Geologix Completes Second Phase Drilling at Libertad Project and Elects to Terminate Option Agreement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/09/11 -- Geologix Explorations Inc. (TSX: GIX)(FRANKFURT: GF6)(BERLIN: GF6)(MUN: GF6)(STUT: GF6) (the 'Company') announces the completion of a second phase drill program at the Libertad project in Sonora, Mexico. The program consisted of five holes totaling approximately 1,150 metres and targeted an untested central portion of a larger structure mineralized at surface.
Assay results from the holes are as follows:
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Hole ID From To Interval (m) Au g/t Ag g/t
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LIB-11-001 123.00 140.75 17.75 0.24 29.2
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LIB-11-002 62.00 86.80 24.80 0.14 49.2
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and 216.00 228.00 12.00 0.35 25.4
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LIB-11-003 168.95 173.00 4.05 0.17 54.0
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LIB-11-004 211.55 218.00 6.45 0.17 45.3
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LIB-11-005A 302.00 304.00 2.00 0.27 38.0
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Au = gold and Ag = silver. m = metres and g/t = grams per tonne
Despite encountering anomalous gold and silver mineralization in all five holes, and all 15 holes drilled by the Company on the project, results to date do not appear to be consistent with Geologix's minimum threshold criteria. As such, the Company has elected to terminate its option agreement and is reverting all rights to the Libertad project back to Riverside Resources Inc. ('Riverside'). Under the terms of the Option Agreement, Geologix has provided Riverside with all project data. The Company would like to acknowledge Riverside's abilities as a project generator, and appreciates the opportunity to test early stage projects such as the Libertad.
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 delivered by Geologix personnel to the ALS-Chemex sample preparation facility in Hermosillo, Sonora 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 Michoacan State, Mexico, where the Company has completed a Preliminary Assessment study ('PA') 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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Geologix Explorations Inc.
Dunham Craig
President & CEO
604.694.1742 or Toll Free: 1.888.694.1742
dcraig@geologix.ca
Geologix Explorations Inc.
Jeffrey Wilson
VP Corporate Communications
604.694.1742 or Toll Free: 1.888.694.1742
jwilson@geologix.ca
www.geologix.ca