SGX Resources Drills 68.5 g/T Over 6.3 m (uncut) in New High Grade Discovery
WINNIPEG, MANITOBA -- (Marketwire) -- 11/20/12 -- Editors Note: There are two maps associated with this press release.
Dale Ginn, Chief Executive Officer of SGX Resources Inc. (TSX VENTURE: SXR), is pleased to announce that a new high grade gold zone has been discovered near surface immediately to the south (hanging wall) of the eastern known limits of the Edleston deposit. Drill hole #12-86 intersected 68.5 g/T over 6.3 metres at less than 100 metres below surface. This hole was drilled as a follow-up to and below holes #129 and #130, each producing substantial intersections within the Edleston deposit. Specifically, drill hole #129 intersected a high grade portion of the deposit, cutting 57.4 g/T over 3.3 metres as well as a thicker intersection in the main body of the deposit (see press release dated Sept. 19, 2012). Drill hole #130 extended the Edleston deposit to the east and to depth by drilling 2.08 g/T over 34.8 metres at 275 metres below surface.
The new discovery encountered by drill hole #12-86 is hosted by an altered, silicified intermediate volcanic unit located approximately 100 metres south of the primarily altered mafic host unit of the Edleston deposit. This silicified horizon contains fine quartz-carbonate veining and breccia fill as well as abundant pyrite up to 30%. Very finely disseminated visible gold was noted near the top and bottom of the intersection. Metallic assays and duplicates confirmed the high grade values. SGX has provided below all of the individual assay results that make up the high grade intersection within hole #86. A plan view has been attached showing the location of this new discovery and its excellent correlation to an IP geophysical target. An updated longitudinal section has also been attached in order to show the location of the Edleston deposit intersections and its continued expansion. Results from drill hole #12-86 are summarized below, as well as six new drill holes from the main Edleston deposit:
High Grade Discovery:
Hole # From (m) To (m) Length (m) Gold g/tonne Zone/Lens
SL-12-86 110.0 116.3 6.3 68.5 New
Consisting of: 110.0 111.0 1.0 0.42
111.0 112.0 1.0 16.37
112.0 113.0 1.0 7.98
113.0 113.5 0.5 0.08
113.5 114.2 0.7 10.82
114.2 114.8 0.6 0.46
114.8 115.4 0.6 14.30
115.4 116.3 0.9 433.97
Edleston Deposit:
Hole # From (m) To (m) Length (m) Gold g/tonne Zone/Lens
SL-12-130 337.0 371.8 34.8 2.08 EL #1
SL-12-127 146.0 171.0 25.0 0.42 EL #1
SL-12-54 163.1 176.6 13.5 1.26 EL #1
SL-12-53 272.6 312.8 40.2 1.25 EL #1
SL-12-51 85.6 91.6 6.0 2.40 EL #1
SL-11-42 82.3 103.2 20.9 0.71 EL #1
Drilling continues in order to extend this zone along strike and to depths of up to 500 metres below surface as well as to test additional potential along the prospective horizons and fold axis structural features that are emerging. The intersections above are near true widths as drilling has taken place from surface hangingwall positions, intersecting the zone nearly perpendicular to its strike and dip. Appropriate cutting values have not yet been established as this is the first complete hole in this discovery hole #86, the visible gold has been confirmed by the values presented, and metallic assays have confirmed the initial assays. SGX has provided all of the individual assays that make up the intersection.
The Sothman land package containing the Edleston deposit is located approximately 60 km by road to the south of Timmins, Ontario, between the Young-Davidson mine to the east and the Cote Lake deposit to the west. SGX conducts additional exploration at the Tully deposit and property, located approximately 25 km to the north of Timmins, as well, the company holds a position in the Davidson-Tisdale deposit and other strategic lands to the west and south of Timmins, near current and past production.
Sections, plans and diagrams related to this press release are available at the company's website, www.sgxresources.com, specifically a longitudinal section showing the location of the intersections received and released to date.
This program was carried out under the supervision of Peter Caldbick, P.Geo., of SGX Resources Inc., the qualified person responsible for this news release. The drill core was split, with half sent to the SPJ Laboratories of Sudbury, ON and fire assayed with an AA and gravimetric finish. Whole metallic assays were performed on samples containing visible gold. Check assays were also performed on pulps and rejects, as well, blanks and standards were inserted into the sample stream.
A copy of this press release will be made available on the company's website and will be filed with Sedar.
CAUTIONARY STATEMENT: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.
Contacts:
SGX Resources Inc.
Dale Ginn
CEO
(204) 794-5818
www.sgxresources.com