TORONTO, ONTARIO ("Geoinformatics" or the "Company") is pleased
to announce that it has received assay results confirming a new and
potentially significant molybdenum discovery at its Falcon Prospect
("Falcon") which is part of the Redton Project ("Redton") in the
northern Quesnel Trough in British Columbia.
Highlights
- The first two holes at Falcon encountered widespread intersections of
molybdenite (MoS2):
- The first hole returned: 346 metres grading 0.059% MoS2
with high-grade intervals of 20 metres and 56
metres of 0.103% MoS2.
- The second hole returned: 144 metres grading 0.093% MoS2 and
137 metres grading 0.066% MoS2
with a high-grade interval of 78 metres of
0.135% MoS2, with both drill holes ending in
mineralization.
- The holes were drilled approximately 400 metres apart within a
highly-altered and porphyry-related mineralized system coincident with a
large Induced Polarization (IP) anomaly covering an area of more than
1 km. by 1 km (see Figure 2).
To view Figure 1. Location of the Redton Project and the Falcon
Prospect, please visit the following link:
http://www.ccnmatthews.com/docs/gxl10123.pdf
The Redton Project
Redton is located in the northern Quesnel Trough approximately
70 km. west of the Mt. Milligan copper-gold project and immediately
adjacent to Serengeti Resources' recent Kwanika copper-gold
discovery. Falcon lies at the southern end of the Redton Project.
Redton also hosts the Red Zone, a copper-porphyry deposit 50 km.
north of Falcon, discovered by Geoinformatics in 2006.
Previously-reported drilling on the Red Zone returned 167 metres
grading 0.31% copper, 0.08 g/t gold and 2.48 g/t silver in a
porphyry setting.
Geoinformatics is currently earning an 85% interest in the
Redton Project from Redton Resources Inc. by spending C$4.75
million of which approximately C$4.4 million has been spent
to-date. The Redton Project falls under the Master Strategic
Alliance Agreement (the "Alliance Agreement") between
Geoinformatics and Kennecott Exploration Company ("Kennecott") with
Kennecott holding certain royalty and/or back-in rights on all
Alliance projects as described below in About Geoinformatics.
The Falcon Prospect
Falcon lies north of Tchentlo Lake in low rolling hills and is
within 2.5 km. of forestry cut-blocks and logging roads. Falcon is
located at a low elevation in relatively flat topography which
could easily be accessed from the nearby forestry operations.
Geoinformatics' Terrain-scale Targeting Team initially
identified the Falcon area as an attractive exploration target in
early 2006. Field investigation determined that most of the area
was covered by glacial and alluvial gravels, but a small exposure
of altered intrusive rocks containing strong fracture controlled
pyrite mineralization was found. An IP survey was conducted in
mid-2007 which highlighted a large chargeability anomaly covering
an area in excess of 1 km. by 1 km. indicating a widespread
concentration of sulphide minerals (see Figure 2). Soil
geochemistry along IP grid lines revealed elevated molybdenum and
copper levels over exposed areas.
To view Figure 2. Plan View of Falcon 3D IP Anomaly,
Geochemistry Anomaly and Drill Holes, please visit the following
link: http://www.ccnmatthews.com/docs/gxl20123.pdf
In September 2007, Geoinformatics drilled the two initial
reconnaissance holes into Falcon, as reported above, with both
intersecting widespread molybdenite (MoS2) and minor copper
mineralization hosted in a quartz monzonite porphyry and
monzodiorite country rock as shown in Figure 3. The mineralization
has a horizontal extent along a section of approximately 380 metres
and a vertical depth of at least 300 metres. Both holes ended in
significant mineralization. A list of the major intercepts is
presented in Table 1 and the drill hole details in Table 2.
Table 1. Full intercepts for the initial two holes drilled at Falcon
---------------------------------------------------------------------------
From To Width Molybdenum MoS2 Copper
Hole ID (metres) (metres) (metres) (%) (%) (%)
---------------------------------------------------------------------------
FN_07_01 86.0 431.9(ii) 345.9 0.035 0.059 0.07
---------------------------------------------------------------------------
including (i) 240.0 260.0 20.0 0.062 0.103 0.07
---------------------------------------------------------------------------
348.0 404.0 56.0 0.062 0.103 0.07
---------------------------------------------------------------------------
416.0 428.0 12.0 0.068 0.114 0.08
---------------------------------------------------------------------------
FN_07_02 88.0 232.0 144.0 0.056 0.093 0.05
---------------------------------------------------------------------------
including (i) 152.0 230.0 78.0 0.081 0.135 0.03
---------------------------------------------------------------------------
249.0 386.2(ii) 137.2 0.040 0.066 0.07
---------------------------------------------------------------------------
Major intervals calculated using a 0.01% molybdenum cut-off with
minimum width of 4 metres and maximum internal dilution of 8
metres.
(i) Higher-grade intervals calculated using a 0.04% molybdenum
cut-off, with minimum width of 4 metres and maximum internal
dilution of 8 metres.
(ii) Bottom of the hole.
All analytical work carried out on 2-metre samples of half-sawn
NQ2 diamond core at ACME Laboratory, Vancouver, B.C., using 4-acid
digest and ICPOES & ICPMS. Field standards and blanks each
inserted at a ratio of 1:16.
The drilling was reconnaissance holes and, hence, the
orientation of the mineralization is not yet known and true-width
cannot be established.
Table 2. Drill Hole Details
---------------------------------------------------------------------------
Depth
Hole X Y Azimuth Inclination (metres)
---------------------------------------------------------------------------
FN_07_01 366358 6119455 60 -60 431.9
---------------------------------------------------------------------------
FN_07_02 366790 6119626 240 -60 386.2
---------------------------------------------------------------------------
All coordinates in UTM projection, NAD83 Zone 10.
"Falcon is an exciting discovery with good potential as these
first two drill holes only tested a small portion of a large IP
anomaly and the coincident molybdenum and copper soil anomaly,"
commented Darren Holden, Executive Vice President of
Geoinformatics. "The discovery of widespread molybdenite
mineralization in these holes, in addition to the Red Zone porphyry
discovery in 2006, is further evidence of the growing ability of
Geoinformatics' proprietary targeting processes and Terrain-scale
Targeting Team to pinpoint these targets under cover with great
accuracy."
The southern part of the Redton project was identified as an
area of interest by Geoinformatics from an analysis of a wide range
of basic geological and geophysical data. Detailed field analysis
using mapping, geochemistry and ground geophysics highlighted
Falcon as the best of a number of targets in the area. In light of
the discovery at Falcon, several other targets in the immediate
area now warrant further investigation.
To view Figure 3. Mineralized intercepts at Falcon on
cross-section bearing 060 degrees, please visit the following link:
http://www.ccnmatthews.com/docs/gxl30123.pdf
Other 2007 Drilling in British Columbia
In addition to the Falcon Prospect, Geoinformatics drilled four
other targets during the 2007 season, being Abe, Aten and Pal
Prospects, all of which are subject of an option agreement with
Commander Resources Inc. and the Hamel Prospect held under option
from a private company. All prospects returned anomalous but
sub-economic precious and base metal mineralization. The Abe and
Hamel Prospects were sufficiently encouraging to justify further
evaluation and potentially additional drill testing in 2008.
Qualified Persons
The technical content of this release has been compiled by
Darren Holden, MAusIMM, Executive Vice President, Operations of
Geoinformatics and Tony Worth, MAusIMM, Senior Project Geologist.
Mr. Holden and Mr. Worth are Qualified Persons as defined by
National Instrument 43-101.
About Geoinformatics
Geoinformatics is a global exploration company which has
developed a unique approach to minerals exploration applying
innovative and proprietary technology.
Geoinformatics recently announced an independent
43-101-compliant mineral resource estimate comprising an indicated
resource of 840,000 ounces of gold and an inferred resource of 2.7
million ounces on the initial discovery zone at the Whistler
Project in southern Alaska. Significant copper and silver
mineralization increases the indicated gold-equivalent mineral
resource to 1.3 million ounces and the inferred mineral resource to
4.4 million ounces.
Geoinformatics is also actively exploring several advanced
projects located in Utah, the Cortez Trend region of Nevada, the
State of Sinaloa, Mexico and British Columbia. Geoinformatics also
has an extensive portfolio of other direct and indirect property
interests, joint ventures, and royalties covering a wide range of
minerals in Mexico, Australia and New Zealand and North
America.
The Company entered into the Alliance Agreement with Kennecott
effective March 2006 under which it has been successfully using its
proprietary geo-science and technology platform (the
"Geoinformatics Process") to identify, prioritize and drill more
than 30 exploration drill targets over the initial two years of the
agreement.
The Geoinformatics Process integrates large-scale data
aggregation, data mining and three-dimensional modeling, and has
been designed to assist in understanding and quantifying risk at a
much earlier stage of the exploration cycle than has traditionally
been available. The Company's objective is to advance its
properties to the stage of commercial development by applying
faster, less expensive and more reliable analytical methods to
resource exploration.
This news release includes certain forward-looking statements
concerning the future performance of Geoinformatics' business,
operations and financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and
Geoinformatics cautions against placing undue reliance thereon.
Neither Geoinformatics nor its management assumes any obligation to
revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Geoinformatics Exploration Inc. Dr. Nick Archibald
Executive Vice-Chairman and CEO (416) 861-1300 x224 Email:
nicka@geoinformex.com Geoinformatics Exploration Inc. 330 Bay
Street, Suite 1109 Toronto, Ontario M5H 2S8 Geoinformatics
Exploration Inc. Darren Holden Executive Vice President, Operations
(604) 605-3073 x101 Email: darrenh@geoinformex.com Geoinformatics
Exploration Inc. 700 West Pender Street, Suite 304 Vancouver,
British Columbia V6C 1G8 Website: www.geoinformex.com
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