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Tepal Drilling Identifies Significant New Gold and Copper Zone

 


View News Release and Maps in PDF Format


Vancouver, B.C., December 16, 2010 - Geologix Explorations Inc. (TSX: GIX) (the "Company") is pleased announce results from its ongoing resource expansion drilling program at the Tepal project in Michoac�n State, Mexico. Results from the first 3 holes drilled by Geologix at the Tizate Zone ("Tizate"), combined with historical drill results, have identified a significant new zone of gold and copper mineralization approximately 1400 metres ("m") east of the resource areas outlined in the North and South zones. See the
PDF version of this release or the Company's website for accompanying Tizate plan maps and section

To date, drilling at Tizate has outlined an area 400 m by 700 m as defined by mineralized intercepts greater than the economic cut off used in the Preliminary Economic Assessment study ("PEA") completed by SRK Consulting in October of 2010. The Tizate zone remains open to the northeast, southwest, and to depth, with grades appearing to increase to the northeast and at depth. Further Tizate zone drilling will continue through to mid-December and restart as early as possible in 2011.

President and CEO Dunham Craig stated, "We are very excited about the potential of the Tizate zone to significantly increase tonnage and extend the current PEA mine life of the Tepal project. The near surface Tizate mineralization, which remains open in multiple directions, is giving us encouragement to accelerate the drilling in this zone and we have recently placed a second drill in the area. We are looking to include the drill results from the Tizate zone and the expansion drilling in the North and South zones in a revised resource calculation for the entire property early in 2011. By establishing the economics of the original resource through the 2010 PEA, these resource expansion results can now be applied directly into the existing project economics, and potentially impact favourably on a revised PEA, updated Net Present Value ("NPV") estimate and future cash flow model, as all capital costs and repayment have been factored into the previous resource estimate."

The table below exhibits the Geologix and historical drill holes that are used to define the mineralized envelope diagrammed in map attachments to this release. Drill intercepts have been trimmed to above the 2010 PEA base case economic cut off using $900 gold and 2.75 copper metal prices.

Drilled By

Hole ID

From

To

Length

Gold g/t*

Copper %

Geologix

TEP-10-005

59.00

119.00

60.00

0.22

0.19

Geologix

and

160.40

199.00

38.60

0.22

0.24

Geologix

TEP-10-008

20.20

32.40

12.20

0.20

0.20

Geologix

and

56.00

118.00

62.00

0.22

0.28

Geologix

TEP-10-009

37.00

159.95

122.95

0.37

0.16

Geologix

and

173.00

202.70

29.70

0.51

0.19

Historical

AS-07-002

22.00

58.00

36.00

0.15

0.13

Historical

AS-07-003

88.00

101.65

15.65

0.10

0.15

Historical

AS-07-025

16.05

34.00

17.95

0.17

0.37

Historical

and

50.00

161.00

91.00

0.17

0.18

Historical

AS-07-035

62.00

96.00

34.00

0.13

0.15

Historical

T-44

1.52

74.68

73.16

0.15

0.17

Historical

and

89.92

152.40

62.48

0.24

0.18

Historical

T-46

0.00

106.68

106.68

0.16

0.17

Historical

T-48

18.29

106.68

88.39

0.32

0.14

* g/t = grams per tonne

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 lenses.

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

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Geologix Explorations Inc.

EXPLORATEUR
CODE : GIX.TO
ISIN : CA3719391094
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Rapports annuels de Geologix Explorations Inc.
2008 Annual Report
2007 Annual Report
Financements de Geologix Explorations Inc.
06/08/2012Completes $2.5 Million Private Placement
29/06/2012to Carry Out $2 Million Private Placement
01/03/2011Closes Public Offering for Gross Proceeds of $23,000,736 Inc...
16/11/2010Share Price Triggers Warrants' Forced Exercise Provision
26/08/2010Completes $2.3 Million Private Placement
Nominations de Geologix Explorations Inc.
31/12/2010Appoints Mauricio Candiani Galaz to the Board of Directors
24/09/2009Appoints George Brack as Director
02/07/2009Appoints New VP Corporate Development
01/10/2008Re-Appoints Investor Relations Consultant And Grants Options
Projets de Geologix Explorations Inc.
29/12/2010(Tepal)Expands Land Position at Tepal Project
05/04/2011(Tepal)Acquires 100% of Tepal Property by Accelerating Final Paymen...
20/03/2011(Tepal)New Resource Estimate Increases Indicated and Inferred Tonne...
24/02/2011(Tepal)Delivers Final Arian Silver Tepal Payment
08/11/2010(Libertad)Libertad Drill Results Intersect 94 Metres Of 0.74 Grams Per...
17/01/2011(Tepal)Additional Drilling at Tepal Expands Tizate Zone
12/01/2011(Tepal)Phase 2 Resource Expansion Drilling Commences at Tepal
16/12/2010(Tepal)Tepal Drilling Identifies Significant New Gold and Copper Zo...
25/10/2010(Tepal)Tepal Resource Expansion Drilling Intersects 95 Metres of 1....
12/10/2010(Tepal)Tepal Preliminary Economic Assessment Mine Plan Estimates $3...
30/09/2010(Tepal)Tepal Oxide Cap Metallurgical Test Work Delivers 78.4% Gold ...
19/07/2010(Libertad)First Two Drill Holes At Libertad Discover Significant New G...
03/05/2010(Libertad)Geophysical Survey Identifies Large Epithermal Precious Meta...
23/03/2010(La Joya Property)Options La Joya Project, Peru To Empresa Minera Los Quenuale...
16/03/2010(Libertad)Trenching At Libertad Project Identifies 1.25 Km Strike Of G...
14/10/2009(Silver Cloud)Acquires 100% Interest In Silver Cloud Property, Nevada
22/06/2009(Libertad)Options Libertad Gold-Silver Property in Sonora, Mexico
15/12/2008(San Agustin)Exercises San Agustin Option and Engages CIBC World Markets ...
06/11/2008(San Agustin)Reports Increased Resource Estimate For San Agustin Project,...
21/10/2008(Liscay)Discovers Additional Zone Of Bonanza Grades At Liscay Projec...
21/08/2008(San Agustin) San Agustin Drills Significant Silver Intercept
24/07/2008(San Agustin)San Agustin Step Out Drilling Intersects Significant Mineral...
Communiqués de Presse de Geologix Explorations Inc.
08/11/2012(Tepal)Announces Initial Drill Results From Prospect Drilling at Te...
03/08/2010Tepal Metallurgical Test Work Delivers Positive Results
14/04/2010Tepal Geophysical Survey Identifies Multiple High Priority D...
25/03/2010Options Peru Properties To Rae Wallace Mining Company
08/03/2010Closes $4,059,049 Public Offering
05/03/2010Delivers 2010 Tepal Project Option Payment to Arian Silver
04/03/2010Sets Offering Terms And Files Final Short Form Prospectus
29/01/2010and Arian Execute Definitive Option to Purchase Agreement fo...
28/01/2010Engages Salman Partners for Proposed Financing and Files Pre...
21/01/2010Aquires 100% Interest in Peruvian Properties
19/01/2010Notifies Arian Of Intention To Proceed With Option To Purcha...
05/11/2009Acquires Right To Purchase 100% Interest In The Tepal Gold-C...
20/02/2009to Initiate Aggressive Plan of Acquisition and Development f...
10/02/2009Elects not to Exercise San Agustin Option
13/10/2008To Commence Trading On The Toronto Stock Exchange
12/09/2008to be Featured on Business Television
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