Press release from Marketwire
Geologix's North Zone Drilling Confirms Higher-Grade Starter Pit-New Resource Estimation Underway
Thursday, February 16, 2012
Geologix's North Zone Drilling Confirms Higher-Grade Starter Pit-New Resource Estimation Underway07:00 EST Thursday, February 16, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Geologix Explorations Inc. (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUN:GF6)(STUT:GF6) (the "Company") is pleased to announce remaining drill assay results from the latest resource expansion and infill drilling program at its 100% owned Tepal property in Michoacán state, Mexico. All drill assay data from the 160 holes drilled in the latest program are now being compiled in preparation of the forthcoming updated resource estimation. The latest results from the Tepal project's North Zone confirm the presence of a higher grade, near surface area within the body of the North Zone. Highlights from these most recent drill assay results include hole TEP-11-075 which intersected 140.70 metres (m) grading 0.87 grams per tonne (g/t) gold and 0.36 percent (%) copper, and hole TEP-11-072 which intersected 76.00m grading 0.77 g/t gold and 0.59% copper. See drill section and plan map at the Company's website (www.geologix.ca).To view the drill section and plan map, visit http://media3.marketwire.com/docs/gix216_F1-2.pdf.Details of the highlight holes from the latest North Zone drilling include:Hole IDZoneFromToInterval (m)Au g/tCu %Ag g/tAu Eq*TEP-11-033North0.0041.9041.900.290.585.91.48TEP-11-060North0.0096.0096.000.430.262.30.96TEP-11-063North4.0067.4063.400.360.261.00.87TEP-11-064North0.0054.5054.500.430.292.11.01TEP-11-065North0.0029.9529.950.410.390.51.15andNorth54.4077.2522.850.430.420.81.23TEP-11-068North52.5093.5041.000.740.371.11.46TEP-11-072North0.0076.0076.000.770.591.01.90TEP-11-075North0.00140.70140.700.870.361.41.57andNorth162.75188.9026.150.518.104.22.168TEP-11-084North0.0031.5031.500.140.300.70.72TEP-11-089North0.0041.0041.000.450.781.81.95TEP-11-093North0.0067.9567.950.670.640.91.89TEP-11-094North18.65224.70206.050.422.214.171.124TEP-11-102North0.00137.00137.000.4126.96.36.199TEP-11-110North0.0078.0078.000.300.321.40.93TEP-11-113North0.00179.35179.350.540.241.11.01TEP-11-115North0.0054.4554.450.730.321.31.35TEP-11-120North0.00119.60119.600.300.191.20.68TEP-11-125North0.00122.05122.050.600.250.91.09Au = gold, Cu = copper, Ag = silver, *AuEq g/t = gold equivalent based on metal prices of $1,000 Au, $2.75 Cu, and $16 Ag.Dunham Craig, President & CEO, stated, "We are pleased with these latest results as eighty (80) of the last ninety-one (91) holes being reported encountered mineralization equal to, or greater than the Company's internal North Zone cut-off and represent the final data required to complete the upgraded resource estimation currently being conducted by Micon International Limited. Additionally, multiple holes drilled within the central portion of the North Zone returned intervals of gold and copper grades well in excess of the 2011 Preliminary Assessment North Zone's mine plan average grade of 0.37 g/t gold and 0.24% copper. These elevated grades found over substantial intersections support the potential for the North Zone to host a sizable higher grade starter pit which could positively impact Tepal's production profile, specifically within the critical early years of the project's mine life."As indicated in the accompanying drill section, drilling at the outer edges of the zone encountered elevated grades outside the previous resource outline (see Preliminary Assessment news release dated April 11, 2011), evidencing the potential to expand the resource outline laterally. Infill drill holes completed in this program returned assays consistent with previously reported North Zone drilling and should provide the necessary data to both produce the pending upgraded resource estimation to Measured and Indicated categories and to complete the subsequent pre-feasibility study.A complete table of all drill hole assays being reported, as well as previously reported assay results, together with associated drill sections and plan maps, can be found on the Tepal project page of the Company's website (www.geologix.ca). 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 Assessment study ("PA") 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 Toll Free: firstname.lastname@example.orgORJeffrey WilsonGeologix Explorations Inc.VP Corporate Communications604.694.1742 or Toll Free: email@example.comThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.