Press release from Marketwire
Geologix Explorations Inc.: Tepal Drilling Extends Tizate Zone at Depth and Encounters Multiple Higher Grade Gold Intervals Including 0.32 g/t Gold Over 232 Metres
Monday, December 05, 2011
Geologix Explorations Inc.: Tepal Drilling Extends Tizate Zone at Depth and Encounters Multiple Higher Grade Gold Intervals Including 0.32 g/t Gold Over 232 Metres07:00 EST Monday, December 05, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2011) - Geologix Explorations Inc. (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUN:GF6)(STUT:GF6) (the "Company") is pleased to announce additional assay results from the Company's resource expansion and infill drilling program completed at its 100% owned Tepal gold-copper project in the state of Michoacán, Mexico.Initial assay results from the project's Tizate Zone have achieved the program's three main objectives:Several holes have identified substantial intervals of gold and copper mineralization at depth extensions beyond the previous resource outline (see news release dated April 11, 2011); Multiple intersections of gold and copper grades above the Tizate Zone's resource average; and Infill drill holes encountering grades and width expected to upgrade a proposed new resource to a higher mineral category as part of a subsequent pre-feasibility study. Initial results from the first 29 holes, totaling 6,514 metres (m) from the Tizate Zone are highlighted by intersections including hole TIZ-11-065 which encountered 232.85 m grading 0.32 grams per tonne (g/t) gold and 0.14 percent (%) copper extending the depth of mineralization 125 m deeper than the previous resource outline and remains open at depth, and TIZ-11-062 which encountered 226.05 m grading 0.32 g/t gold and 0.15% copper extending the depth of mineralization 75 m deeper than the previous resource outline, and ending in mineralization (to view the "2011 Tizate Section 2116575N" and "2011 Tizate Zone Drilling" maps, please click the following link: http://media3.marketwire.com/docs/1205gix_Tizate_Section_Drill_Zone.pdf). Results from these, and other depth extension holes, not only extend the depth of mineralization well beyond the previous resource outline, but also represent gold grades above the Tizate Zone resource average of 0.21 g/t gold (and 0.18% copper) used in the April 2011 PEA mine plan. Highlight results from the first Tizate Zone drilling include:Hole IDZoneFromToInterval (m)Au g/tCu %Ag g/tAuEq g/t*TIZ-11-050Tizate0.0085.0085.000.3184.108.40.206Significance: Gold grades higher than Tizate resource average over sizable interval. Mineralized from surfaceTIZ-11-056Tizate0.0092.15220.127.116.111.80.82Significance: Copper grades higher than Tizate resource average over sizable interval. Mineralized from surface.TIZ-11-057Tizate0.00107.90107.900.210.172.50.57Significance: Substantial intersection of grades consistent with prior Tizate results. Mineralized from surfaceTIZ-11-061Tizate0.00140.65140.650.218.104.22.168Significance: Substantial intersection of grades consistent with prior Tizate results. Mineralized from surfaceTIZ-11-062Tizate4.00230.05226.050.320.151.00.61Significance: Extends mineralization 20 m above and 75 m deeper than previous resource outline and remains open at depth. Gold grades higher than Tizate resource average.TIZ-11-063Tizate52.20193.60141.400.190.212.00.62Significance: Extends mineralization above, and 30 m deeper than previous resource outline at grades consistent with prior Tizate resultsTIZ-11-065Tizate5.15238.00232.850.322.214.171.124Significance: Extends mineralization 125 m deeper than previous resource outline and remains open at depth. Gold grades higher than Tizate resource average. Au = gold, Cu = copper, Ag = silver, *AuEq g/t = gold equivalent based on metal prices of $1,000 Au, $2.75 Cu, and $16 Ag.A complete table of assay results received to date from the 29 holes drilled at Tizate in this program, as well as a plan map and drill section, can be found on the Tepal Project page of the Company's website (www.geologix.ca). Remaining assay results from the balance of the Tepal drilling will be reported as they become available.Dunham Craig, President & CEO, stated, "We are pleased with the first results from the Tizate Zone drilling as once again drill results from this important program are meeting our main objective to achieve the necessary drill density to upgrade the resource category in an updated resource estimation for a pre-feasibility study. We are equally pleased to see several intersections of elevated gold grades within the central portion of Tizate. We're also encouraged by depth extension results from holes TIZ-11-062, TIZ-11-063, TIZ-11-065, that appear to be expanding the mineralization at depth with higher than average grades. These latest results combined with the 37 resource expansion holes drilled at Tizate earlier in the year (subsequent to the April 2011 PEA and reported in news release dated July 20, 2011) give us encouragement for the potential to expand Tizate."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 Michoacán State, Mexico, where the Company has completed a Preliminary Economic Assessment study ("PEA") 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.FOR FURTHER INFORMATION PLEASE CONTACT: Dunham CraigGeologix Explorations Inc.President & CEO604.694.1742 or email@example.comORJeffrey WilsonGeologix Explorations Inc.VP Corporate Communications604.694.1742 or firstname.lastname@example.orgThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.