Geologix Outlines New 1800 X 600 Metre Gold and Silver Enriched Zone at Tepal With Surface Results Up to 6.88 g/t Gold and 433 g/t Silver
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/13/12 -- Geologix Explorations Inc. (TSX: GIX)(OTCQX: GIXEF)(FRANKFURT: GF6)(BERLIN: GF6)(MUN: GF6)(STUT: GF6) ("Geologix" and the "Company") is pleased to report results from a 1.8 x 0.6 kilometre ("km") gold and silver enriched zone identified by extensive rock sampling. The area called Target Area #3 is located 1 km north of the proposed prefeasibility mill location. Highlight samples from Target Area #3 include 6.88 grams per tonne ("g/t") gold over 2.0 metres ("m") and 433 g/t silver over 1.6m. A total of 656 rock chip samples were collected, of which 68 samples are 217% higher in gold and 233 samples are 1036% higher in silver than the current Measured and Indicated ("M&I") resource grades being used in the prefeasibility study. For maps please go to the Tepal Project at the Company's webpage (www.geologix.ca).
President and CEO Dunham Craig stated, "In previous Tepal surface sampling programs we have not seen results with this density and high levels of gold and silver grades. We are encouraged that we are exposing a new precious metal endowed component of the property's geological system that has already generated our three resource pits plus the five new 2012 drill targets. We have designed a 50 hole drilling program to test these five new targets with Target Area 3 being an obvious starting priority."
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GOLD: Target Area 3 - Rock Sample
Averages % above
Cut off --------------------------------- M&I
greater than Average Average Resource
Au g/t Samples Width Au g/t (i)
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0.5 37 1.4 m 1.43 377%
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0.3 68 1.4 m 0.95 217%
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0.1 189 1.5 m 0.44 47%
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SILVER: Target Area 3 - Rock Sample
Averages % above
Cut off --------------------------------- M&I
greater than Average Average Resource
Ag g/t Samples Width Ag g/t (i)
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10 109 1.5 m 29.3 1802%
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5 233 1.5 m 17.5 1036%
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1.5 427 1.5 m 10.9 608%
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102 of the 656 samples average 0.18 % copper (greater than 0.1% cut off)
with values up to 1.24% Cu.
115 of the 656 samples average 0.007% molybdenum (greater than 0.003% cut
off) with values up to 0.043% Mo
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(i) Tepal 2012 M&I Resource Grade Au g/t Ag g/t Cu% Mo %
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(187 M tonnes within in pit shells) 0.30 1.54 0.20 0.004
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(i) See Company News Release dated March 27, 2012 and posted on SEDAR
Additional Drill Targets:
Target #2: (Drill ready)
Target area #2 (1 km x 1 km) lies along strike and within the same structural corridor as the known mineral resources at Tepal within agricultural fields devoid of outcrop. The geophysical signature (magnetic) suggests an intrusive unit is located in this area, similar to the resource zones that are the subject of the current Pre-feasibility study. The geophysical anomaly is coincident with geochemical anomalies (soil) in gold, copper and molybdenum.
Target #4: (Drill Ready)
Target area #4 is located 2 km south east of the proposed mill location within agricultural fields generally devoid of outcrop. The target was identified by the airborne survey as having a structural setting similar to the resource areas to the north. Follow-up ground work to evaluate the target consisted of soil sampling and selected rock grab samples. A total of 16 rock samples were collected. Analytical results for these samples are anomalous in gold with associated copper values of up to 0.75% copper, 1.6 g/t silver and 33 ppm molybdenum. In addition, 286 soil samples were collected over the magnetic anomaly which is characterized by a distinct linear trend of anomalous soil results over an area of approximately 1,400m x 200m.
Target #1: (Drill Ready)
This area was identified as a target for porphyry type mineralization as a result of the large scale (3 km x 3 km) magnetic and radiometric signature in an area generally devoid of outcrop. Geological mapping and soil sampling was completed to characterize the geophysical signatures. The outcrop areas show intrusive rocks with weak to locally moderate potassic alteration and locally elevated magnetic character. Intrusive units identified are not of the same composition/tenure as the tonalite that is host to the mineralization at within the M&I Tepal resource, but appear to be more mafic in character. Geochemical soil survey results of silver and copper, as well as molybdenum suggest that mineralization in the area is present and worthy of an initial 1st pass drill program.
Target #5: (Drill Ready)
The area lies along strike to the northeast of the known resource areas in a structural setting similar to the mineralized zones. The area is devoid of outcrop. A total of 258 soils were collected. To date an area measuring 600m by 600m has been identified within which anomalous copper (100 - 700 ppm Cu) and silver values (1 - 4 g/t Ag) are located. Prospect drill testing is planned for this area.
Other Anomalous Areas:
Remaining anomalous areas from the airborne survey are still being evaluated at this stage and will be reported as results become available.
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 Company's secure facilities at the Tepal 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.
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 upgraded resource estimation, which will be the basis of a pre-feasibility study expected to be completed early in the third quarter of 2012. 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.
To view the figures accompanying this press release, click on the following link: http://media3.marketwire.com/docs/g612m.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
dcraig@geologix.ca
Geologix Explorations Inc.
Jeffrey Wilson
VP Corporate Communications
jwilson@geologix.ca
Geologix Explorations Inc.
604.694.1742 or Toll Free: 1.888.694.1742
www.geologix.ca