|February 23, 2012|
Geologix Airborne Geophysics & Fieldwork Identify Multiple New Drill Targets at Tepal
Vancouver, BC - February 23, 2012 - Geologix Explorations Inc. (TSX: GIX) (the "Company") is pleased to announce results from the property-wide airborne geophysical survey completed over the Company's entire 172 square kilometre ("km") Tepal project in Michoacán State, Mexico (see the Company's news release dated December 2, 2011). Results of the survey have identified multiple new prospective exploration targets warranting immediate follow-up. See the attached geophysical map or visit the Company's website at www.geologix.ca for more details.
Highlights of the survey include:
Of the seven (7) airborne geophysical anomalies identified, three (3) have had preliminary reconnaissance ground work and are considered priority drill targets. These new drill target areas range in size from 3 km by 3 km to 1 km by 1 km and appear to have similar geophysical & geological characteristics to those identified over the known mineralization (North, South, and Tizate zones) where in addition to favourable geology and geochemistry, structural controls intersect, which has proven to be an important component. The remaining four (4) areas are currently undergoing field work to better define their potential. All seven of these new areas are being followed up with detailed soil sampling, mapping, and trenching to delineate targets in advance of a systematic follow-up drill program.
President and CEO Dunham Craig stated: "We are pleased with these latest results as they give the Tepal project an exciting element of exploration potential to coincide with the ongoing development of the known deposits currently being advanced to a pre-feasibility study ("PFS"). The size of the exploration targets and our preliminary field examinations indicate that we are in a position to rapidly advance these targets toward a drill testing stage. Early drill testing is important as a new discovery could significantly impact final design in a definitive feasibility study."
Target #1: (please refer to attached map)
Target area #1 (3 km by 3 km) has a large geophysical signature of elevated magnetics, cored by a magnetic low where a potassic signature has replaced the magnetic low, which is a textbook geophysical signature for porphyry deposits. Outcrop is scarce in the area but observed exposure indicates the presence of an intrusive plug with local potassic and propylitic alteration similar to North, South and Tizate zones. A soil sampling program consisting of 220 soil samples, utilizing a line spacing of 200 metres ("m") and sample separation of 100m has been completed with final results pending. Preliminary reconnaissance geochemical results indicate that the area is mineralized in gold, copper, silver and molybdenum.
Target area #2 (1 km by 1 km) lies along strike and within the same structural corridor as the known deposits. The geophysical signature suggests an intrusive plug in a structural setting identical to the zones that are subject to the current resource definition and PFS studies. The geophysical anomaly is coincident with previous geochemical anomalies (soil) in gold, copper and molybdenum. Additional soil sampling and trenching immediately over the coincident anomaly has been completed and analytical results are expected shortly. Trenching in the central area indicates it is underlain by intrusive rocks with potassic and propylitic alteration similar to the North, South and Tizate zones.
Target area #3 (1.5 km x 0.4 km) is located north of the Tizate zone in an area where prospect drilling by prior operators reported 32.0m grading 0.11 grams per tonne (g/t) gold, and 0.26 percent (%) copper. In addition, the IP survey contracted by the Company in 2009 has outlined a widespread chargeability anomaly in the same area. Further mapping and sampling is underway. The prior drill results are in line with results of peripheral mineralization outlined in the three known zones and warrants additional systematic drill testing.
Follow Up Anomaly #4:
The area lies along the same structural corridor that is host to the North and South zones. Structural interpretations indicate the area is underlain by complex and intersecting structures that are prospective for additional porphyry type mineralization. Field visits to the anomalous area suggest that a program of detailed soil sampling and mapping is required to further define the target.
Follow up Anomaly #5:
The area is located along strike and in the same structural setting/corridor as the known zones of mineralization and in line with Target #2. Electromagnetic signatures suggest that disseminated sulphide mineralization is present. No outcrop is present and the area is targeted for soil sampling and trenching in order to characterize the geophysical anomaly.
Follow Up Anomaly #6:
The area is located 2 km west of the North Zone in magnetic, electromagnetic and alteration terrain similar to the terrain hosting the known mineralization. Of specific interest is a radiometric anomaly suggesting a large area of potassic alteration, measuring approximately 3 km x 1 km.
Follow Up Anomaly #7:
The area is marked by a prominent magnetic intensity high and a radiometric anomaly indicating potassic alteration is present. Structural interpretations of geology suggest complexities that are favourable for porphyry type environments. The area measures 2 km x 1 km.
The airborne geophysical survey was designed to i) define and outline geological and structural domains that are similar to the domains within which current resources are located (magnetics); ii) identify the geophysical response of known mineralization to extrapolate and search for areas of similar signatures on the property (electromagnetics); and iii) identify and characterize geochemical signatures of alteration associated with known mineralization to further locate prospective areas on the property (radiometric).
Mr. Dunham L. Craig, P.Geo, President and CEO of Geologix Explorations Inc., Vancouver, BC, is the 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators, has reviewed and verified the data contained in this news release.
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company's primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company has completed a Preliminary Economic Assessment study ("PEA") of the existing resource and is continuing to aggressively explore for additional gold and copper mineralization in an effort to expand the size of the resource and scale of the possible future mining operation.
President & CEO
VP Corporate Communications
Toll Free: 1.888.694.1742
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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