The Conversation (0)
Geologix Explorations Inc. (TSE:GIX) reports that additional assay results from its drilling program at the Tepal project in Michoacán State, Mexico, have expanded the area of mineralization at the newly identified Tizate zone.
The press release is quoted as saying:
Results from the latest 11 drill holes significantly expand the outline of the known mineralization at Tizate, and indicate that much of the mineralization in this zone begins at, or near surface and extends to vertical depths of up to 300 metres (“m”), sometimes ending in mineralization.
Geologix’s President and CEO, Dunham Craig says:
“The development of the Tizate zone is a significant exploration addition to the Tepal project. As mineralization starts at, or near surface, with little or no stripping anticipated, mining costs are projected to be less than those in our 2010 Preliminary Economic Assessment (PEA). The addition of this newly delineated zone gives encouragement that the potential mine life at Tepal could be significantly expanded, with little impact to the capital costs already covered by the 2010 PEA study, which in turn, greatly benefits the project economics. We are also quite excited by the increased depth of the mineralization encountered to the northeast, as we feel we may be entering the center of the system. We are sufficiently confident in the potential economic benefit of this zone that we’ve dedicated two drill rigs, and 10,000 metres of additional drilling to continue to test the Tizate area.”