TORONTO, ONTARIO ("Geoinformatics" or the "Company") is pleased
to announce that it has received positive assay results from recent
drilling at the Mozulitas ("Mozulitas") and Amarillito
("Amarillito") prospects on the La Noria Project ("La Noria") in
the State of Sinaloa, Mexico.
The latest drilling returned numerous high-grade intersections,
one of which included 0.32% molybdenum across 12 metres at
Mozulitas. Mozulitas is the latest of three prospects at La Noria
with high-grade drill intercepts. The nearby Azulitas Prospect
("Azulitas") hosts a recently-announced National Instrument (NI)
43-101 poly-metallic (copper-silver-molybdenum-gold) Mineral
Resource.
Highlights
- Hole DDLN_08_02 on Mozulitas intersected:
-- 57 metres grading 0.10% molybdenum (0.17% MoS2) and 0.08% copper.
including a high-grade zone of 12 metres grading 0.32% molybdenum
(0.53% MoS2).
- The assay results from this hole extend the mineralization at
Mozulitas for a minimum 75-metre strike length with the deposit
being open in all directions.
- Hole DDLN_08_01 on Amarillito intersected:
-- 65 metres grading 0.31% copper and 11.6 g/t silver,
including a higher-grade zone of 18 metres grading 0.54% copper and
20.7 g/t silver.
- Exploration to-date at La Noria has identified a cluster of at least
three separate high-grade discoveries including the NI 43-101-compliant
resource at Azulitas that collectively may have the potential to support
an integrated mining operation.
Mozulitas Prospect
The Mozulitas drill hole was targeted to follow up a
previously-announced drill intersection of 49.6 metres grading
0.12% molybdenum in a drill hole (DDLN_05_05) completed by
Kennecott Exploration Company ("Kennecott") in 2005.
Mozulitas is located 150 metres north of the Azulitas
copper-molybdenmum-silver-gold 43-101 compliant resource, but is
interpreted as a separate molybdenum-rich mineralized body. The two
holes reported to-date indicate a minimum strike length of 75
metres and widths averaging greater than 50 metres. The mineralized
zone is interpreted to be dipping to the north and the reported
intercepts represent the approximate 'true-width' of the body. The
mineralized zone is open to extension in all directions.
Surface sampling in the area to the west of DDLN_08_02 has
produced molybdenum soil anomalies averaging 175 parts per million
over a single sampling line covering a north-south distance of over
100 metres.
To view Figure 1. Mozulitas Molybdenum Discovery (Plan View),
please visit the following link:
http://media3.marketwire.com/docs/GXL4081.jpg
Table 1. Mozulitas Drill Results
----------------------------------------------------------------------------
From To Interval Molybdenum MoS2 Silver Copper
Hole (metres) (metres) (metres) (%) (%) (g/t) (%)
----------------------------------------------------------------------------
DDLN_08_02 98.0 155.0 57.0 0.10 0.17 0.84 0.08
----------------------------------------------------------------------------
including (i) 111.0 141.0 30.0 0.17 0.28 0.44 0.04
----------------------------------------------------------------------------
including (ii) 111.0 123.0 12.0 0.32 0.53 0.00 0.02
----------------------------------------------------------------------------
Note 1. MoS2 is NOT an assay field, but is calculated by multiplying
molybdenum % by 1.6681.
All intervals calculated using a minimum 2-metre width and 4-metre internal
dilution and based on a cutoff of 0.01% molybdenum except where indicated
with (i) where intercept is calculated with minimum 1-metre width and
4-metre internal dilution using a 0.05% molybdenum cut-off and (ii)
calculated using minimum 1-metre width, 4-metre internal dilution using an
0.07% molybdenum cut-off.
All assays based on half-sawn drill core; shipped to ALS Chemex in
Hermosillo, Mexico for preparation and then to ALS Chemex Laboratory in
Vancouver, Canada, for fire assay for gold (AAu2) and 4-acid digest ICP-AES
(MEICP-61). Assay standards, blanks and duplicates are inserted into the
sample stream to monitor laboratory performance.
Amarillito Prospect
Amarillito is located approximately 320 metres north of Azulitas
and 280 metres east-northeast of Mozulitas. Geoinformatics recently
completed a second hole into this prospect. This second hole
(DDLN_08_01) returned widespread copper mineralization in the order
of 0.25% to 0.54%, similar to the first hole (DDLN_07_16) drilled
in 2007. Please refer to Table 2 for further details.
To view Figure 2. Amarillito Copper-Silver Discovery (Plan
View), please visit the following link:
http://media3.marketwire.com/docs/GXL4082.jpg
Table 2. Amarillito Drill Results
----------------------------------------------------------------------------
From To Interval Copper Gold Silver
Hole (metres) (metres) (metres) (%) (g/t) (g/t)
----------------------------------------------------------------------------
DDLN_08_01 24.0 42.0 18.0 0.13 0.04 2.99
----------------------------------------------------------------------------
56.0 58.0 2.0 0.11 0.05 2.40
----------------------------------------------------------------------------
147.0 151.0 4.0 0.10 0.01 6.65
----------------------------------------------------------------------------
168.0 178.0 10.0 0.11 0.01 6.77
----------------------------------------------------------------------------
184.0 249.0 65.0 0.31 0.03 11.60
----------------------------------------------------------------------------
including (i) 213.0 231.0 18.0 0.54 0.04 20.70
----------------------------------------------------------------------------
including (i) 236.0 242.0 6.0 0.52 0.05 16.30
----------------------------------------------------------------------------
255.0 289.0 34.0 0.14 0.03 6.03
----------------------------------------------------------------------------
312.0 319.0 7.0 0.13 0.02 4.64
----------------------------------------------------------------------------
448.0 451.0 3.0 0.16 0.09 3.13
----------------------------------------------------------------------------
All intervals calculated using a minimum 2-metre width and 4-metre internal
dilution and based on a cutoff of 0.1% copper except where indicated with
(i) where intercept is calculated with minimum 1-metre width and 4-metre
internal dilution using a 0. 5% copper cut-off.
All assays based on half-sawn drill core; shipped to ALS Chemex in
Hermosillo, Mexico for preparation and then to ALS Chemex Laboratory in
Vancouver, Canada, for fire assay for gold (AAu2) and 4-acid digest ICP-AES
(MEICP-61). Assay standards, blanks and duplicates are inserted into the
sample stream to monitor laboratory performance.
La Noria Project
La Noria is located approximately 60 km. northeast of the port
of Mazatlan in the State of Sinaloa and 35 km. from a main
rail-line. The project consists of mineral claims and option
agreements covering an area of approximately 149 sq. km. in
low-rolling hills intersected by numerous roads and tracks that are
accessible for most of the year and serviced with electric
power.
To view Figure 3. La Noria Project Area, please visit the
following link: http://media3.marketwire.com/docs/GXL4083.jpg
Geoinformatics' current objective at La Noria is to identify
sufficient resources from several prospects, including the Azulitas
NI 43-101-compliant resource, that may have the potential to
support an integrated mining operation. Mozulitas is now the third
prospect on the La Noria Project returning wide high-grade
mineralized intercepts over considerable confirmed strike-lengths
with the others being:
- Azulitas has a NI 43-101-compliant Inferred Mineral Resource
of 5.63 million tonnes grading 0.54% copper, 12.2 g/t silver, 0.08
g/t gold and 0.04% molybdenum.
- The Los Laureles Prospect has numerous mineralized drill
intersections including 107 metres grading 0.12% molybdenum (0.20%
MoS2), 0.14% copper, 0.08 g/t gold and 11.9 g/t silver within a
breccia zone with mapped extents over 750 metres by up to 180
metres wide.
There are several other defined prospects such as La Verde which
returned 76 metres grading 0.32% copper and 7.2 g/t silver, and
Amarillito, described above, as well as other surface geochemistry
anomalies that have yet to be followed up with drilling.
Table 3. Drill Hole Details
----------------------------------------------------------------------------
Hole Prospect Easting Northing Elevation Azimuth Dip Depth
----------------------------------------------------------------------------
DDLN_08_01 Amarillito 381944 2608567 181.4 230 -45 606.1
----------------------------------------------------------------------------
DDLN_08_02 Mozulitas 381747 2608330 207.0 183 -70 276.9
----------------------------------------------------------------------------
All coordinates in datum NAD27 Zone 13.
Qualified Person
The technical content of this release has been compiled by
Darren Holden, MAusIMM, Executive Vice President, Operations of
Geoinformatics. Mr. Holden is a Qualified Person as defined by NI
43-101.
Kennecott - Geoinformatics Alliance Agreement
La Noria falls under the Master Strategic Alliance Agreement
(the "Alliance Agreement") between Geoinformatics and Kennecott.
The Company entered into the Alliance Agreement effective March
2006 under which it has been using its proprietary geo-science and
technology platform (the "Geoinformatics Process") to successfully
identify, prioritize and drill more than 30 exploration drill
targets over the initial two years of the Agreement. La Noria was
acquired as a target-of-merit under the Alliance Agreement, and
Kennecott retains a back-in right to acquire either a 51% or 60%
interest in La Noria Project under certain circumstances. Please
refer to Geoinformatics' press-release dated August 14, 2006, for
further information.
About Geoinformatics
Geoinformatics is a global exploration company which has
developed a unique approach to minerals exploration applying
innovative and proprietary technology.
The Company recently announced an independent NI
43-101-compliant mineral resource estimate with an Indicated
Resource of 840,000 ounces of gold and an Inferred Resource of 2.7
million ounces on the initial discovery zone at the Whistler
Project in southern Alaska. The Indicated category contains 30
million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24%
copper and the Inferred category contains 155 million tonnes
grading 0.62 g/t gold, 2.15 g/t silver and 0.19% copper.
Significant copper and silver mineralization increases the
Indicated gold-equivalent mineral resource to 1.3 million ounces
and the Inferred mineral resource to 4.4 million ounces.
Geoinformatics is also actively exploring several advanced
projects located in Utah, the Cortez Trend region of Nevada, and
British Columbia. Fourteen Company-owned properties in the State of
Sonora, Mexico, fall under a joint venture in which Azure Minerals
Limited is earning a 51% interest by spending US$4 million.
Geoinformatics also has an extensive portfolio of other direct and
indirect property interests, joint ventures, and royalties covering
a wide range of minerals in Mexico, Australia and New Zealand and
North America.
The Geoinformatics Process integrates large-scale data
aggregation, data mining and three-dimensional modeling, and has
been designed to assist in understanding and quantifying risk at a
much earlier stage of the exploration cycle than has traditionally
been available. The Company's objective is to advance its
properties to the stage of commercial development by applying
faster, less expensive and more reliable analytical methods to
resource exploration.
This news release includes certain forward-looking statements
concerning the future performance of Geoinformatics' business,
operations and financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and
Geoinformatics cautions against placing undue reliance thereon.
Neither Geoinformatics nor its management assumes any obligation to
revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Geoinformatics Exploration Inc. Dr. Nick Archibald
Executive Vice-Chairman and CEO (416) 861-1300 x224 Email:
nicka@geoinformex.com Geoinformatics Exploration Inc. Mr. Darren
Holden Executive Vice President, Operations (604) 605-3073 x101
Email: darrenh@geoinformex.com Geoinformatics Exploration Inc. 330
Bay Street, Suite 1109 Toronto, Ontario M5H 2S8 Geoinformatics
Exploration Inc. 700 West Pender Street, Suite 304 Vancouver,
British Columbia V6C 1G8 Website: www.geoinformex.com
Galileo Exploration (TSXV:GXL)
Historical Stock Chart
From Nov 2024 to Dec 2024
Galileo Exploration (TSXV:GXL)
Historical Stock Chart
From Dec 2023 to Dec 2024
