NEWS RELEASE September 3, 2008
Geoinformatics Announces Assay Results From First 2008 Drill Hole On Whistler Zone, Alaska
Toronto, Ontario ? Geoinformatics Exploration Inc. (TSX-V: GXL) (?Geoinformatics?, ?GXL? or the ?Company?) is pleased to announce the assay results from its first drill hole of the 2008 exploration program on the Whistler Zone, the most developed target within the greater Whistler Project, located approximately 160km NW of Anchorage, Alaska. Hole WH-08-08 returned 726.8 meters grading 0.76 grams per tonne (g/t) gold equivalent and includes 82 metres grading 2.76 g/t gold equivalent. The mineralised intersection of 727 metres represents almost the entire length of the drill hole.
Hole WH-08-08 was drilled on the Main Zone area of the Whistler Zone, and targeted extensions of a previously-defined high-grade zone within the 43-101 defined resource (see below).
o 726.8 metres grading 0.48 g/t gold, 0.87 g/t silver and 0.14% copper (or 0.76 g/t gold equivalent) which included:
o 124 metres grading 1.50 g/t gold, 0.99 g/t silver and 0.29% copper (or 2.06 g/t gold equivalent) which also included a high-grade intersection of:
o 82.0 metres grading 2.01 g/t gold, 1.12 g/t silver and 0.39% copper (2.76 g/t gold equivalent).
Hole WH-08-08
Drill hole WH-08-08 was drilled from the north-eastern side of the higher-grade Main Zone. The hole was designed to test extensions of the higher-grade portions of the Main Zone including the deep inter-mineral breccia intersected by the Company in 2007 in hole WH-07-02 with previously reported results of 47 metres grading 1.60 g/t gold, 2.06 g/t silver and 0.40% copper. With the exception of a weaker zone of mineralization from approximately 340 metres to 380 metres (included as dilution in the intercept calculation), hole WH-08-08 stayed in mineralized porphyry diorite the entire length of the hole. The hole represents the deepest extension of the mineralized system to date and ended in mineralization at a down-hole depth of 728 metres, representing a vertical depth of approximately 625 metres.
Drill hole WH-08-08 is the first drill hole of a 5-hole program on the Whistler Zone/Main Zone planned for 2008. All five holes have now been completed and samples from the remaining drill core have been submitted to the laboratory for assaying.
Earlier in the season, the Company completed two holes on regional targets on the Whistler Project, Rainmaker Prospect, located approximately 2 km. southeast of Whistler Zone, which returned 151.1 metres grading 0.37 g/t gold and 0.18% copper (or 0.72 g/t gold equivalent), and Rainmaker South Prospect, also a target within the greater Whistler Project, approximately 2 km. south-southeast of Whistler Zone, which returned no significant mineralization. The Company has completed its drilling on the Whistler Zone for the season and will now focus on drilling three additional regional targets on the Whistler Project, all within 2 kilometres of the Whistler Zone, which is expected to be completed by the end of September 2008.
Table 1. Drill Hole Intercept Calculations
Hole | From (metres) | To (metres) | Interval (metres) | Gold (g/t) | Silver (g/t) | Copper (%) | Gold Equivalent Grade (g/t) |
WH_08_08 | 1.2 | 728.0 | 726.8 | 0.48 | 0.87 | 0.14 | 0.76 |
Including (*) | 13.0 | 27.0 | 14.0 | 0.45 | 0.56 | 0.40 | 1.20 |
Including (*) | 90.0 | 214.0 | 124.0 | 1.50 | 0.99 | 0.29 | 2.06 |
Including (**) | 90.0 | 172.0 | 82.0 | 2.01 | 1.12 | 0.39 | 2.76 |
Intercepts calculated using a 0.3 g/t ?gold-equivalent cut-off? on a minimum 10 metre width and maximum 20 metre internal dilution unless otherwise noted. Gold-equivalent cut-off is based on the assumptions of 75% recovery of gold and silver and 85% recovery of copper, and metal prices of US$550 per oz. gold, US$8 per oz. silver, US$1.50 per lb. copper. Gold Equivalent Grade (as different to the gold-equivalent cut-off) is presented on the basis of contained metal values assuming the above metal prices without metallurgical recoveries taken into account and is done in order to make a direct comparison to the assay grades. Cut-offs and gold-equivalents are standardized to the reporting methods of the Whistler NI 43-101 resource estimation produced by SRK Consulting (Canada) Ltd as filed on SEDAR (www.sedar.com).
(* ) Indicates higher-grade intercepts calculated using a 0.7 g/t gold-equivalent cut-off.
(**) Indicates higher-grade intercepts calculation using a 1.5 g/t gold equivalent cut-off.
Both higher grade intercepts calculated on a minimum 10 metre width and maximum 20 metre internal dilution.
Hole WH-08-08 was not drilled orthogonal to the Main Zone and hence does not represent ?true-width?. True-Width for the Main Zone is modeled as approximately 160 metres in this area, and for the wider overall Whistler Zone is approximately 400 metres.
Table 2. Drill Hole Details
Hole | Easting (metres) | Northing (metres) | Elevation (metres) | Azimuth (degrees) | Dip (degrees) | Hole Depth (metres) |
WH-08-08 | 518845 | 6871501 | 809 | 212 | -65 | 728.0 |
All coordinates in North American Datum (NAD83) UTM Zone 5.
Note ? Azimuth and Dip deviated considerably down-hole with the final survey being 231 degrees and -47 degrees respectively.
The Whistler Project
The Whistler Project is located approximately 160 km. northwest of Anchorage, Alaska. Whistler is one of the largest groups of contiguous mineral claim blocks held by a single company in Alaska, outside of existing mines and mine development projects.
The Whistler Zone hosts an NI 43-101 compliant Indicated resource of 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and an Inferred resource of 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper. In addition, there is considerable mineralization in the Whistler Zone that has been identified by drilling and reported in the 43-101 resource technical report filed on SEDAR (www.sedar.com), but has not yet been categorized as a mineral resource.
The Whistler Zone is just one of a cluster of targets and prospects within the 440 sq. km. block of 732 State of Alaska mining claims that make up the Whistler Project. Most of these targets are covered by shallow alluvial sediments and do not have the significant outcrop of the Whistler Zone, but do have comparable geophysical, geological and / or geochemical signatures.
Kennecott - Geoinformatics Alliance Agreement
The Whistler Project was conveyed to Geoinformatics under the target-of-merit provisions of the Kennecott-Geoinformatics Master Strategic Alliance Agreement (the ?Alliance Agreement?) in June 2007, and all Whistler targets and prospects mentioned in this press release fall under it. Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Whistler Project and all other projects subject to the Alliance Agreement, which is exercisable under certain circumstances. Please refer to Geoinformatics? press-release dated August 14, 2006, for further information.
Qualified Person
The technical content of this release has been compiled by Darren Holden, MAusIMM, Chief Operating Officer of Geoinformatics. Mr. Holden is a Qualified Person as defined under NI 43-101 guidelines.
About Geoinformatics
Geoinformatics is a North American-focused minerals exploration company which has developed a unique approach to exploration applying innovative and proprietary technology.
In addition to the Whistler Project, Geoinformatics is also actively exploring several advanced projects located in Sinaloa and Sonora (Mexico), the Cortez Trend region of Nevada, 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, New Zealand and North America.
For Further Information Please Contact:
Ms. Petra Decher Mr. Darren Holden
President & CFO Chief Operating Officer
Tel: 416-861-1300 x225 Tel: 604-605-3073 x105
Email: petrad@geoinformex.com Email: darrenh@geoinformex.com
Geoinformatics Exploration Inc. Geoinformatics Exploration Inc.
330 Bay Street, Suite 1109 700 West Pender Street, Suite 304
Toronto, Ontario M5H 2S8 Vancouver, British Columbia V6C 1G8
www.geoinformex.com
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 Geoinformatics? securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no 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.