Geologix Explorations Inc.:Libertad Drill Results Intersect 94 Metres of 0.74 Grams Per Tonne Gold Equivalent
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/10 -- Geologix Explorations Inc. (TSX: GIX)(FRANKFURT: GF6)(BERLIN: GF6)(MUNICH: GF6)(STUTTGART: GF6) (the 'Company') is pleased to announce assay results from the remaining eight holes of the recently completed ten-hole initial drill program at the Libertad property in Sonora State, Mexico. All ten holes in this first phase drill program intersected gold and silver mineralization, with multiple holes returning significant gold and silver grades over sizeable widths. Assay results from the program indicate that the mineralization, specifically in the northern portion of the structure, is widening at depth (see link at bottom of paragraph for an image of the vertical section) and that increasing grades are vectoring southwards toward a 700 metre untested portion in the central area of the structure (see link at bottom of paragraph for an image of the long section). Testing this 700 metre area will be a high priority target for a follow up drill program. Please visit www.geologix.ca or to view a full PDF version with maps and sections, please visit the following link http://media3.marketwire.com/docs/gixrelease.pdf.
In addition to the previously released results from holes LIB-10-001 and LIB-10-002, highlights include hole LIB-10-006 which intersected 94.05 metres ('m') grading 0.74 grams per tonne ('g/t') gold equivalent ('AuEq') (0.28 g/t gold and 29.4 g/t silver), and hole LIB-10-003, which intersected 71.45 m of 0.76 g/t AuEq (0.14 g/t gold and 39.8 g/t silver). Both of these holes were drilled on the northern portion of the structure.
Dunham Craig, President and CEO stated: 'As Libertad has never been systematically sampled or drilled before, our objective in this program was to test over 1.3 kilometres of strike to determine if the project had the ability to meet our internal minimum criteria of over 1.0 million ounce ('oz') potential. Intersecting mineralization in all ten initial holes gives credence to our projection of a large gold/silver system that we have only begun to explore. We are pleased with these results as they support the potential to meet that criteria with an open-pit bulk mining target as gold and silver (and gold equivalent) grades identified to date, are equal to, or better than most current open pit heap leach operations in Mexico. These encouraging initial results warrant a second round of drilling, as the vectors yielded by this phase have pointed to a 700 metre untested zone to the south of holes LIB-10-001, LIB-10-002, and LIB-10-006 and the structure remains wide open along strike to the north and south beyond the drilling on this 160 square kilometre property. Additionally, the mineralization is widening from north to south (see north end of long section) and to depth which fits the interpretation from the geophysical survey we conducted in April, 2010.'
The program consisted of ten holes totalling 2,213 metres of diamond drilling (results from the first two holes were previously reported in a news release dated July 19, 2010). Holes were drilled in three areas within the 1.6 kilometre currently identified structure, with five holes in the northern portion, four holes in the southern portion, and one hole, offset from the main structural trend, in the central portion.
Table 1: Libertad Drill Assay Results
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AuEq(i)
Hole ID From To Length (m) Au g/t Ag g/t g/t
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LIB-10-001(ii) 45.65 71.70 26.05 1.02 65.1 2.03
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LIB-10-002(ii) 48.60 99.40 50.80 0.51 32.3 1.01
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LIB-10-003 109.65 181.10 71.45 0.14 39.8 0.76
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LIB-10-004 11.50 32.00 20.50 0.36 19.0 0.66
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LIB-10-005 80.00 86.90 6.90 0.32 51.8 1.13
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LIB-10-006 196.85 290.90 94.05 0.28 29.4 0.74
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LIB-10-007 253.55 262.80 9.25 0.41 24.1 0.78
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LIB-10-008 126.10 130.00 3.90 0.33 66.8 1.37
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LIB-10-009 81.00 84.70 3.70 0.30 57.6 1.19
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LIB-10-010 123.20 127.75 4.55 0.38 19.7 0.69
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- (i) Gold Equivalent (AuEq) calculated using $900/oz Au and $14/oz Ag
- (ii) Previously released
The Libertad project is located 250 kilometres (km) north west of Hermosillo, and represents an early stage exploration project hosting a gold-silver mineralized vein system. Geologix can earn up to an 85% interest in the project from Riverside Resources Inc. (TSX-V: RRI) through a series of staged payments to Riverside totalling US$900,000 and work expenditures of US$5,000,000 over a period of six (6) years.
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 from the project were delivered by Geologix personnel to the ALS-Chemex sample preparation facility in Hermosillo, Sonora State, Mexico, with the analytical work being completed at their North Vancouver, B.C. laboratory. A QA/QC program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream.
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 has completed a Preliminary Economic Assessment study ('PEA') of the existing resource and is continuing to aggressively explore for additional gold and copper mineralization in an effort to expand the size of the resource and scale of the 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.
Jeffrey Wilson
V.P. Corporate Communications
(604) 694-1742 or Toll Free 1 (888) 694-1742
jwilson@geologix.ca
Geologix Explorations Inc.
Dunham Craig
President & CEO
(604) 694-1742 or Toll Free 1 (888) 694-1742
dcraig@geologix.ca
www.geologix.ca