CORRECTION: Geologix Discovers Grades of 76 g/t Gold, 1205 g/t Silver and a New Zone of High Grade Mineralization at Liscay, Per
May 07 2008 - 9:12AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (FRANKFURT: GF6)(BERLIN:
GF6)(STUTTGART: GF6)(MUNICH: GF6) is pleased to announce high grade
gold and silver mineralization has been identified at the Liscay
project in Central Peru. Detailed sampling of the numerous veins
has returned values up to 76.6 g/t gold and 1,205 g/t silver across
1.3 metres from an area where previous reconnaissance sampling had
yielded 7.2 g/t gold, 304 g/t silver and 1.2 g/t gold, 748 g/t
silver across similar widths. A new zone of epithermal veining with
high precious-metal values has also been discovered located
approximately 6 kilometres to the southwest. Values up to 27.5 g/t
gold, 1,110 g/t silver over 0.4 metres and 0.8 g/t gold, 736 g/t
silver across 1.5 metres have been detected in limited sampling
within the new zone.
To date a total of approximately 780 rock samples have been
collected by Geologix on the project, 435 samples in the NE
epithermal zone, 321 samples in the Central mesothermal zone and 24
samples in the SW epithermal zone. Statistics show gold and silver
dominated mineralization in the epithermal zones with 14% of the
samples in the NW Zone grading higher than 0.5 g/t Au and 21%
grading higher than 10 g/t Ag. In the SW Zone 38% of samples grade
higher than 0.5 g/t Au and 54% of samples grade higher than 10 g/t
Ag.
Recent geological mapping continues to show intense and
extensive vein development in several areas on the Liscay property.
Currently defined vein swarms lie within an area of 12 x 6
kilometres and the ultimate extent of mineralization is yet to be
determined. Individual zones of veining and stockwork development
have been found with dimensions up to 300m by 3 kilometres. Click
here for a plan map and sections.
Additional mapping and detailed sampling of the newly discovered
zone of high grade mineralization will commence immediately.
Geophysical surveying (Induced Polarization) to define drill
targets has been budgeted and will commence as soon as sampling has
been completed. It is anticipated that geophysical anomalies will
be drill tested in the by the end of 2008.
Dunham Craig, President and CEO states; " As far as we know, the
Liscay project has never been sampled before and is a discovery of
previously unknown mineralization. Our alliance with Newmont is
working; we wanted to break open new ground in Peru as it fits with
our corporate model of discovering large deposits, and we see this
success of a gold/silver system exhibited over a 12 km by 6 km area
as a result of our dedicated team work, persistence and excellent
support from Newmont. Other Alliance areas and properties are under
evaluation and we see this as the first of several more projects to
come. "
Qualified Person
Geologix's Chief Geologist, Andrew B. Carstensen M.Sc. (CPG), 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 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Contacts: Geologix Exploration Inc. Michael Mallard Corporate
Communications (604) 616-1195 or Toll Free in Canada & USA:
1-888-694-1742 Email: mmallard@geologix.ca Geologix Exploration
Inc. Dunham Craig President & CEO (604) 694-1742 or Toll Free
in Canada & USA: 1-888-694-1742 Email: dcraig@geologix.ca
Website: www.geologix.ca
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