Goldex Resources Corporation
TSX VENTURE : GDX

Goldex Resources Corporation

May 31, 2011 09:54 ET

Goldex Resources Announces Trench Sample Assay Results from the El Sauce Sector of Its El Pato Project in Guatemala

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2011) - Goldex Resources Corporation (TSX VENTURE:GDX) ("Goldex" or the "Company")today announced sample trenching assay results from the El Sauce sector of its flagship El Pato property in Guatemala. Five trenches were sampled on the El Pato Project for Goldex during early May, 2011 as part of ongoing geological work at El Pato that compliments a 5000 meter drilling program currently underway.

One meter channel samples were taken from these trenches and were analyzed by Inspectorate America Corporation Laboratory, an ISO certified analytical laboratory.

The five trenches were designed to test two gold mineralized zones located along an east-west trend in the western edge of the Company's El Pato Project, Guatemala. The intent was to further pinpoint the areas of high mineralization near the surface and to ascertain the direction of strike. These trenches were grouped into two zones separated by approximately 350 metres. Most of the trenches were hand dug to depths ranging from 1.5 m to 2.5 m in principally a highly weathered granodiorite host rock. Each trench was located by averaging readings using a handheld gps. Brunton and tape measurements were taken to create surface and cross section profiles.

A total of 58 one metre channel samples were taken along the bottom of the trenches. Specifics of each trench are:

EAST ZONEWEST ZONE
Trench IDTrench Length (m)Trench IDTrench Length (m)
GDXA-0116GDXA-0917
GDXA-01A2GDXA-1212
GDXA-0211
Total 58 meters

The trenches GSXA-09 and GDXA-12 located in the west zone seem to target areas of high mineralization. Highlights of the west zone sampling are as follows:

Trench IDInterval (meters)Gold (g/t)Notes
GDXA-098 – 99.636Siliceous + clay altered zone with limonite.
11 – 121.609Strong sericite with granular quartz.
15 – 1696.246Contact with quartz vein and granodiorite;
Quartz vein with variable arsenopyrite. Strong sericite.
16 – 1747.627White massive blocky quartz with golden brown stain.
GDXA-121 – 259.544Weathered granodiorite with 15 cm arsenopyrite + quartz + scorodite zone and strong limonite.
2 - 321.667Sugary quartz vein with arsenopyrite in granodiorite.
5 – 622.273Granular quartz vein with sericite and clay. Coarse grained arsenopyrite clots and one arsenopyrite 10 cm vein.
10 – 111.69Strong sericite and clay altered granodiorite with pervasive limonite with one 10cm quartz vein.
11 – 121.491Intense sericite altered granodiorite with one 5cm quartz vein plus limonite seams.

Of the additional samples 9 contained <0.1g/t while the remainder contained between 0.1 to 5.2 g/t Au.

Trench GDXA-09 needs to be extended beyond the 16 to 17 metre sample to fully define the mineralized zone. Recommendations are to test additional areas by trenching and to dig future trenches deeper in order to better ascertain the strike and dip of the zones. When additional trenching and geological work has identified drill sites then recommendation is to drill those areas to ascertain true levels of mineralization at the El Sauce sector and to confirm whether the resource may be amenable to open pit mining.

"These results from the El Sauce trenches are very encouraging for Goldex. Present geological work is being undertaken to pinpoint the areas of high mineralization at the El Sauce zone which is located approximately 1km to the west of El Pato's principal sectors. Our intention is to prove the continuation of mineralization along strike to El Sauce as this may demonstrate a potentially significant increase to the total gold resource at El Pato", stated Goldex president Chuck Ross. "We continue to be very excited by the ongoing geological work and drilling presently underway at El Pato".

The El Pato project is located in south-eastern Guatemala, 5 kilometers west of the town of Chiquimula, the closest commercial centre to the project and approximately 110 kilometers east of Guatemala City. The project is accessible via paved road.

Qualified Person:

Mr. Robert S. Friberg, is a qualified person within the meaning of National Instrument 43-101, and has reviewed the contents of this news release. Mr. Friberg is an independent consultant to the Company. Each sample bag was sealed immediately with a plastic cable to ensure sample security. All samples were stored in the QP's hotel room and then later sent to Guatemala City to Inspectorate in a rented car with driver. The second sample set was personally handed over to the manager of Inspectorate Labs in Guatemala City. One blank or standard sample was placed roughly after each nine samples to test the QA/QC of the samples. All samples were analyzed using 30 gram fire assays with gravimetric finish for gold on results over 10 g/t.

CHUCK ROSS, President

GOLDEX RESOURCES CORPORATION

For more information please visit: www.goldex.ca

For regular updates please email stephanie@chfir.com using Goldex News in the title box.

Forward-Looking Statements

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CHF Investor Relations
    Anne Robert
    Account Manager
    1-514-510-6338
    anne@chfir.com