Libertad Drill Results Intersect 94 Metres Of 0.74 Grams Per Tonne Gold
Equivalent*
View News Release and Maps in PDF
Format
Vancouver, B.C., November 8, 2010 - Geologix
Explorations Inc. (TSX: GIX) (the "Company") is pleased to announce
assay results from the remaining eight holes of the recently completed ten-hole
initial drill program at the Libertad property in Sonora State, Mexico. All ten
holes in this first phase drill program intersected gold and silver
mineralization, with multiple holes returning significant gold and silver
grades over sizeable widths. Assay results from the program indicate that the
mineralization, specifically in the northern portion of the structure, is
widening at depth (see vertical
section) and that increasing grades are vectoring southwards toward a 700 metre untested portion in the central area of the structure
(see long section). Testing this 700 metre area will be a high priority target for a follow up
drill program. Please visit www.geologix.ca or click link above for a full PDF
version with maps and sections.
In addition to the previously released results from holes LIB-10-001 and
LIB-10-002, highlights include hole LIB-10-006 which intersected 94.05 metres ("m") grading 0.74 grams per tonne ("g/t") gold equivalent ("AuEq") (0.28 g/t gold and 29.4 g/t silver), and hole
LIB-10-003, which intersected 71.45 m of 0.76 g/t AuEq
(0.14 g/t gold and 39.8 g/t silver). Both of these holes were drilled on the
northern portion of the structure.
Dunham Craig, President and CEO stated: "As Libertad has never been
systematically sampled or drilled before, our objective in this program was to
test over 1.3 kilometres of strike to determine if
the project had the ability to meet our internal minimum criteria of over 1.0
million ounce ("oz") potential. Intersecting mineralization in all
ten initial holes gives credence to our projection of a large gold/silver
system that we have only begun to explore. We are pleased with these results as
they support the potential to meet that criteria with an open-pit bulk mining
target as gold and silver (and gold equivalent) grades identified to date, are
equal to, or better than most current open pit heap leach operations in Mexico.
These encouraging initial results warrant a second round of drilling, as the
vectors yielded by this phase have pointed to a 700 metre
untested zone to the south of holes LIB-10-001, LIB--10-002, and LIB-10-006 and
the structure remains wide open along strike to the north and south beyond the
drilling on this 160 square kilometre property.
Additionally, the mineralization is widening from north to south (see north end
of long section) and to depth which fits the interpretation from the
geophysical survey we conducted in April, 2010."
The program consisted of ten holes totalling 2,213 metres of diamond drilling (results from the first two
holes were previously reported in a news release dated July 19, 2010). Holes
were drilled in three areas within the 1.6 kilometre
currently identified structure, with five holes in the northern portion, four
holes in the southern portion, and one hole, offset from the main structural
trend, in the central portion.
Table 1: Libertad Drill Assay Results
Hole ID
|
From
|
To
|
Length
(m)
|
Au g/t
|
Ag g/t
|
AuEq*
g/t
|
LIB-10-001**
|
45.65
|
71.70
|
26.05
|
1.02
|
65.1
|
2.03
|
LIB-10-002**
|
48.60
|
99.40
|
50.80
|
0.51
|
32.3
|
1.01
|
LIB-10-003
|
109.65
|
181.10
|
71.45
|
0.14
|
39.8
|
0.76
|
LIB-10-004
|
11.50
|
32.00
|
20.50
|
0.36
|
19.0
|
0.66
|
LIB-10-005
|
80.00
|
86.90
|
6.90
|
0.32
|
51.8
|
1.13
|
LIB-10-006
|
196.85
|
290.90
|
94.05
|
0.28
|
29.4
|
0.74
|
LIB-10-007
|
253.55
|
262.80
|
9.25
|
0.41
|
24.1
|
0.78
|
LIB-10-008
|
126.10
|
130.00
|
3.90
|
0.33
|
66.8
|
1.37
|
LIB-10-009
|
81.00
|
84.70
|
3.70
|
0.30
|
57.6
|
1.19
|
LIB-10-010
|
123.20
|
127.75
|
4.55
|
0.38
|
19.7
|
0.69
|
- * Gold Equivalent (AuEq) calculated using $900/oz Au and $14/oz Ag
- **
Previously released
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. Geologix can
earn up to an 85% interest in the project from Riverside Resources Inc (TSX-V:
RRI) 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 (6)
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 verified the data (including sampling and
analytical data) and prepared the information contained in this news release.
All samples from the project were delivered by Geologix
personnel to the ALS-Chemex sample preparation
facility in Hermosillo, Sonora 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