Geologix Explorations Inc.

Geologix Explorations Inc.

May 07, 2008 10:12 ET

CORRECTION: Geologix Discovers Grades of 76 g/t Gold, 1205 g/t Silver and a New Zone of High Grade Mineralization at Liscay, Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2008) -

The following corrects and replaces the release issued for Geologix Explorations Inc. at 7:00 am Eastern time on May 7, 2008. The hyperlinks have been corrected throughout the release.

View News Release and Maps in PDF Format

Geologix (TSX VENTURE:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUTTGART:GF6)(MUNICH:GF6) is pleased to announce high grade gold and silver mineralization has been identified at the Liscay project in Central Peru. Detailed sampling of the numerous veins has returned values up to 76.6 g/t gold and 1,205 g/t silver across 1.3 metres from an area where previous reconnaissance sampling had yielded 7.2 g/t gold, 304 g/t silver and 1.2 g/t gold, 748 g/t silver across similar widths. A new zone of epithermal veining with high precious-metal values has also been discovered located approximately 6 kilometres to the southwest. Values up to 27.5 g/t gold, 1,110 g/t silver over 0.4 metres and 0.8 g/t gold, 736 g/t silver across 1.5 metres have been detected in limited sampling within the new zone.

To date a total of approximately 780 rock samples have been collected by Geologix on the project, 435 samples in the NE epithermal zone, 321 samples in the Central mesothermal zone and 24 samples in the SW epithermal zone. Statistics show gold and silver dominated mineralization in the epithermal zones with 14% of the samples in the NW Zone grading higher than 0.5 g/t Au and 21% grading higher than 10 g/t Ag. In the SW Zone 38% of samples grade higher than 0.5 g/t Au and 54% of samples grade higher than 10 g/t Ag.

Recent geological mapping continues to show intense and extensive vein development in several areas on the Liscay property. Currently defined vein swarms lie within an area of 12 x 6 kilometres and the ultimate extent of mineralization is yet to be determined. Individual zones of veining and stockwork development have been found with dimensions up to 300m by 3 kilometres. Click here for a plan map and sections.

Additional mapping and detailed sampling of the newly discovered zone of high grade mineralization will commence immediately. Geophysical surveying (Induced Polarization) to define drill targets has been budgeted and will commence as soon as sampling has been completed. It is anticipated that geophysical anomalies will be drill tested in the by the end of 2008.

Dunham Craig, President and CEO states; " As far as we know, the Liscay project has never been sampled before and is a discovery of previously unknown mineralization. Our alliance with Newmont is working; we wanted to break open new ground in Peru as it fits with our corporate model of discovering large deposits, and we see this success of a gold/silver system exhibited over a 12 km by 6 km area as a result of our dedicated team work, persistence and excellent support from Newmont. Other Alliance areas and properties are under evaluation and we see this as the first of several more projects to come. "

Qualified Person

Geologix's Chief Geologist, Andrew B. Carstensen M.Sc. (CPG), 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 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 prospects to final feasibility and ultimately to production.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Geologix Exploration Inc.
    Michael Mallard
    Corporate Communications
    (604) 616-1195 or Toll Free in Canada & USA: 1-888-694-1742
    Geologix Exploration Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free in Canada & USA: 1-888-694-1742