Geologix Explorations Inc.: San Agustin Step Out Drilling Intersects Significant Mineralization to a Depth of 417 metres
July 24 2008 - 7:30AM
Marketwired Canada
Geologix Explorations Inc. (TSX
VENTURE:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUTTGART:GF6)(MUNICH:GF6) (the
"Company") is pleased to announce initial results from an ongoing drilling
program aimed at testing the depth and expansion potential of currently known
mineralization. Step out drilling to the northwest in Zone 2 has discovered
significant mineralization to a depth of 417 metres in a previously untested
area of the project. Please visit the Company's website at www.geologix.ca for
an updated plan map or view the PDF link
http://www.geologix.ca/i/pdf/2008-07-24-NR.pdf.
Highlights of the initial deep drilling program are listed below:
--------------------------------------------------------------------------
Table 1
--------------------------------------------------------------------------
San Agustin Assay Results (Phase III)
--------------------------------------------------------------------------
From To Length Au Ag Pb Zn Au Eq
Hole # Zone (m) (m) (m) (g/t) (g/t) % % g/t (i)
--------------------------------------------------------------------------
SA-207 Zone 2 104 319.4 215.4 0.35 19.9 0.13 0.69 1.48
--------------------------------------------------------------------------
SA-216 Zone 2 25.00 342.75 317.75 0.32 19.1 0.15 0.89 1.68
--------------------------------------------------------------------------
358.00 416.95 58.95 0.50 13.3 0.02 1.47 2.31
--------------------------------------------------------------------------
(i) Gold Equiv is based on contained metal and estimated using commodity
prices based on a four year rolling average for all metals ($USD) and
recoveries of: Gold - $559.74/oz and 95%, Silver - $10.17/oz. and 87%,
Lead - $0.69/lb. and 91%, and Zinc - $1.04/lb and 92%.
Dunham Craig, President and CEO stated: "The Company is very pleased with the
depth and grade indication in Hole SA-216 which was the second hole of our
continuing deep drilling program. This opens up the north west side of Zone 2
for additional step out drilling and depth targets. Drilling on the other side
of Zone 2 in holes SA-202 and SA-207 has widened the zone considerably to the
south east and remains open for expansion. Drilling in the Main Zone and Zone 4
has returned positive results that will be utilized in the preparation of the
Company's second resource calculation expected to be completed this fall.
In addition, our high grade gold/silver Liscay project in Peru and bulk tonnage
La Casita project in Mexico are now prepared for drilling in the fall of this
year. We are very excited about the Company's development and are looking
forward to events for the balance of 2008."
San Agustin surface mapping, sampling, and geophysics have been completed
throughout the remainder of the property and numerous drill targets have been
identified at distances up to one kilometre from the Main Zone. These targets
will be drill tested on a priority basis in the Company's continuing exploration
program. To date the Company has only drilled approximately 15% of the project
area, yet early exploration data compiled on the balance of the property points
toward ongoing potential for expansion of this mineralization system. A reverse
circulation drill has been contracted and the Company is awaiting delivery to
the project to commence drill testing these highly prospective areas.
Phase III core drilling with three diamond drill rigs is continuing to test
multiple target areas within and surrounding the known mineralization.
Additional phase III drilling results will be released as they become available.
A summary of assay results from the latest drilling can be found in Table 2
below.
--------------------------------------------------------------------------
Table 2
--------------------------------------------------------------------------
San Agustin Assay Results (Phase III )
--------------------------------------------------------------------------
Recov
--------------------------------------------------------------------------
From To Length Au Ag Pb Zn Au Eq
Hole # Zone (m) (m) (m) (g/t) (g/t) % % g/t (i)
--------------------------------------------------------------------------
SA-193 Main Zone 0.00 24.00 24.00 0.25 8.0 0.03 1.19 1.70
--------------------------------------------------------------------------
36.00 92.00 56.00 0.37 3.6 0.01 0.64 1.11
--------------------------------------------------------------------------
178.25 200.00 21.75 0.50 2.9 0.01 0.38 0.93
--------------------------------------------------------------------------
SA-194 Main Zone 0.00 60.00 60.00 0.73 10.6 0.01 0.02 0.84
--------------------------------------------------------------------------
SA-195 Zone 4 no significant results
--------------------------------------------------------------------------
SA-196 Main Zone 34.00 130.05 96.05 0.79 20.9 0.06 0.97 2.15
--------------------------------------------------------------------------
SA-197 Zone 4 no significant results
--------------------------------------------------------------------------
SA-198 Main Zone no significant results
--------------------------------------------------------------------------
SA-199 Zone 4 37.00 80.00 43.00 0.11 12.8 0.09 0.48 0.89
--------------------------------------------------------------------------
SA-200 Zone 4 no significant results
--------------------------------------------------------------------------
SA-201 Main Zone 40.00 114.70 74.70 0.48 12.1 0.02 0.68 1.39
--------------------------------------------------------------------------
SA-202 Zone 2 25.00 42.00 17.00 0.63 2.6 0.03 0.19 0.84
--------------------------------------------------------------------------
57.30 94.00 36.70 0.59 13.2 0.08 0.18 0.99
--------------------------------------------------------------------------
120.50 215.00 94.50 0.38 10.3 0.08 0.52 1.13
--------------------------------------------------------------------------
233.30 268.20 34.90 0.47 13.2 0.06 0.40 1.12
--------------------------------------------------------------------------
309.90 322.00 12.10 0.43 8.4 0.02 0.37 0.95
--------------------------------------------------------------------------
397.00 406.00 9.00 0.30 5.9 0.02 0.50 0.93
--------------------------------------------------------------------------
425.00 431.00 6.00 0.69 7.6 0.01 0.76 1.59
--------------------------------------------------------------------------
472.00 484.00 12.00 0.29 1.6 0.01 0.90 1.30
--------------------------------------------------------------------------
SA-203 Zone 4 35.00 143.00 108.00 0.18 5.6 0.04 0.55 0.89
--------------------------------------------------------------------------
SA-204 Main Zone 17.00 37.50 20.50 0.36 2.2 0.01 0.31 0.71
--------------------------------------------------------------------------
164.95 198.00 33.05 0.74 4.4 0.01 0.28 1.06
--------------------------------------------------------------------------
SA-205 Zone 4 28.00 44.00 26.00 0.05 1.3 0.01 0.89 1.06
--------------------------------------------------------------------------
84.40 118.00 33.60 0.15 4.7 0.02 0.36 0.62
--------------------------------------------------------------------------
SA-206 Zone 4 37.00 52.00 15.00 0.09 1.3 0.01 0.82 1.02
--------------------------------------------------------------------------
60.00 177.00 117.00 0.32 3.9 0.02 0.67 1.11
--------------------------------------------------------------------------
SA-207 Zone 2 104.00 319.40 215.40 0.35 19.9 0.13 0.69 1.48
--------------------------------------------------------------------------
SA-208 Main Zone 18.00 124.00 106.00 0.76 5.3 0.01 0.54 1.38
--------------------------------------------------------------------------
SA-210 Main Zone no significant results
--------------------------------------------------------------------------
SA-211 Zone 4 38.00 88.00 50.00 0.38 7.1 0.03 0.63 1.17
--------------------------------------------------------------------------
96.00 116.00 20.00 0.15 2.5 0.01 0.63 0.88
--------------------------------------------------------------------------
SA-212 Zone 4 38.00 71.00 33.00 0.26 7.1 0.04 0.76 1.21
--------------------------------------------------------------------------
129.00 169.00 40.00 0.17 3.9 0.01 0.48 0.75
--------------------------------------------------------------------------
207.00 231.00 24.00 0.18 8.3 0.01 0.61 0.97
--------------------------------------------------------------------------
SA-213 Main Zone 28.00 41.00 13.00 1.05 44.0 0.01 0.04 1.66
--------------------------------------------------------------------------
59.00 107.00 48.00 0.29 4.5 0.01 0.60 1.01
--------------------------------------------------------------------------
SA-214 Main Zone 20.00 54.00 34.00 0.37 6.4 0.01 0.26 0.73
--------------------------------------------------------------------------
74.00 101.00 27.00 0.21 5.6 0.01 0.30 0.61
--------------------------------------------------------------------------
SA-215 Main Zone no significant results
--------------------------------------------------------------------------
SA-216 Zone 2 25.00 342.75 317.75 0.32 19.1 0.15 0.89 1.68
--------------------------------------------------------------------------
358.00 416.95 58.95 0.50 13.3 0.02 1.47 2.31
--------------------------------------------------------------------------
(i) Gold Equiv is based on contained metal and estimated using commodity
prices based on a four year rolling average for all metals ($USD) and
recoveries of: Gold - $559.74/oz and 95%, Silver - $10.17/oz. and 87%,
Lead - $0.69/lb. and 91%, and Zinc - $1.04/lb and 92%.
The San Agustin polymetallic project is located in central Durango State,
Mexico, The project currently hosts a National Instrument 43-101 compliant
Indicated Resource of 2.65 million gold equivalent ounces and an Inferred
Resource of 2.48 million gold equivalent ounces (see the Company's news release
dated June 2, 2008 for details).
Qualified Person
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, analytical and test data) and prepared or
supervised the preparation of the information contained in this new release.
Quality Assurance & Control
The Company has implemented a quality assurance and control (QA/QC) program to
ensure sampling and analysis of all exploration work is conducted in accordance
with the best possible practices. The drill core is sawn in half with half of
the core samples shipped to ALS Chemex Laboratory Services Limited in Vancouver,
British Columbia for analysis. The other half of the core is retained for future
assay verification. The QA/QC policy includes the chain of custody monitoring,
insertion of blanks, standards and duplicates in the initial samples submitted.
The laboratory provides an additional internal control program.
Geologix Explorations Inc. is a mineral exploration company focused on
acquiring, exploring and developing gold properties in North and South America.
The Company has a wealth of experience in the mining industry taking early stage
exploration prospectus to final feasibility and ultimately to production.
Investor Relations Contract
Geologix Explorations Inc. has retained Strata Partners LLC, of Kirkland,
Washington, to provide investor relations and corporate communications services.
Strata's objectives will be to develop and implement an investor relations and
communications program, and assist in enhancing the Company's public and market
image. Strata is an investment banking firm which provides corporate finance and
strategic advisory services to public companies.
In consideration of the services to be provided, Geologix is paying Strata
$5,000 per month, plus expenses and has granted Strata an option to purchase
100,000 shares until April 1, 2010 at an exercise price of $1.64 per share. The
initial term of the contract expires on March 30, 2009 and either party may
terminate the arrangement with a 30-day notice.
Geologix Explorations (delisted) (TSXV:GIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Geologix Explorations (delisted) (TSXV:GIX)
Historical Stock Chart
From Jul 2023 to Jul 2024
