The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Geologix Explorations Inc.: Geophysical Survey Identifies Large Epithermal Precious Metal Target Beneath Trenches at Libertad Project, Sonora, Mexico

Monday, May 03, 2010

Geologix Explorations Inc.: Geophysical Survey Identifies Large Epithermal Precious Metal Target Beneath Trenches at Libertad Project, Sonora, Mexico11:00 EDT Monday, May 03, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 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 a 3.5 square kilometre ("km2") area within the Libertad property in Sonora State, Mexico. The results of the survey demonstrate the presence of a large resistivity anomaly associated with surface gold and silver mineralization. The anomaly runs 1.3 kilometres ("km") in strike length and 700 metres ("m") in width and will be the target of a proposed drill program at Libertad. View the geophysical survey plan maps and sections outlining the anomaly and associated gold and silver mineralization at www.geologix.ca or click on the following link: http://media3.marketwire.com/docs/gix53a.pdf.The survey was conducted over an internal area of the project (the Destierro claims) that hosts previously outlined surface gold and silver mineralization, including trench sample results of 9.91 grams per tonne (g/t) gold and 230.3 g/t silver over 3.50 m, and 2.23 g/t gold and 52.5 g/t silver over 13.10 m, within an extensive zone of quartz veining, stockwork development, and silicification over a strike length of 1.25 km (see Geologix press release dated March 16, 2010). The newly identified anomaly increases at a depth of less than 100 m to a potentially significant zone of silica flooding (hydrothermal silica chamber). Dunham Craig, President & CEO stated, "We are very pleased with the results of the geophysical survey as they indicate the presence of a very large resistivity anomaly just below the surface, which coincides with the gold and silver mineralization we recently identified through surface sampling and trenching. Of significant geological interest, the anomaly appears to be increasing in size and resistivity strength at depth. These are the types of geophysical characteristics typically found in large, mineralized epithermal gold and silver rich environments throughout the world, specifically in Nevada. We're excited to initiate a first phase drill program at the Libertad in an effort to test the extent of this anomaly and its potential to host a significant new gold and silver discovery."Results of the survey indicate the outcropping quartz veins, quartz stockwork, and silica alteration zones hosting precious metal mineralization at surface are clearly associated with resistivity highs in the survey area (see map sections 5900N and 6600N for trench results posted on top of the geophysics survey). The resistivity anomaly at surface, representing structural conduits for mineralized fluids, is seen to significantly increase in size at a depth of approximately 100 m, suggesting the presence of a highly altered (silicified) zone containing potentially significant areas of precious metal mineralization (see IP Survey plan maps). The geophysical survey was conducted using a pole-dipole survey array with electrode spacing of 75 m with a total of 25 survey lines being read for a survey total of approximately 37 line km. Line spacing over the survey area was 100 m.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 that has seen no prior systematic advanced exploration or drill testing, and only limited previous rock grab and chip sampling.Geologix can earn up to an 85% interest in the project from Riverside Resources Inc. 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 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 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.