PRESS RELEASE
TSX (V): GIX
Frankfurt, Berlin, Stuttgart & Munich: GF6
San Agustin Step Out Drilling Intersects;
36.05 metres of 0.73 g/t Au, 161.67 g/t Ag, 1.18% Pb, 0.45%Zn
View News Release and Maps in PDF Format
Vancouver, B.C., August 21, 2008 - Geologix Explorations Inc. (the ?Company?) is pleased to announce a step out hole northwest of Zone 2 has intersected a zone of significantly higher grade silver than previously seen in drilling at the San Agustin Project in Durango State, Mexico. Please visit the Company's website at www.geologix.ca for an updated plan map or view the PDF link above.
Dunham L. Craig, President and CEO stated: ?As well as expanding the deposit perimeter, drilling has discovered what we feel to be a higher grade structural feeder zone. Evaluations of ongoing property exploration activities indicate San Agustin may host more than one of these geological environments. SA-221 is our furthest deposit step out drill hole to the northwest, and again adds potential for resource expansion.
The company?s press release regarding the San Agustin resource in June, 2008 included a Zone 2 width of approximately 200 to 250 meters. Subsequent drilling has increased the width to approximately 600 meters and it is still open. ?
|
San Agustin Assay Results (Phase III) DH SA-221 |
|
|
|
Hole
# |
Zone
|
From (m) |
To
(m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Pb
% |
Zn
% |
Aueq
g/t* |
|
SA-221 |
Zone 2 |
17.00 |
194.00 |
177.00 |
0.37 |
48.47 |
0.40 |
0.43 |
1.83 |
|
|
inc. |
21.95 |
58.00 |
36.05 |
0.73 |
161.67 |
1.18 |
0.45 |
4.45 |
|
|
inc. |
92.95 |
124.40 |
31.45 |
0.32 |
41.47 |
0.50 |
0.85 |
2.22 |
|
|
|
214.00 |
267.00 |
53.00 |
0.36 |
13.71 |
0.04 |
0.57 |
1.19 |
|
|
|
286.20 |
317.00 |
30.80 |
0.19 |
5.30 |
0.05 |
0.52 |
0.86 |
|
|
|
359.00 |
373.65 |
14.65 |
0.16 |
3.78 |
0.01 |
1.13 |
1.46 |
* Gold Equiv is based on contained metal and estimated using commodity prices based on a four year rolling average for all metals ($USD) and recoveries of: Gold -- $559.74/oz and 95%, Silver -- $10.17/oz. and 87%, Lead -- $0.69/lb. and 91%, and Zinc -- $1.04/lb and 92%.
Drill holes in Zone 2 and the Main Zone (Table below) are expanding the resource for a 2nd resource calculation in late September/early October. In addition to expansion on the perimeter and depth, drilling between Zone 4 and the Main zone indicates these two zones may join together in the next resource.
|
San Agustin Assay Results (Phase III) |
|
|
|
Hole
# |
Zone |
From
(m) |
To
(m) |
Length
(m) |
Au
(g/t) |
Ag
(g/t) |
Pb
% |
Zn
% |
Aueq
g/t* |
|
SA-217 |
Main Zone |
0.00 |
252.05 |
252.05 |
No Significant Results |
|
SA-218 |
Main Zone |
0.00 |
244.70 |
244.70 |
No Significant results |
|
SA-219 |
Zone 2 |
109.00 |
213.00 |
104.00 |
0.23 |
13.17 |
0.07 |
0.27 |
0.76 |
|
|
|
225.00 |
247.00 |
22.00 |
0.26 |
8.08 |
0.07 |
0.32 |
0.77 |
|
|
|
263.00 |
306.00 |
43.00 |
0.28 |
31.87 |
0.12 |
0.47 |
1.34 |
|
|
|
350.00 |
364.00 |
14.00 |
0.59 |
10.84 |
0.02 |
0.26 |
1.00 |
|
|
|
372.00 |
383.00 |
11.00 |
0.47 |
4.78 |
0.01 |
0.70 |
1.28 |
|
SA-220 |
Main Zone |
0.00 |
181.80 |
181.80 |
No Significant Results |
|
SA-221 |
Zone 2 |
17.00 |
194.00 |
177.00 |
0.37 |
48.47 |
0.40 |
0.43 |
1.83 |
|
|
inc. |
21.95 |
58.00 |
36.05 |
0.73 |
161.67 |
1.18 |
0.45 |
4.45 |
|
|
inc. |
92.95 |
124.40 |
31.45 |
0.32 |
41.47 |
0.50 |
0.85 |
2.22 |
|
|
|
214.00 |
267.00 |
53.00 |
0.36 |
13.71 |
0.04 |
0.57 |
1.19 |
|
|
|
286.20 |
317.00 |
30.80 |
0.19 |
5.30 |
0.05 |
0.52 |
0.86 |
|
|
|
359.00 |
373.65 |
14.65 |
0.16 |
3.78 |
0.01 |
1.13 |
1.46 |
|
SA-222 |
Main Zone |
35.00 |
123.00 |
88.00 |
0.60 |
5.53 |
0.01 |
0.89 |
1.63 |
|
SA-223 |
Main Zone |
0.00 |
154.00 |
154.00 |
0.33 |
13.57 |
0.11 |
0.70 |
1.36 |
|
|
|
162.00 |
252.50 |
90.50 |
0.59 |
5.71 |
0.01 |
0.43 |
1.11 |
* Gold Equiv is based on contained metal and estimated using commodity prices based on a four year rolling average for all metals ($USD) and recoveries of: Gold -- $559.74/oz and 95%, Silver -- $10.17/oz. and 87%, Lead -- $0.69/lb. and 91%, and Zinc -- $1.04/lb and 92%.
The San Agustin project is located approximately 85 kilometres north of Durango, and approximately 4 kilometres northeast of the small town of San Agustin. The project is situated 6 kilometres from paved road and national grid power.
Qualified Person
Geologix's Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., 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 drill core is sawn in half with half of the core samples shipped to ALS Chemex Laboratory Services Limited in Vancouver, British Columbia for analysis. The other half of the core is retained for future assay verification. 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 prospectus to final feasibility and ultimately to production.