Geologix's Tepal Drilling Extends Depth of South Zone with Elevated Grades of 0.86 g/t Gold and 0.38% Copper Over 102.4 Metres
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/26/11 -- Geologix Explorations Inc. (TSX: GIX)(FRANKFURT: GF6)(BERLIN: GF6)(STUTTGART: GF6)(MUN: GF6) (the 'Company') is pleased to announce initial results from the current resource expansion and infill drilling programs at its 100% owned Tepal property in Michoacan state, Mexico. Results from 20 holes drilled in the project's South Zone have been received as part of the ongoing exploration and development program.
Results are highlighted by hole TEP-11-012, which intersected 279.45 metres (m) grading 0.54 grams per tonne (g/t) gold and 0.26 percent (%) copper, including 102.45 m grading 0.86 g/t gold and 0.38% copper. A higher grade interval within the hole returned 67.55 m grading 1.01 g/t gold and 0.42% copper. This hole was drilled at the south end of the South Zone and extended the depth of the mineralization an additional 75 metres below the lowest point of the April 2011 NI-43-101 resource outline, and remains open (see drill section) (see news release dated April 11, 2011). Furthermore, the 0.86 g/t gold and 0.38% copper returned in the 102.45 m interval represent grades approximately double the average South Zone grades of 0.41 g/t gold and 0.22% copper in the April 2011 NI 43-101 Preliminary Assessment mine plan.
Details of the highlight holes from the South Zone drilling include:
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Interval AuEq
Hole ID Zone From To (m) Au g/t Cu % Ag g/t g/t(i)
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TEP-11-010 South 0.00 64.05 64.05 0.67 0.30 0.8 1.25
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Significance: Elevated gold and copper grades. Mineralized from surface
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TEP-11-012 South 146.50 425.90 279.45 0.54 0.26 1.3 1.05
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including South 301.40 403.85 102.45 0.86 0.38 0.9 1.59
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and South 303.40 370.95 67.55 1.01 0.42 1.0 1.82
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Significance: Elevated gold, copper, and silver grades. Extends
mineralization at depth
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TEP-11-015 South 0.00 91.10 91.10 0.67 0.25 1.0 1.16
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Significance: Elevated gold, copper, and silver grades. Mineralized from
surface
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TEP-11-016 South 6.20 86.10 79.90 0.88 0.26 1.4 1.39
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Significance: Elevated gold and silver grades. Mineralized from near
surface
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TEP-11-018 South 0.00 140.00 140.00 0.59 0.27 1.4 1.12
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Significance: Elevated gold and copper grades. Mineralized from surface
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TEP-11-020 South 0.00 213.40 213.40 0.39 0.21 0.5 0.79
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Significance: Elevated gold and copper grades over substantial interval
from surface
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Au = gold, Cu = copper, Ag = silver, (i)AuEq g/t = gold equivalent based on
metal prices of $1,000 Au, $2.75 Cu, and $16 Ag.
Dunham Craig, President & CEO, stated, 'We are pleased with the initial South Zone results as they fulfill our targets of expanding the deposit's size potential, encountering higher than average grades over sizable widths, and confirming the potential to upgrade the resource to a higher mineral category in preparation for a new resource to be used in a pre-feasibility study. We're specifically pleased with the depth extension and higher grades encountered in hole TEP-11-012, as it's the first reported hole to test beneath the previous resource boundary. With over 140 holes yet to be reported from this program, these early results give us encouragement for the potential to identify additional mineralization at depth in subsequent holes yet to be reported from the South and North zones.'
A complete table of assay results from all 20 holes received to date, as well as a drill section and plan map, can be found on the Tepal Project page of the Company's website (www.geologix.ca).
The current 30,000 metre drilling program is 95% complete with core logging and assaying expected to continue through December. Two drill rigs are currently retained to complete the pre-feasibility study geotechnical testing program. With multiple zones remaining open for possible expansion and current field work developing new drill targets, the Company expects to recommence drilling in 2012 as part of its ongoing agenda to expand and advance the project.
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 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. 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 Assessment study ('PA') 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.
To view map 1 accompanying this release, please visit: http://media3.marketwire.com/docs/GIX_10_25_NR_Tepal_South_North_%20Section.pdf
To view map 2 accompanying this release, please visit: http://media3.marketwire.com/docs/GIX_10_25_NR_South_Zone_Drill_Plan.pdf
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
www.geologix.ca