Geodex reports drill results from the northern tungsten-copper zones
(Zones I and II) on the Sisson Brook property, New Brunswick.
Vancouver, BC - February 13, 2008 - Geodex Minerals Ltd. (TSXV - GXM) ('the Company') is pleased to report completed results from the northern tungsten-copper zones on the Sisson Brook property in New Brunswick.
Geodex has focussed its attention to date on the large tungsten-molybdenum resource in Zone III which saw the bulk (16,000 m) of 2007 drilling on the property and was the subject of a Scoping Study (Preliminary Economic Assessment) completed by Wardrop Engineering in November 2007. A new resource estimate, incorporating all of the 2007 drilling, will be ready by April this year and will form the basis for a pre-feasibility study to be completed by Wardrop in September 2008. Geodex anticipates that the new resource estimate will up-grade most of the Zone III resources to the 'measured and indicated' category.
However, two northern zones (Zones I and II) were also discovered and drilled by Texasgulf Minerals in 1979 and 1980. These were reported to have a non - 43-101 compliant resource in copper and tungsten at that time. Both are elongate, parallel deposits, lying north of Zone III, apparently contiguous with it and extending over a strike length of 800 m. At the present time, the thin cover of glacial till obscures their exact relationship to Zone III. It is also not clear why their trend is more west of north or why they contain much more copper, although weaker in molybdenum.
Geodex completed 3151 m of drilling (15 holes) in 2007 on these northern zones, drilling the central 400 m length on 50 m sections. This new footage is complemented by one 2006 hole (SB-06-30) and previous Texasgulf holes on 100 m sections for 100 m to the south of this central section and for 300 m to the north. In conjunction with the new block model and resource estimate for Zone III due in April 2008, a first resource estimate will be prepared also for the northern Zones I and II. The pre-feasibility report will determine their contribution to the overall project development.
Results are tabulated in Table 1 below.
Table 1. Assay Results from Zones I and II, Sisson Brook Project.
Hole |
Grid Location |
Incl. |
Azm. |
Hole Length (m) |
From (m) |
To (m) |
Interval (m) |
% WO3 |
% Mo |
% Cu |
SB-07-09 |
0+50S |
1+30E |
-55 |
270 |
307 |
63.50 |
162.00 |
98.50 |
0.095 |
0.005 |
0.232 |
SB-07-12 |
0+50S |
1+94E |
-55 |
273 |
246 |
181.50 |
229.50 |
48.00 |
0.177 |
0.006 |
0.436 |
SB-07-15 |
0+50S |
0+70E |
-55 |
272 |
245 |
11.00 |
212.00 |
201.00 |
0.060 |
|
0.077 |
|
|
|
|
|
|
includes |
|
|
|
|
|
|
|
|
|
|
|
11.00 |
75.50 |
64.50 |
0.105 |
|
0.140 |
SB-07-18 |
1+00S |
0+52E |
-55 |
272 |
260 |
8.00 |
43.00 |
35.00 |
0.093 |
0.007 |
0.051 |
|
|
|
|
|
|
and |
|
|
|
|
|
|
|
|
|
|
|
138.50 |
251.00 |
112.50 |
0.061 |
0.005 |
0.114 |
SB-07-20 |
1+50S |
1+50E |
-55 |
272 |
290 |
15.00 |
156.00 |
141.00 |
0.074 |
0.008 |
0.061 |
SB-07-23 |
1+50S |
0+60E |
-55 |
271 |
164 |
38.00 |
144.50 |
106.50 |
0.054 |
0.006 |
0.048 |
SB-07-25 |
2+00S |
1+02E |
-55 |
97 |
83 |
36.50 |
80.00 |
43.50 |
0.081 |
0.005 |
0.038 |
SB-07-27 |
2+00S |
1+02E |
-55 |
272 |
254 |
48.50 |
60.50 |
12.00 |
0.055 |
|
0.065 |
|
|
|
|
|
|
and |
|
|
|
|
|
|
|
|
|
|
|
173.00 |
221.00 |
48.00 |
0.033 |
0.015 |
0.035 |
SB-07-30 |
2+00S |
0+22E |
-55 |
273 |
221 |
173.00 |
215.00 |
42.00 |
0.181 |
0.013 |
|
SB-07-31 |
0+50N |
1+82E |
-55 |
272 |
287 |
229.50 |
264.00 |
34.50 |
0.058 |
|
0.115 |
SB-07-34 |
0+50N |
1+22E |
-45 |
272 |
199 |
95.00 |
164.50 |
69.50 |
0.144 |
|
0.236 |
|
|
|
|
|
|
includes |
|
|
|
|
|
|
|
|
|
|
|
106.00 |
119.50 |
13.50 |
0.430 |
|
0.500 |
SB-07-36 |
0+50N |
0+22W |
-55 |
272 |
161 |
102.50 |
125.00 |
22.50 |
0.062 |
|
0.070 |
SB-07-37 |
1+00N |
0+28E |
-55 |
272 |
224 |
160.00 |
208.00 |
48.00 |
0.105 |
0.005 |
0.078 |
SB-07-39 |
1+00N |
0+28E |
-55 |
92 |
98 |
38.00 |
69.50 |
31.50 |
0.182 |
0.011 |
0.143 |
SB-07-41 |
1+00N |
0+30W |
-55 |
285 |
112 |
39.50 |
84.50 |
45.00 |
0.105 |
|
0.184 |
|
|
|
|
|
|
|
|
|
|
|
|
SB-06-30 |
1+10S |
1+40E |
-45 |
277 |
255 |
19.50 |
103.50 |
84.00 |
0.100 |
0.003 |
0.102 |
(Note: SB-06-30 was drilled in 2006 and the results announced in a News Release dated February 13, 2007) |
includes |
|
|
|
|
|
|
|
|
|
|
|
24.00 |
34.50 |
10.50 |
0.428 |
0.005 |
0.251 |
Drilling has now ended on the Sisson Brook property, following three holes put in east of the East Flank zone and carrying out the first drilling (2 holes)on the high-grade Goodwin tungsten skarn which was found late in 2006 (News Release July 19, 2007). It lies three kilometres to the north of Zone III. Several regional targets will see preliminary testing before the drill is stood down in mid-February for maintenance. Drilling is planned to resume in early April, initially with three rigs.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
Forward Looking Statement
Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.
On Behalf of the Board of Directors
GEODEX MINERALS LTD.
'Jack M. Maris'
Jack M. Maris,
President
For further information contact:
Christopher R. Anderson, V.P Business Development
(604) 689-7771, Toll free 1-888-999-3500, Email: info@geodexminerals.com
Visit our website at www.geodexminerals.com
RENMARK FINANCIAL COMMUNICATIONS INC.
NEIL MURRAY-LYON : NMURRAYLYON@RENMARKFINANCIAL.COM
CHRISTINE STEWART : CSTEWART@RENMARKFINANCIAL.COM
MEDIA - VANESSA NAPOLI: VNAPOLI@RENMARKFINANCIAL.COM
TEL.: (514) 939-3989
FAX: (514) 939-3717
WWW.RENMARKFINANCIAL.COM
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Geodex Minerals Ltd
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EXPLORATION STAGE |
CODE : GXM.V |
ISIN : CA3719372029 |
CUSIP : 371937103 |
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Geodex is a gold and copper exploration company based in Canada. Geodex holds various exploration projects in Canada. Its main exploration properties are HARRY BROOK, MOUNT PLEASANT, ARMSTRONG BROOK, TURNBULL MOUNTAIN, VICTORIA LAKE PROPERTY, SISSON BROOK, TAMARACK LAKE, CRANBERRY LAKE and NEREPIS-CUNNINGHAM BROOK in Canada. Geodex is listed in Canada and in United States of America. Its market capitalisation is CA$ 347 478 as of today (US$ 270 748, € 232 654). Its stock quote reached its highest recent level on January 18, 2008 at CA$ 99.00, and its lowest recent point on January 01, 2016 at CA$ 0.01. Geodex has 2 779 827 shares outstanding. |