Geoinformatics Makes New Molybdenum Discovery in British Columbia
January 23 2008 - 10:32AM
Marketwired Canada
Geoinformatics Exploration Inc. (TSX VENTURE:GXL) ("Geoinformatics" or the
"Company") is pleased to announce that it has received assay results confirming
a new and potentially significant molybdenum discovery at its Falcon Prospect
("Falcon") which is part of the Redton Project ("Redton") in the northern
Quesnel Trough in British Columbia.
Highlights
- The first two holes at Falcon encountered widespread intersections of
molybdenite (MoS2):
- The first hole returned: 346 metres grading 0.059% MoS2
with high-grade intervals of 20 metres and 56
metres of 0.103% MoS2.
- The second hole returned: 144 metres grading 0.093% MoS2 and
137 metres grading 0.066% MoS2
with a high-grade interval of 78 metres of
0.135% MoS2, with both drill holes ending in
mineralization.
- The holes were drilled approximately 400 metres apart within a
highly-altered and porphyry-related mineralized system coincident with a
large Induced Polarization (IP) anomaly covering an area of more than
1 km. by 1 km (see Figure 2).
To view Figure 1. Location of the Redton Project and the Falcon Prospect, please
visit the following link: http://www.ccnmatthews.com/docs/gxl10123.pdf
The Redton Project
Redton is located in the northern Quesnel Trough approximately 70 km. west of
the Mt. Milligan copper-gold project and immediately adjacent to Serengeti
Resources' recent Kwanika copper-gold discovery. Falcon lies at the southern end
of the Redton Project. Redton also hosts the Red Zone, a copper-porphyry deposit
50 km. north of Falcon, discovered by Geoinformatics in 2006.
Previously-reported drilling on the Red Zone returned 167 metres grading 0.31%
copper, 0.08 g/t gold and 2.48 g/t silver in a porphyry setting.
Geoinformatics is currently earning an 85% interest in the Redton Project from
Redton Resources Inc. by spending C$4.75 million of which approximately C$4.4
million has been spent to-date. The Redton Project falls under the Master
Strategic Alliance Agreement (the "Alliance Agreement") between Geoinformatics
and Kennecott Exploration Company ("Kennecott") with Kennecott holding certain
royalty and/or back-in rights on all Alliance projects as described below in
About Geoinformatics.
The Falcon Prospect
Falcon lies north of Tchentlo Lake in low rolling hills and is within 2.5 km. of
forestry cut-blocks and logging roads. Falcon is located at a low elevation in
relatively flat topography which could easily be accessed from the nearby
forestry operations.
Geoinformatics' Terrain-scale Targeting Team initially identified the Falcon
area as an attractive exploration target in early 2006. Field investigation
determined that most of the area was covered by glacial and alluvial gravels,
but a small exposure of altered intrusive rocks containing strong fracture
controlled pyrite mineralization was found. An IP survey was conducted in
mid-2007 which highlighted a large chargeability anomaly covering an area in
excess of 1 km. by 1 km. indicating a widespread concentration of sulphide
minerals (see Figure 2). Soil geochemistry along IP grid lines revealed elevated
molybdenum and copper levels over exposed areas.
To view Figure 2. Plan View of Falcon 3D IP Anomaly, Geochemistry Anomaly and
Drill Holes, please visit the following link:
http://www.ccnmatthews.com/docs/gxl20123.pdf
In September 2007, Geoinformatics drilled the two initial reconnaissance holes
into Falcon, as reported above, with both intersecting widespread molybdenite
(MoS2) and minor copper mineralization hosted in a quartz monzonite porphyry and
monzodiorite country rock as shown in Figure 3. The mineralization has a
horizontal extent along a section of approximately 380 metres and a vertical
depth of at least 300 metres. Both holes ended in significant mineralization. A
list of the major intercepts is presented in Table 1 and the drill hole details
in Table 2.
Table 1. Full intercepts for the initial two holes drilled at Falcon
---------------------------------------------------------------------------
From To Width Molybdenum MoS2 Copper
Hole ID (metres) (metres) (metres) (%) (%) (%)
---------------------------------------------------------------------------
FN_07_01 86.0 431.9(ii) 345.9 0.035 0.059 0.07
---------------------------------------------------------------------------
including (i) 240.0 260.0 20.0 0.062 0.103 0.07
---------------------------------------------------------------------------
348.0 404.0 56.0 0.062 0.103 0.07
---------------------------------------------------------------------------
416.0 428.0 12.0 0.068 0.114 0.08
---------------------------------------------------------------------------
FN_07_02 88.0 232.0 144.0 0.056 0.093 0.05
---------------------------------------------------------------------------
including (i) 152.0 230.0 78.0 0.081 0.135 0.03
---------------------------------------------------------------------------
249.0 386.2(ii) 137.2 0.040 0.066 0.07
---------------------------------------------------------------------------
Major intervals calculated using a 0.01% molybdenum cut-off with minimum width
of 4 metres and maximum internal dilution of 8 metres.
(i) Higher-grade intervals calculated using a 0.04% molybdenum cut-off, with
minimum width of 4 metres and maximum internal dilution of 8 metres.
(ii) Bottom of the hole.
All analytical work carried out on 2-metre samples of half-sawn NQ2 diamond core
at ACME Laboratory, Vancouver, B.C., using 4-acid digest and ICPOES & ICPMS.
Field standards and blanks each inserted at a ratio of 1:16.
The drilling was reconnaissance holes and, hence, the orientation of the
mineralization is not yet known and true-width cannot be established.
Table 2. Drill Hole Details
---------------------------------------------------------------------------
Depth
Hole X Y Azimuth Inclination (metres)
---------------------------------------------------------------------------
FN_07_01 366358 6119455 60 -60 431.9
---------------------------------------------------------------------------
FN_07_02 366790 6119626 240 -60 386.2
---------------------------------------------------------------------------
All coordinates in UTM projection, NAD83 Zone 10.
"Falcon is an exciting discovery with good potential as these first two drill
holes only tested a small portion of a large IP anomaly and the coincident
molybdenum and copper soil anomaly," commented Darren Holden, Executive Vice
President of Geoinformatics. "The discovery of widespread molybdenite
mineralization in these holes, in addition to the Red Zone porphyry discovery in
2006, is further evidence of the growing ability of Geoinformatics' proprietary
targeting processes and Terrain-scale Targeting Team to pinpoint these targets
under cover with great accuracy."
The southern part of the Redton project was identified as an area of interest by
Geoinformatics from an analysis of a wide range of basic geological and
geophysical data. Detailed field analysis using mapping, geochemistry and ground
geophysics highlighted Falcon as the best of a number of targets in the area. In
light of the discovery at Falcon, several other targets in the immediate area
now warrant further investigation.
To view Figure 3. Mineralized intercepts at Falcon on cross-section bearing 060
degrees, please visit the following link:
http://www.ccnmatthews.com/docs/gxl30123.pdf
Other 2007 Drilling in British Columbia
In addition to the Falcon Prospect, Geoinformatics drilled four other targets
during the 2007 season, being Abe, Aten and Pal Prospects, all of which are
subject of an option agreement with Commander Resources Inc. and the Hamel
Prospect held under option from a private company. All prospects returned
anomalous but sub-economic precious and base metal mineralization. The Abe and
Hamel Prospects were sufficiently encouraging to justify further evaluation and
potentially additional drill testing in 2008.
Qualified Persons
The technical content of this release has been compiled by Darren Holden,
MAusIMM, Executive Vice President, Operations of Geoinformatics and Tony Worth,
MAusIMM, Senior Project Geologist. Mr. Holden and Mr. Worth are Qualified
Persons as defined by National Instrument 43-101.
About Geoinformatics
Geoinformatics is a global exploration company which has developed a unique
approach to minerals exploration applying innovative and proprietary technology.
Geoinformatics recently announced an independent 43-101-compliant mineral
resource estimate comprising 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. 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 is also actively exploring several advanced projects located in
Utah, the Cortez Trend region of Nevada, the State of Sinaloa, Mexico and
British Columbia. 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 Company entered into the Alliance Agreement with Kennecott effective March
2006 under which it has been successfully using its proprietary geo-science and
technology platform (the "Geoinformatics Process") to identify, prioritize and
drill more than 30 exploration drill targets over the initial two years of the
agreement.
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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