Geologix Commences Drill Program to Test 5 New Target Areas at Tepal
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/29/12 -- Geologix Explorations Inc. (TSX: GIX)(OTCQX: GIXEF)(FRANKFURT: GF6)(BERLIN: GF6)(MUN: GF6)(STUT: GF6) ("Geologix" and the "Company") is pleased to announce exploration drilling has commenced at its Tepal project in Michoacan state, Mexico.
The program of Reverse Circulation ("RC") drilling has 30 initial holes planned for testing five prospective new zones (Target Areas 1 through 5) as outlined through the Company's recent geophysical and surface sampling programs. Additional holes may be targeted based on assay results received during the initial drilling phase. Drilling has started within Target Area #3, where the Company recently reported a high concentration of elevated gold and silver values in rock samples within an area measuring 1,800 metres ("m") by 600m located near the project's proposed mill site. Individual assays up to 6.88 grams per tonne ("g/t") gold over 2.0m and 433 g/t silver over 1.6m were sampled within Target Area #3, as previously announced (see news release dated June 13, 2012 and/or the Company's website at www.geologix.ca for more details).
President and CEO, Dunham Craig stated, "Our exploration team is excited to get started with another round of exploration drilling at the Tepal project. The magnitude of the geophysical results, combined with the strong results from soil and rock sampling programs within several of these new areas, provides encouraging exploration potential as an add-on to the currently known resource zones being evaluated as part of the current Tepal pre-feasibility study. Understanding these new targets areas in advance of a bankable feasibility study will allow the Company to model future mine planning."
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 recently completed an upgraded resource estimation, which will be the basis of an upcoming pre-feasibility study expected to be completed in 2012. Field programs at Tepal are ongoing as the Company continues to explore for additional mineralization throughout the property, in an effort to expand the size of the resource and scale of a 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
dcraig@geologix.ca
Geologix Explorations Inc.
Jeffrey Wilson
VP Corporate Communications
jwilson@geologix.ca
Geologix Explorations Inc.
604.694.1742 or Toll Free: 1.888.694.1742
www.geologix.ca