefly properties in the Quesnel Trough area of central British Columbia.
The Company's ground work portion of 2011 summer program, including line-cutting, mapping, soil sampling and prospecting of the Horsefly and Gold Creek Properties, has advanced to the point that we can commence to the next stage of the program.
Diamond drilling will start on Oct 4th, with reverse-circulation ("RC") drilling starting approximately Oct 21st once the diamond drilling is completed and we have First Nations approval. The drilling program will consist of 7,000 m on the Gold Creek Sedimentary-hosted Gold Project and 2,000 m on the Viewland (Horsefly Property) Copper-Gold Porphyry Project. On Gold Creek Project the Company is planning 1,000 m of HQ diamond drilling to improve core recovery in previously drilled areas, and 6,000 meters of exploration RC drilling to test the >12 km of gold in soil anomalies. The 2000 m of RC drilling on the Viewland Project will test coincident high copper in soil anomalies and geophysical anomalies.
Induced-polarization ("IP") surveying is ongoing on Viewland and field staff has finished ~10 line-km of the ~35 line-km planned. The planned ~10 line-km of IP on Elbow Lake Project will begin once the Viewland grid is completed. 1441 soil samples on the Horsefly and Gold Creek Properties have been completed and submitted for geochemical analysis. Geological and structural mapping on the Gold Creek Property has determined that the E-W and NE-SW normal faults that are surrounded by intense Fe-carbonate alteration halos and commonly contain quartz vein and sulphide minerals. These faults are also accompanied by vertical E-W striking, sheeted tensional quartz iron-carbonate veins. Highlights from sampling the faults returned >10.0, 5.2 and 0.39 g/t Au and from the vein sets and Fe-carbonate alteration returned 6.4 and 5.5 g/t Au.
Newmont Canada Corporation ("Newmont") reports that an airborne geophysical survey was completed on the Bullion property (which Tiex optioned for joint venture with Newmont). Newmont's analysis indicates that geophysical anomalies on the property warrant further study. Newmont will keep Tiex informed as their exploration continues and Tiex will release the news of this as warranted.
Also, we would like to thank First Nations representatives from the Williams Lake and Soda Creek Bands for their attendance in the consultation process. We look forward to the productive relationship all parties' desire.
Stephen Wetherup, BSc. P.Geo the qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.