The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Geologix Explorations Inc.: Tepal Geophysical Survey Identifies Multiple High Priority Drill Targets

Wednesday, April 14, 2010

Geologix Explorations Inc.: Tepal Geophysical Survey Identifies Multiple High Priority Drill Targets09:30 EDT Wednesday, April 14, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2010) - Geologix Explorations Inc. (the "Company" or "Geologix") (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUNICH:GF6)(STUTTGART:GF6) is pleased to announce it has completed a geophysical survey (Induced Polarization/Resistivity or "IP") over 15 square kilometres ('kms") within the Company's Tepal copper-gold project in Michoacan State, Mexico. The results of the survey have delineated four distinct new high priority drill target areas for drill testing and possible resource expansion. These newly identified target areas will be the focus of an extensive forthcoming drill program. View the geophysical survey maps outlining the newly identified target areas at www.geologix.ca.The first new area surrounds the current resource zones (both the North Zone and South Zone). Past drill results indicated that the mineralized zones hosting the resource estimation remained open in several directions and the current IP survey appears to support this by delineating a target area that extends hundreds of metres beyond the extent of any prior drill data. The remaining three new target areas lie to the east of the current resource at step-out intervals of approximately 250 metres, 1.5 kms, and 2.0 kms respectively. The current resource of 79 million tonnes is contained within a 34 hectare area, while the new target areas combine for an additional 304 hectares of virtually untested and highly prospective ground, which significantly increases the size and scale of the potential expansion of the project's mineralization.Dunham Craig, President & CEO stated, "We are very pleased with the results of the IP survey as they support our initial interpretation that much of the untested core area of the Tepal project, specifically to the east of the resource area, remains highly prospective for ongoing exploration, drilling, and possible resource expansion. This is the first step in our objective to expand the known resource. We are especially pleased with the size and strength of these targets and have initiated preparations to commence drilling."The purpose of the IP survey is to identify the geophysical characteristics or "signatures" over areas of known mineralization, such as those found over the current North and South resource estimation zones, and seek to identify similar signatures and characteristics in otherwise untested areas of the project.Results of the survey clearly indicate that known and potentially economic mineralization appears associated with moderate to high chargeability and resistivity readings in the area of the resource estimation. The survey has also outlined identical chargeability and resistivity responses immediately west of the known mineralization that are associated with geochemical soil anomalies and that have, to date, not been drill tested. These areas have now been upgraded to high priority drill targets.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 reviewed and verified the data contained in this news release.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 current primary focus is the Tepal Gold-Copper Porphyry Project in Michoacan State, Mexico, where the Company is aggressively exploring for potential resource expansion, and advancing toward preliminary economic assessment of the project in its ongoing effort to upgrade and increase the scale and viability of this emerging project.FOR FURTHER INFORMATION PLEASE CONTACT: Geologix Explorations Inc. Jeffrey Wilson V.P. Corporate Communications (604) 694-1742 Toll Free in Canada and USA: 1(888) 694-1742 jwilson@geologix.ca or Geologix Explorations Inc. Dunham Craig President & CEO (604) 694-1742 dcraig@geologix.ca www.geologix.ca The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.