Geologix Continues to Drill Higher Grade at San Agustin, Mexico
18 Gennaio 2008 - 12:30PM
Marketwired Canada
Geologix Explorations Inc. (TSX VENTURE:GIX)(FRANKFURT:GF6)
To view News Release, Plan Maps and Cross Section in PDF Format, please click on
the following link: http://www.geologix.ca/i/pdf/NR_PM_CS_08.pdf
Geologix Explorations Inc. (the "Company") is pleased to announce that drilling
in Zone 2 continues to provide increased grades and continuity. Phase II
drilling produced three additional vertical drill sections that exhibit
excellent grades, lengths, and continuity over 150 metres on strike and from 250
to 325 metres in width. Drill holes penetrate to a maximum of 250 meters
vertical depth and all holes end in mineralization. Highlights include:
- SA-133: 216.1 metres of 0.61 g/t Au, 30.45 g/t Ag, 0.29% Pb, 1.34% Zn
- SA-132: 217.5 metres of 0.45 g/t Au, 25.51 g/t Ag, 0.23% Pb, 0.80% Zn
- SA-130: 207.0 metres of 0.48 g/t Au, 43.55 g/t Ag, 0.17% Pb, 0.49% Zn
Attached to this press release are a plan map and five vertical sections. The
Company strongly recommends the reader review these sections to examine the
grade and continuity that shows 350 metres of strike in the Main Zone and
adjoining Zone 2. Sections 650EB and 550EB have been previously released.
Sections 450EB, 400EB and 350EB are pertinent to new drill holes in this press
release. To view the press release and all sections please use the View News
Release and Maps in PDF Format link above or go to the Company's website at
www.geologix.ca.
Dunham Craig, President and CEO, stated: "The more we drill San Agustin, the
more we are pleased with the increased grades we encounter and the continuity of
the mineralization. Clearly, we are just beginning to define the deposit size.
Drilling continues to show that mineralization is open in all directions. A
large drill is arriving on site this week capable of drilling HQ core to 700
metres. This will allow the company to drill test mineralization to a greater
depth as well as further defining the width of the deposit. Our in-house
exploration model is working to delineating a gold-silver deposit which, if
commercially viable, would have a significant lead and zinc component to
contribute to operating costs. This could potentially greatly reduce the
production cost per ounce for precious metals similar to several polymetallic
deposits currently in operation or under development."
Drilling Progress
At San Agustin 20 additional drill holes have been completed and submitted to
the assay lab. Two drills are currently on site with a third, larger drill
arriving in mid January 2008. Due to the sequence of drilling and receipt of
assay results, the Company prefers to issue information on a section-by-section
basis, if possible. Given the continuing positive drill results, the company is
expanding it's drill activity with the intention of beginning prefeasibility
work in the third quarter 2008.
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San Agustin Drill Assay Results (Phase II)
(Bold Type equals Vertical Section Interval)
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From To Length Au Ag
Hole # Zone (m) (m) (m) (g/t) (g/t) Pb% Zn% Section
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SA-20(i) Zone 2 0 100 100.00 0.39 23.41 0.24 0.38
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2.00 22.00 20.00 0.39 10.03 0.23 0.16
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34.00 100.00 66.00 0.42 31.77 0.27 0.49
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SA-128(i) Zone 2 4.10 151.00 146.90 0.41 37.08 0.17 1.27 450EB
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22.50 30.00 7.50 1.22 84.32 0.20 0.03
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46.50 151.00 104.50 0.46 44.29 0.19 1.76
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SA-130 Zone 2 0.00 240.00 240.00 0.43 38.05 0.16 0.45
--------------------------------------------------------------------------
32.00 239.00 207.00 0.48 43.55 0.17 0.49
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SA-126(i) Zone 2 0.00 200.00 200.00 0.25 19.40 0.07 0.41
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37.60 200.00 163.40 0.30 22.86 0.06 0.46 400EB
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SA-132 Zone 2 0.00 229.50 229.50 0.43 23.43 0.22 0.66
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38.50 255.75 217.25 0.45 25.51 0.23 0.80
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SA-125 Zone 2 0.00 251.80 251.80 0.23 19.73 0.14 0.34
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19.40 28.00 8.60 0.25 16.72 0.09 0.11
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52.10 61.00 7.90 0.55 8.88 0.04 0.11
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102.00 251.80 149.80 0.25 26.01 0.19 0.51 350EB
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SA-133 Zone 2 0.00 323.20 323.20 0.45 23.25 0.22 0.94
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31.00 48.50 17.50 0.30 13.52 0.10 0.11
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79.60 87.00 7.40 0.16 22.35 0.31 0.32
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107.10 323.20 216.10 0.61 30.45 0.29 1.34
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(i) Previously released
The table below is a calculation of the length weighted assay drill intervals
average for drill holes displayed on the sections. The table represents length
weighted assay averages only and is not an estimate of the San Agustin deposit
resource, grade or tonnage of the sections.
------------------------------------------------
------------------------------------------------
SECTIONAL GRADE AVERAGES(i)
(LENGTH WEIGHTED ASSAY INTERVALS ON SECTIONS)
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Section Au g/t Ag g/t Pb% Zn%
------------------------------------------------
350EB 0.45 27.23 0.24 0.91
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400EB 0.39 24.38 0.16 0.65
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450EB 0.48 40.92 0.19 0.80
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550EB(ii) 0.61 23.29 0.14 0.63
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650EB(ii) 0.91 10.15 0.02 0.41
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LENGTH WEIGHTED ASSAY INTERVALS ON ABOVE SECTIONS
------------------------------------------------
Average 0.64 21.95 0.12 0.62
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(i) all values length weighted
(ii) Previously released sections
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The company has completed specific gravity tests on 138 representative oxide and
sulphide samples which average 2.66 S.G.
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 prospects to final feasibility and ultimately to production.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States of America. The
securities have not been and will not be registered under the United States
Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws, or an exemption from such registration
is available.
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