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Share Name | Share Symbol | Market | Type |
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Galileo Exploration Ltd | TSXV:GXL | 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% | 0.085 | 0.085 | 0.10 | 0 | 01:00:00 |
Geoinformatics Exploration Inc. (TSX VENTURE:GXL) ("Geoinformatics" or the "Company") is pleased to announce that it has received the assay results from its initial three drill holes on the Stockton Copper-Gold Project ("Stockton") in Tooele County, near Salt Lake City, Utah. The three holes intersected widespread copper-gold mineralization at depth in a quartz-monzonite porphyry (QMP) setting with the second hole encountering widespread molybdenum mineralization for the first time in the system. Kennecott Exploration Company ("Kennecott") previously drilled 16 holes across the Stockton property, several of which encountered similar widespread copper-gold mineralization in the same QMP setting. Highlights - Hole 2 intersected 517 metres grading 0.23% copper, 0.09 grams/tonne (g/t) gold, 1.08 g/t silver and 0.012% molybdenum including a higher-grade intersection of: -- 30.2 metres of 0.50% copper, 0.2 g/t gold, 1.65 g/t silver and 0.019% molybdenum. - Hole 1 intersected 270 metres grading 0.26% copper, 0.16 g/t gold, 1.37 g/t silver including higher-grade intersections of: -- 16 metres of 0.46% copper, 0.26 g/t gold, and 1.67 g/t silver; -- 27 metres of 0.48% copper, 0.23 g/t gold and 1.66 g/t silver; and -- 39 metres of 0.34% copper, 0.16 g/t gold and 1.44 g/t silver. - Hole 3 intersected 90 metres grading 0.27% copper, 0.20 g/t gold, and 1.71 g/t silver and 124.6 metres grading 0.23% copper, 0.11 g/t gold, and 1.06 g/t silver and several other mineralized intervals. - In addition to the copper-gold-molybdenum porphyry target, it is believed that the historic shallow mine workings on the property produced approximately 2.4 million tonnes at average grades of 10% lead, 8% zinc, 155 g/t silver, 1.2 g/t gold and 0.40% copper, which have not been explored for many years. Stockton Drill Results Kennecott's prior drilling encountered widespread copper-gold mineralization in quartz-monzonite porphyry rocks with Holes SD15 and SD 16 drilled vertically and intersected the following (see Figures 1 and 2): - SD16: 546 metres of 0.29% copper and 0.11 g/t gold (0.35% copper- equivalent), including a higher-grade section of 85.4 metres of 0.69% copper and 0.24 g/t gold (0.83% copper-equivalent); and - SD15 277 metres of 0.39% copper and 0.13 g/t gold (0.47% copper- equivalent). (See Geoinformatics press release dated August 22, 2007) Of the holes drilled by Geoinformatics, Hole 2 (STOK 07 02) was drilled north collared between SD 15 and SD 16 and had the longest intersection of 517 metres grading 0.45% copper-equivalent which included the higher-grade intersections of 30.2 metres of 0.90% copper-equivalent and 29.5 metres of 0.70% copper-equivalent. Encouragingly, it also drilled the first significant molybdenum seen in this system. To view Figure 1 please visit the following link: http://media3.marketwire.com/docs/figure1gxl.pdf To view Figure 2 please visit the following link: http://media3.marketwire.com/docs/figure2gxl.pdf Hole 1 (STOK 07 01) was drilled in a similar direction to but shallower than Hole 2 and intersected 270 metres grading 0.44% copper-equivalent including higher-grade intersections of: 53 metres of 0.53% copper-equivalent, 16 metres of 0.72% copper- equivalent, 27 metres of 0.69% copper-equivalent; and 39 metres of 0.58% copper- equivalent. Hole 3 (STOK 07 03) intersected 90 metres grading 0.45% copper-equivalent and 124.6 metres grading 0.37% copper-equivalent and several other mineralized intersections. Copper-equivalent calculations are based on metal prices of $1.50 per pound copper, $600 per ounce gold, $12 per ounce silver and $20 per lb. molybdenum and assume100% metallurgical recoveries and net smelter returns. Dr. Nick Archibald, Chief Executive Officer of Geoinformatics, commented, "The initial results from the wide spaced drilling at Stockton are very encouraging as they have extended the mineralized system well north from the previous drilling. The information from this set of drill holes has enabled us to gain a better understanding of the Stockton copper-gold porphyry and is being used to complete a detailed 3-D geological deposit model to help target higher-grade portions of the system for our next drill program. The molybdenum encountered in the second hole is the first seen in the system and opens interesting parallels to the Bingham Canyon deposit". The Stockton Project Stockton covers an area of 8.3 sq. km. in total and is located approximately 15 km. from the Bingham Canyon Mine (copper-gold-molybdenum) operated by Kennecott Utah Copper Company on the western side of the Oquirrh Range. The Bingham Canyon mine has produced more copper than any other mine in the world with over 36 billion pounds of copper produced in over 100 years of production (source: www.kennecott.com). To view Figure 3 please visit the following link: http://media3.marketwire.com/docs/figure3gxl.pdf In August 2007, Geoinformatics acquired a 100% interest in the Stockton Project from Kennecott under the terms of the Geoinformatics - Kennecott Master Strategic Alliance Agreement (the "Alliance Agreement"). During 2008, Geoinformatics intends to conduct further exploration on both the copper-gold-molybdenum porphyry discovery as well as the other base and precious metal potential on the project. Records indicate that historic mines on the property produced 2.4 million tonnes at average grades of 10% lead, 8% zinc, 155 g/t silver, 1.2 g/t gold and 0.40% copper from high-grade veins. Table 1. Drill hole intercepts. ---------------------------------------------------------------------------- Cop- per Depth Depth Cop- Moly- Equi- From To Inter- per Gold Silver bdenum valent Hole ID (metres) (metres) cept (%) (g/t) (g/t) (%) (%) ---------------------------------------------------------------------------- STOK_07_01 367 637 270 0.26 0.16 1.37 0.005 0.44 ---------------------------------------------------------------------------- Including (i) 367 420 53 0.27 0.29 0.77 0.006 0.53 ---------------------------------------------------------------------------- Including (i) 434 450 16 0.46 0.26 1.67 0.007 0.72 ---------------------------------------------------------------------------- Including (i) 483 510 27 0.48 0.23 1.66 0.004 0.69 ---------------------------------------------------------------------------- Including (i) 527 529 2 0.34 0.14 1.34 0.005 0.50 ---------------------------------------------------------------------------- Including (i) 543 582 39 0.34 0.16 1.44 0.010 0.58 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- STOK_07_02 326 843.4 517.4 0.23 0.09 1.07 0.012 0.45 ---------------------------------------------------------------------------- Including (i) 343 355.2 12.2 0.48 0.15 1.82 0.015 0.79 ---------------------------------------------------------------------------- Including (i) 407 409 2 0.30 0.10 1.71 0.018 0.62 ---------------------------------------------------------------------------- Including (i) 473 475 2 0.43 0.16 1.84 0.021 0.82 ---------------------------------------------------------------------------- Including (i) 537 539 2 0.42 0.20 2.47 0.008 0.67 ---------------------------------------------------------------------------- Including (i) 551.5 581.7 30.2 0.50 0.20 2.31 0.019 0.90 ---------------------------------------------------------------------------- Including (i) 667.5 697 29.5 0.39 0.16 1.65 0.015 0.70 ---------------------------------------------------------------------------- Including (i) 718 730 12 0.28 0.14 1.55 0.030 0.78 ---------------------------------------------------------------------------- Including (i) 744 746 2 0.31 0.14 1.46 0.015 0.61 ---------------------------------------------------------------------------- Including (i) 757 768 11 0.31 0.14 1.43 0.005 0.47 ---------------------------------------------------------------------------- Including (i) 800 803 3 0.34 0.19 1.74 0.001 0.48 ---------------------------------------------------------------------------- Including (i) 833 839 6 0.45 0.20 1.84 0.002 0.61 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- STOK_07_03 184.5 187.6 3.1 0.12 0.02 0.96 0.001 0.16 ---------------------------------------------------------------------------- 201 291 90 0.27 0.20 1.71 0.003 0.45 ---------------------------------------------------------------------------- Including (i) 232 281 49 0.36 0.29 2.04 0.002 0.58 ---------------------------------------------------------------------------- 293 300 7 0.11 0.12 0.92 0.001 0.20 ---------------------------------------------------------------------------- 432 539.5 107.5 0.18 0.08 0.73 0.006 0.32 ---------------------------------------------------------------------------- Including (i) 489 494 5.1 0.47 0.16 1.59 0.025 0.91 ---------------------------------------------------------------------------- 551 675.6 124.6 0.23 0.11 1.06 0.005 0.37 ---------------------------------------------------------------------------- Including (i) 561 603 42 0.29 0.14 1.26 0.007 0.48 ---------------------------------------------------------------------------- Including (i) 620.3 623 2.7 0.47 0.23 2.31 0.007 0.72 ---------------------------------------------------------------------------- Including (i) 638 657.1 19.1 0.36 0.16 1.40 0.006 0.55 ---------------------------------------------------------------------------- 688 697.4 9.4 0.15 0.08 0.64 0.001 0.22 ---------------------------------------------------------------------------- All intervals calculated using a minimum 1-metre width and 10-metre internal dilution and based on a cutoff of 0.1% copper except where indicated with (i) where the intercept is calculated with minimum 1-metre width and 10- metre internal dilution using a 0.3% copper cut-off. Copper-equivalent calculations are based on metal prices of $1.50 per pound copper, $600 per ounce gold, $12 per ounce silver and $20 per lb. molybdenum and assume metallurgical recoveries and net smelter returns of 100%. All assays based on half-sawn drill core; shipped to ALS Chemex in Vancouver, for fire assay for gold (AAu2) and 4-acid digest ICP-AES (MEICP-61). Assay standards, blanks and duplicates are inserted into the sample stream to monitor laboratory performance. Table 2. Drill hole details. ----------------------------------------------------------------------- Depth Elevation Hole_ID (metres) Easting Northing (metres) Dip Azimuth ----------------------------------------------------------------------- STOK_07_01 638.7 386152 4478809 1,700 -60 355 ----------------------------------------------------------------------- STOK_07_02 843.4 386154 4478810 1,700 -75 356 ----------------------------------------------------------------------- STOK_07_03 697.4 386017 4479195 1,709 -75 135 ----------------------------------------------------------------------- All coordinates in geographic NAD27 UTM Zone 12. Qualified Person The technical content of this release has been compiled by Mr. Timothy Master, a Certified Professional Geologist (CPG), and U.S. Exploration Manager for Geoinformatics. Mr. Master is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"). Kennecott - Geoinformatics Alliance Agreement Stockton falls under the Alliance Agreement between Geoinformatics and Kennecott. The Company entered into the Alliance Agreement effective March 2006 under which it has been using its proprietary geo-science and technology platform (the "Geoinformatics Process") to successfully identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the Agreement. Stockton was acquired as a target-of-merit under the Alliance Agreement, and Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Stockton Project exercisable under certain circumstances. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information. About Geoinformatics Geoinformatics is a global exploration company which has developed a unique approach to minerals exploration applying innovative and proprietary technology. The Company recently announced an independent NI 43-101-compliant mineral resource estimate with an Indicated Resource of 840,000 ounces of gold and an Inferred Resource of 2.7 million ounces on the initial discovery zone at the Whistler Project in southern Alaska. The Indicated category contains 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and the Inferred category contains 155 million tonnes grading 0.62 g/t gold, 2.15 g/t silver and 0.19% copper. Significant copper and silver mineralization increases the Indicated gold-equivalent mineral resource to 1.3 million ounces and the Inferred mineral resource to 4.4 million ounces. Geoinformatics also published an initial NI 43-101 resource estimate on the Azulitas Prospect at its La Noria Project in the State of Sinaloa, Mexico, in February 2008, and has several additional discoveries on the same property. Besides Stockton, Geoinformatics is also actively exploring several advanced projects located in the Cortez Trend region of Nevada, the porphyry copper terrains of Eastern Nevada-Arizona-New Mexico, and British Columbia. Fourteen Company-owned properties in the State of Sonora, Mexico, fall under a joint venture in which Azure Minerals Limited is earning a 51% interest by spending US$4 million. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia and New Zealand and North America. The Geoinformatics Process integrates large-scale data aggregation, data mining and three-dimensional modeling, and has been designed to assist in understanding and quantifying risk at a much earlier stage of the exploration cycle than has traditionally been available. The Company's objective is to advance its properties to the stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration. This news release includes certain forward-looking statements concerning the future performance of Geoinformatics' business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and Geoinformatics cautions against placing undue reliance thereon. Neither Geoinformatics nor its management assumes any obligation to revise or update these forward-looking statements.
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