Geologix Explorations Inc.
TSX VENTURE : GIX

Geologix Explorations Inc.

November 23, 2006 09:19 ET

Geologix Commences Drilling on Huacullo, Peru

Trenching and Geophysics Underway at San Agustin, Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - Geologix Explorations Inc. (TSX VENTURE:GIX) -

Exploration efforts have intensified on two of Geologix core projects, reports Dunham Craig, P.Geo., President and CEO of the Company.

Huacullo, Peru

An 8 hole, 2,500 metre drill program has commenced on the Company's 100% owned 60 square kilometre Huacullo Property in Central Peru.

Two types of targets are being drilled:

Porphyry-Style Gold/Copper: Drilling begins in the Huacullo Porphyry target, a stockwork-veined, potassically altered intrusive centre lying approximately 4 kilometres east of the Huacullo West gold zones. The porphyry system is poorly exposed, but sampling of the central outcrop area has returned consistent gold values averaging 0.35 g/t Au over a 100 metre by 150 metre exposure area. Gold soil geochemistry in the porphyry area has defined an anomalous trend 1 kilometre long and a minimum of 400 metres wide. Geophysics has defined a porphyry chargeability signature 1.5 x 2.5 kilometres in size and coincident to the gold values and potassically altered area.

High Sulphidation Gold/Silver: Three gold zones will be drilled in the Huacullo West area, beginning with the central gold zone. The central area hosts a vein swarm occupying an area 300 metres by 150 metres with individual structures grading up to 7.0 g/t gold and 570 g/t silver across 3 metres. Wall rocks to the structures are auriferous containing anomalous values in the 0.02 to 1.0 g/t gold range, while the multitudes of structures host multi-gram gold concentrations. Other targets for drilling include bonanza-grade precious-metal zones hosted in breccias, and as fracture fillings along structures and dome-margin style disseminated mineralization similar to many deposits at Yanacocha.

The first two holes will target the porphyry style gold/copper mineralization. The drill will then be moved to the high sulphidation gold/silver target where six holes will be drilled.

San Agustin, Mexico

Trenching the northeast gold structure extension zone is 50% complete and is testing 500 meters of strike potential from the last historical drill holes.

As no previous geophysical surveys exist on the property, Induced Polarization (IP) and ground magnetic surveys are 25% complete and are intended to characterize both the geophysical signatures over known mineralization and identify drill targets along the strike extent. A total of 78 line kilometres of magnetic surveying and 21 line kilometres of IP surveying are currently being completed.

All project data is now compiled and a 3D geological and grade model is in preparation. A topographic airborne survey has been completed over the main parts of the property to aid in topographic control of historic work as well as future exploration programs.

Drilling will commence after the completion of the geophysical and trenching programs.

Nevada Properties

The Company has terminated its option in the Scraper Springs property, located in Elko County, Nevada

Grant of Incentive Stock Options

Geologix Explorations Inc. (the "Company") announces that it has granted, pursuant to its Stock Option Plan, Incentive Stock Options (the "Options") to certain of its directors, employees and officers to purchase an aggregate of 100,000 common shares of the Company. The Options are exercisable at a price of $0.49 per share for a period of five years.

The technical information contained in this news release has been reviewed and approved by, Geologix President and CEO, Dunham L. Craig, P.Geo., a 'qualified person' for the purposes of National Instrument 43-101.

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 may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

Contact Information

  • Geologix Explorations Inc.
    Michael Mallard, V.P. Corporate Communications
    (604) 694-1742
    Toll Free in Canada and USA: 1-888-694-1742
    Email: mmallard@geologix.ca
    or
    Geologix Explorations Inc.
    Dunham Craig, President & CEO
    (604) 694-1742
    Toll Free in Canada and USA: 1-888-694-1742
    Email: dcraig@geologix.ca
    Website: www.geologix.ca