Goldex Resources Samples 69.72 g/t Au From the El Roque Sector of Its El Pato Project in Guatemala
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/05/11 -- Goldex Resources Corporation (TSX VENTURE: GDX) ('Goldex' or the 'Company') today announced sample assay results from the El Roque sector of its flagship El Pato property in Guatemala. The reported samples were collected from trenches in the El Roque Zone along a segment of vein that exceeds 180 metres in strike length exhibiting mineralogy consistent with vein segments in other sectors of the El Pato property.
A total of ten samples were collected from vein outcrops in the El Roque Zone in October 2011 by Steven L. Park, a Qualified Person as defined in NI 43-101.
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Sample Sample Size
Sample ID Type(i) (m) Au g/t(ii) Notes
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15209 Panel 0.8 x 1.0 20.47 Quartz vein
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15210 Panel 0.5 x 1.0 3.12 Quartz vein
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15223 Panel 0.75 x 1.0 19.42 Quartz vein
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Quartz vein
15224 Panel 1.3 x 1.0 69.72 w/ wallrock
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15225 Panel 0.6 x 1.0 37.95 Quartz vein
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Shear zone w/
15226 Panel 1.5 x 0.5 0.51 quartz veins
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Shear zone w/
15227 Panel 1.2 x 1.0 1.55 quartz veins
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15228 Panel 0.8 x 1.0 0.60 Quartz vein
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15229 Channel(1) 1.6 0.22 Quartz vein
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15230 Channel(1) 2.2 0.16 Quartz vein
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(i)The term 'panel' sample refers to rock chip sampling across a rectangular surface area oriented orthogonal to the vein and measuring (apparent) Vein Width x 1.0 metre, unless otherwise indicated.
(ii)Samples were analyzed for gold by fire assay with an AA finish by Inspectorate Labs in Reno, Nevada, USA. Samples were transported from the El Pato site accompanied by S. Park to the Inspectorate preparation lab in Guatemala City.
(1) Channel sample size indicates apparent vein width cutting perpendicular to the dip and strike of a vein.
The vein system in the El Roque Zone is characterized by irregularly exposed, high-grade quartz veins up to 2.2 metres in width with grades up to 69.7 g/t Au. Veins consist of massive quartz carrying fine-grained sulfides and native gold. The highest grade sample was from a shear zone containing a mixture of quartz veining and silicified granodiorite with broken quartz fragments throughout.
True vein widths were not always available for measurement or sampling in outcrop due to cover. In some cases, true vein widths may be wider than reported here.
El Roque is one of the four principal sectors at EL Pato that also include, Cerrito, Cerrito West, and Agua Zarca. These areas were explored in the late eighties and early nineties by the UN and Guatemalan government and as such have been the focus of exploration to date at EL Pato. Samples were taken as part of an ongoing geological program to establish a resource estimate at EL Pato compliant with NI 43-101 standards and as part of a continuing exploration program designed to guide plans for future mining of gold in high-grade surface zones. Results have already been reported this year for the Cerrito West and Cerrito sectors. Bulk sampling at Cerrito West (see news release dated May 18, 2011) showed average grades of 28.5 g/t Au while results from the Cerrito sector (see news release dated November 29, 2011) showed further high grades of up to 81.93 g/t Au. These results show that significant mineralization exists at the Principal Sectors of EL Pato, with high grade gold evident at surface.
'In the Principal Sectors we are now zeroing in on a model of undulating sheeted or stacked veins with high grade gold also evident in the wallrock. Our ongoing surface sampling programs should help us better define the nature of the resource in these Principal Sectors. We plan to put the high grade surface areas of El Pato into production as soon as we are able. This will provide us with resources to continue to expand exploration activities to include areas surrounding the Principal Sectors. We are currently branching out to the north and southwest of the Principal Sectors and have already received high grade sampling results from the El Sauce area in the south west', stated Goldex president, Chuck Ross. (see news release dated June 1, 2011)
The El Pato project is located in south-eastern Guatemala, 10 kilometres west of the town of Chiquimula, the closest commercial centre to the project and approximately 110 kilometres east of Guatemala City. The project is accessible via paved road.
CHUCK ROSS, President
GOLDEX RESOURCES CORPORATION
This news release has been reviewed and approved by Steven Park (P.Geo), a Qualified Person as defined in NI 43-101.
About Goldex Resources
Goldex Resources Corporation is a TSX-listed (GDX) junior resource company exploring for gold in the Americas. Led by experienced resource professionals and a world class geological team Goldex's operations include prestigious, strategically focused projects in both Guatemala and Mexico
For regular updates please email stephanie@chfir.com using Goldex News in the title box.
Forward-Looking Statements
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CHF Investor Relations
Anne Robert
Account Manager
1-514-510-6338
anne@chfir.com
www.goldex.ca