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Share Name | Share Symbol | Market | Type |
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Geologix Explorations (delisted) | TSXV:GIX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Geologix Explorations Inc. (TSX VENTURE:GIX) (FRANKFURT:GF6) (BERLIN:GF6) (STUTTGART:GF6) (MUNICH:GF6) (the "Company") is pleased to announce its exploration activity plans for 2008. Mexico San Agustin: The Company has completed a total 21,000 metres of drilling on the project to date and has allocated an additional 20,000 metres for 2008 as part of the Phase III drilling. The Company has currently budgeted $7.5M for delineation and exploration drilling, resource calculations and project development activities this year. Drilling is planned to be a combination of delineation drilling expanding identified zones of mineralization as well as exploration drill testing geophysical targets on strike 800 metres northeast and 200 metres southwest from the Main Zone, Zones 2 and 4. A resource calculation has been initiated with Wardrop Engineering and this initial resource will be based on results obtained up to the end of Phase II drilling in all zones. The initial resource calculation is expected to be completed in the 2nd quarter of 2008. The Company will include Phase III drilling assays to update the initial resource as results become available. Deeper drilling has begun in Zone 2 as part of the Phase III drilling. It is aimed to test the deposit depth and width along the flanks of Zone 2 and the Main Zone to identify the extent of mineralization. Both zones are currently open in all directions. Consejo: The Consejo property is located adjacent and to the west of the San Agustin property and is interpreted to be an analog or extension of the San Agustin mineralized system.. A geophysical IP (Induced Polarization) survey of 20 line km was completed on the property. Survey results indicate target areas with known surface mineralization and geology in the form of historic mining activity that exhibit similar environments and geophysical signatures as the Main Zone and Zone 2 on the San Agustin property. Upon completion of data compilation, drilling is expected to commence in the 3rd quarter with an initial test of 1,000 metres having been budgeted. La Casita: The La Casita property is located 40 kilometres north of San Agustin in the Rodeo, Durango area and was acquired because of similar geology and mineralization to the San Agustin property. Historical work indicates that a similar size potential to the San Agustin project exists on the property Geologix plans on utilizing the same exploration approach of looking for large bulk mineable deposits on this property. Currently road access is being upgraded, followed by a mapping, geochemical and geophysical program in the second quarter. Drilling is budgeted and will be initiated in 2008 subsequent to compilation of results. Peru: Liscay: (Geologix/Newmont JV) Newmont and Geologix geologists have performed detailed geologic mapping on the project and have found the vein system to cover an area of 20 square kilometres. The bulk of epithermal veins are concentrated within a 2 by 3 kilometre area where extensive sampling is currently underway. Goals of this sampling are to identify areas for subsequent IP geophysical surveying and possible drilling during the 2nd and 3rd quarters of 2008. NEM Alliance Progress: With the end of the rainy season in the Andes of Peru, 6 geological/geochemical crews are in the field investigating the more than 150 geochemical anomalies detected during the first year of the reconnaissance. Two of the crews will be expanding their activities into a 2000 square kilometre area of favorable geology recently added to the Alliance AOI. Follow-up work includes geological and additional geochemical examination of drainage basins where initial sampling revealed anomalous metal concentrations. To date, 32,500 hectares have been staked by the Alliance over 5 areas resulting from the programs geochemical results. The Liscay Project is the most advanced of the properties acquired by the Alliance at this time. Other holdings are in the process of being evaluated by geological mapping and sample intensive geochemical methods. It is anticipated several additional acquisitions will be made in 2008 by the Alliance reconnaissance as the source of the numerous anomalies are discovered in the field. Amera/Geologix JV: Under the terms of the JV, Amera will be active on the Sura, San Felipe and Toro Blanco properties conducting mapping, sampling and geophysical surveys in order to identify drill targets during 2008. Nevada Oz: The property is located approximately 9 kilometres southwest of the Pinson Mine (Atna Res. Ltd.) along the same structural lineament that joins Pinson to the Preble deposit (Barrick) southwest of the Oz property. Field work is complete, drill targets are defined and drilling is budgeted for 2008. Drilling will commence subject to drill availability. This is expected to be completed in the 2nd quarter of 2008. An initial test of 1,200 metres is scheduled and budgeted. QC, RO and Silver Cloud: No physical work is budgeted for these properties in 2008 and the projects are currently available for joint venture. Several parties are conducting due diligence. Jersey Canyon: The lease agreement with Geocorp Inc. and Parratt Geological Services has been terminated. Geologix will retain selected claims on the western portion of the property as geophysical surveys indicate several anomalous responses in an area of previously drill outlined anomalous gold values. No physical work is budgeted for 2008. Incentive Stock Options Geologix also announces it has granted, pursuant to its Stock Option Plan, Stock Options to an employee and consultants to purchase an aggregate of 225,000 common shares at a price of $1.64 per share for a period of 5 years. 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.
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