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Geologix Explorations Inc. (TSE:GIX) reports results from its ongoing resource expansion drilling program at the Tepal project in Michoacán State, Mexico.
The press release is quoted as saying:
Results from the first 3 holes drilled by Geologix at the Tizate Zone (“Tizate”), combined with historical drill results, have identified a significant new zone of gold and copper mineralization approximately 1400 metres (“m”) east of the resource areas outlined in the North and South zones. Please go to the following link, https://media3.marketwire.com/docs/gix1216.pdf, or the Company’s website for accompanying Tizate plan maps and section.
Geologix’s President and CEO, Dunham Craig states:
“We are very excited about the potential of the Tizate zone to significantly increase tonnage and extend the current PEA mine life of the Tepal project. The near surface Tizate mineralization, which remains open in multiple directions, is giving us encouragement to accelerate the drilling in this zone and we have recently placed a second drill in the area. We are looking to include the drill results from the Tizate zone and the expansion drilling in the North and South zones in a revised resource calculation for the entire property early in 2011. By establishing the economics of the original resource through the 2010 PEA, these resource expansion results can now be applied directly into the existing project economics, and potentially impact favourably on a revised PEA, updated Net Present Value (“NPV”) estimate and future cash flow model, as all capital costs and repayment have been factored into the previous resource estimate.”
Click here to access the entire news release.