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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) is pleased to announce that, further to a Letter of Intent announced in January of 2008, a formal agreement to option the 1,472 hectare La Casita property - Los Arados claim group from GFM Resources Ltd. (NEX:GFM.H) has been executed. The Property The property is located in central Durango State, 40 kilometres (km) north of Geologix's San Agustin project and 5.5 km southwest of the town of Rodeo in Durango, Mexico. At La Casita, gold mineralization in the 1 gram per ton (g/t) gold range occurs sporadically in an area roughly 2 km long by 1.25 km wide within Tertiary felsic volcanic and subvolcanic units that contain stockwork quartz veinlets and disseminated pyrite. The highest gold values are associated with stockwork quartz veinlets in rhyolitic volcanics and tuffs as well as in rhyolite dikes. Based on Geologix's and GFM's sampling, numerous untested drill targets exist in areas of shallow alluvium and post-mineral cover. These, and other prospective targets, will be tested during an initial drilling program subsequent to completion of geological mapping, sampling, and geophysics. Geologix's rock-chip sampling on the claim group has returned assays up to 1.84 g/t gold and 247 g/t silver in silicified stockwork and breccia zones hosted in subvolcanic rhyolites found on the property. Colluvium and post mineral volcanics commonly mantle the gold-bearing rhyolites at La Casita-Los Arados, especially along the northeast flank of a prominent peak on the property called Cerro Colorado. In that zone, scattered rhyolite outcrops have returned assays of more than 1 g/t gold along a northwest trending corridor for at least 950 metres. A similar corridor of gold mineralization occurs a kilometre southeast of Cerro Colorado and trends east northeast along the south flank of a rhyolite ridge called Cerra La Amarilla. That zone is at least 1000 metres long. The Agreement In order to acquire a 60% interest in La Casita, Geologix will: 1. Pay GFM the sum of US $650,000 in cash over a period of up to four years as follows: a. On signature of a definitive agreement US $50,000 (paid) b. On or before the first anniversary thereof US $100,000 c. On or before the second anniversary thereof US $125,000 d. On or before the third anniversary thereof US $150,000 e. On or before the fourth anniversary thereof US $225,000 Total US $650,000 2. Fund 100% of an exploration program totalling US $1,875,000, as follows: a. On or before the first anniversary US $125,000 b. On or before the second anniversary US $250,000 c. On or before the third anniversary US $500,000 d. On or before the fourth anniversary US $1,000,000 Total US $1,875,000 Geologix will maintain the mineral concessions in good standing over the term of the option, and will have the right to accelerate the schedule of payments and work expenditures to earn its 60% interest. Once Geologix has earned its 60% interest in La Casita, a joint venture between Geologix and GFM will be formed. The Operator will be Geologix. The Operator over the following three years must propose a minimum annual US $625,000 joint venture budget to remain as operator. The joint venture committee may decide to spend less over the period. Both parties may elect to contribute to the proposed budget or have their interest diluted. A feasibility study may be proposed by the Operator, or by the other party if the Operator fails to do so, within three months of the end of the three-year joint venture period. If one of the parties elects not to participate in the funding of the feasibility study, the other party will earn an additional 11% interest in the joint venture by the completion of a positive feasibility study. If the feasibility study recommends taking the property into production and one of the parties does not elect to participate, the other party will earn a further 9% interest. Director Retires Mr. Raymond Gagnon has retired from Geologix's board of directors, effective July 31, 2008 in order to pursue other interests but will remain an Advisor to the Board of Directors. Geologix thanks Mr. Gagnon for his service and contribution to the company and considers his continued advisory role to be a strong asset to Geologix. Oz Property Dropped Also, Geologix has elected to terminate its option to acquire up to a 100% interest in the OZ Property in northern Nevada. Geologix retains no interest in the project. Qualified Person Geologix's President, Dunham Craig, B.Sc., P. Geo., 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 news release. 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.
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