Additional
Drilling at Tepal Expands Tizate
Zone
View News Release in PDF Format
Geologix Explorations Inc. (TSX: GIX) (the
"Company") is pleased to announce that additional assay results from
its 2010 resource expansion drilling program at the Tepal
project in Michoac�n State, Mexico, have expanded the area of mineralization at
the newly identified Tizate zone ("Tizate").
Results from the latest 11 drill holes significantly expand the outline of the
known mineralization at Tizate, and indicate that
much of the mineralization in this zone begins at, or near surface and extends
to vertical depths of up to 300 metres
("m"), sometimes ending in mineralization. See the PDF version of this release or the Company's website for
accompanying Tizate plan maps and sections Highlight intercepts include:
- Hole TEP-10-31
encountered 0.41 grams per tonne
("g/t") gold and 0.24 percent ("%") copper from
surface to 33 m
- Hole TEP-10-36
encountered 0.36 g/t gold and 0.22% copper from surface to 112.2 m
- Hole TEP-10-39
encountered 0.28 g/t gold and 0.23% copper from surface to 98.6 m
President and CEO Dunham Craig
stated, "The development of the Tizate zone is a
significant exploration addition to the Tepal
project. As mineralization starts at, or near surface, with little or no
stripping anticipated, mining costs are projected to be less than those in our
2010 Preliminary Economic Assessment (PEA). The addition of this newly
delineated zone gives encouragement that the potential mine life at Tepal could be significantly expanded, with little impact
to the capital costs already covered by the 2010 PEA study, which in turn,
greatly benefits the project economics. We are also quite excited by the
increased depth of the mineralization encountered to the northeast, as we feel
we may be entering the center of the system. We are sufficiently confident in
the potential economic benefit of this zone that we've dedicated two drill
rigs, and 10,000 metres of additional drilling to
continue to test the Tizate area."
A total of 14 holes drilled at Tizate by Geologix, combined with historical drill results, have
expanded the outline of this significant new gold and copper zone, as defined
by intercepts greater than the economic cut off used in the previously released
PEA completed by SRK Consulting, to an area of 1,000 metres
("m") by 500 m and remains open in several directions, specifically
at depth and to the northeast where grades and widths appear to be increasing.
The Company has commenced work for an updated resource estimation, which will
include these Tizate results, is expected to be
completed by the end of the 1st quarter, while a revised Preliminary Economic
Assessment expected to be completed early in the 2nd Quarter. Subsequent to the
completion of the revised PEA, the Company plans to initiate a prefeasibility
level study for the Tepal project that will include
all zones outlined to date.
The table below exhibits assay results from the outstanding Tizate
zone drill holes from the 2010 Phase 1 program. Drill intercepts have been
trimmed to above the 2010 PEA base case economic cut off using $900 gold and
$2.75 copper metal prices.
Hole ID
|
From
|
To
|
Interval (m)
|
Au g/t
|
Cu %
|
TEP-10-029
|
0.00
|
115.00
|
115.00
|
0.19
|
0.20
|
TEP-10-029
|
140.00
|
146.00
|
6.00
|
0.07
|
0.15
|
TEP-10-029
|
214.00
|
222.00
|
8.00
|
0.19
|
0.20
|
TEP-10-029
|
232.00
|
236.00
|
4.00
|
0.60
|
0.16
|
TEP-10-031
|
0.00
|
33.00
|
33.00
|
0.41
|
0.24
|
TEP-10-032
|
23.40
|
66.00
|
42.6
|
0.07
|
0.23
|
TEP-10-033
|
10.00
|
126.10
|
116.1
|
0.18
|
0.16
|
TEP-10-033
|
145.00
|
389.25
|
244.25
|
0.11
|
0.19
|
TEP-10-034
|
0.00
|
33.00
|
33.00
|
0.24
|
0.23
|
TEP-10-034
|
89.00
|
113.00
|
24.00
|
0.06
|
0.19
|
TEP-10-034
|
191.00
|
200.65
|
9.65
|
0.56
|
0.06
|
TEP-10-034
|
261.30
|
264.80
|
3.50
|
0.52
|
0.01
|
TEP-10-034
|
313.80
|
324.70
|
10.90
|
0.44
|
0.05
|
TEP-10-034
|
339.00
|
345.00
|
6.00
|
0.47
|
0.05
|
TEP-10-034
|
369.00
|
379.45
|
10.45
|
2.50
|
0.14
|
TEP-10-035
|
NSV
|
|
|
|
|
TEP-10-036
|
2.00
|
114.20
|
112.20
|
0.36
|
0.22
|
TEP-10-036
|
140.20
|
148.00
|
7.80
|
0.26
|
0.18
|
TEP-10-036
|
176.00
|
186.00
|
10.00
|
0.23
|
0.12
|
TEP-10-036
|
219.00
|
269.15
|
50.15
|
0.24
|
0.18
|
TEP-10-037A
|
75.00
|
108.00
|
33.00
|
0.12
|
0.12
|
TEP-10-037A
|
129.20
|
241.95
|
121.75
|
0.17
|
0.15
|
TEP-10-037A
|
342.00
|
350.00
|
8.00
|
0.12
|
0.15
|
TEP-10-038
|
2.00
|
9.00
|
7.00
|
0.11
|
0.22
|
TEP-10-038
|
29.00
|
132.00
|
103.00
|
0.17
|
0.19
|
TEP-10-038
|
152.00
|
156.00
|
4.00
|
0.19
|
0.11
|
TEP-10-039
|
0.00
|
98.60
|
98.60
|
0.28
|
0.23
|
TEP-10-040
|
2.20
|
71.50
|
68.95
|
0.20
|
0.25
|
The style of mineralization in the Tizate zone
mineralization is the same has been encountered in the North and South zones,
consisting of disseminations and stockwork, mainly in
intermediate intrusive rocks. Primary sulphide
mineralization consists of pyrite, chalcopyrite and lesser bornite.
Present data suggests that in the Tizate Zone this
mineralization occurs as a series of horizontal to shallowly dipping blankets.
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 from the project were sent from the project to 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 Michoac�n 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.
CONTACT:
Jeffrey Wilson
V.P. Corporate Communications
Phone: (604) 694-1742
Toll Free in Canada and USA:
1 (888) 694-1742
Email: jwilson@geologix.ca
Dunham Craig
President & CEO
Phone: (604) 694-1742
Email: dcraig@geologix.ca
Website: www.geologix.ca
The Toronto Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.