Geoinformatics Makes Molybdenum-Copper-Silver-Gold Discovery in Mexico
January 30 2008 - 2:12PM
Marketwired Canada
Geoinformatics Exploration Inc. (TSX VENTURE:GXL) ("Geoinformatics" or the
"Company") is pleased to announce that it has received assay results from the
first three drill holes at the Los Laureles Prospect ("Los Laureles") on its La
Noria Project in Sinaloa, Mexico. The results confirm the discovery of a new
poly-metallic system, near the Company's previously announced Azulitas
discovery.
Highlights
- Hole 3 intersected 107 metres grading 0.12% Molybdenum (0.20% MoS2), 0.14%
copper, 0.08 grams per tonne (g/t) gold and 11.91 g/t silver;
and included a higher-grade copper-gold-silver intercept of 8 metres grading
0.84% copper, 0.27 g/t gold and 56.5 g/t silver.
The hole ended in mineralization.
- Holes 1 and 2 also intersected high-grade mineralized breccias:
Hole 1: 12 metres grading 0.18% molybdenum (0.30% MoS2), 0.36% copper, 0.31g/t
gold and 10.8 g/t silver.
Hole 2: 8 metres grading 0.23% molybdenum (0.38% MoS2), 0.31% copper, 0.10 g/t
gold and 9.7 g/t silver.
- The three drill holes were widely spaced (See Figure 1) and indicate a
mineralized strike-length of at least 400 metres, a vertical extent of at least
200 metres and drilled widths of between 10 metres and 107 metres.
- Two additional holes drilled in the same area have assay results pending, but
the drill core shows wide breccia intercepts and visible mineralization.
Los Laureles Prospect
Los Laureles is located entirely within Geoinformatics' La Noria Project and is
approximately 10 km. east of the Company's Azulitas discovery with its
previously announced mineralized drill intercepts. The target was identified
initially through processing of reconnaissance geochemistry and geophysical
data. Mapping and surface sampling revealed extensive soil geochemistry
anomalies associated with magnetite-quartz and tourmaline breccias bodies. The
soil anomalies are over 1 kilometre long by 600 metres wide (See Figure 1) with
copper greater than 1,000 parts per million (ppm), molybdenum greater than 100
ppm, and silver greater than 3 ppm.
The discovery holes at Los Laureles are part of a 5-hole reconnaissance program.
Holes 1 and 2 (DDLL_07_01 & 02) were drilled from the valley floor and angled
underneath a portion of the copper soil anomaly and intersected relatively
narrow tourmaline breccias with 8 to 12 metres of mineralization. Hole 3 was
drilled from the top of a ridge and intersected 107 metres of mineralized
breccia. All holes contain visible chalcopyrite (CuFeS2) and molybdenite (MoS2).
Hole 3 was stopped before its planned depth due to drilling problems, but ended
in anomalous mineralization.
The full geometry of the mineralization has not yet been established, but the
drilling has identified a strike length of at least 400 metres and drilled
widths ranging from 8 to 12 metres at depth, which increases to over 100 metres
closer to the surface.
Holes 4 and 5 are currently being logged before being submitted for laboratory
assays. Each hole shows wide intercepts (greater than 100 metres) of breccia
with chalcopyrite and molybdenite observed in both holes.
To view Figure 1 of the La Noria project, please visit the following link:
http://www.ccnmatthews.com/docs/LosLaurelesfigure1.pdf
Table 1. Los Laureles drill intercepts from the first three holes
---------------------------------------------------------------------------
Molyb-
From To Interval denum MoS2 Copper Gold Silver
Hole (metres) (metres) (metres) (%) (%)(1) (%) (g/t) (g/t)
---------------------------------------------------------------------------
DDLL_07_01 200.0 212.0 12.0 0.18 0.30 0.36 0.31 10.79
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DDLL_07_02 226.0 234.0 8.0 0.23 0.38 0.31 0.10 9.66
---------------------------------------------------------------------------
DDLL_07_02 245.0 247.0 2.0 0.10 0.17 0.50 0.07 16.35
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DDLL_07_03 0.0 107.0 107.0 0.12 0.20 0.14 0.08 11.91
---------------------------------------------------------------------------
including(i) 6.8 77.0 70.2 0.17 0.28 0.13 0.11 15.84
---------------------------------------------------------------------------
including(ii) 61.0 108.0 47.0 0.05 0.08 0.29 0.07 12.99
---------------------------------------------------------------------------
including(iii) 69.0 77.0 8.0 0.11 0.18 0.84 0.27 56.50
---------------------------------------------------------------------------
All assays based on half sawn drill core; shipped to ALS Chemex in Hermosillo,
Mexico for preparation and then to ALS Chemex Laboratory in Vancouver, Canada,
for fire assay for gold (AAu2) and 4-acid digest ICP-AES (MEICP-61).
This program is reconnaissance drilling, and the orientation of mineralized
structures is yet to be established; hence true-width cannot be estimated at
this time.
Note 1: MoS2 is NOT an assay field, but is calculated by multiplying molybdenum
% by 1.6681.
All intervals calculated using a minimum 1-metre width and 4-metre internal
dilution and based on a cut off of 0.01% molybdenum except where indicated with:
(i) Calculated with minimum 1-metre width and 4-metre internal dilution using a
0.04% molybdenum cut-off.
(ii) Calculated with minimum 1-metre width and 4-metre internal dilution using a
0.1% copper cut-off.
(iii) Calculated with minimum 1-metre width and 4-metre internal dilution using
a 0.5% copper cut-off.
La Noria Project
The La Noria project is located approximately 60 km. northeast of Mazatlan in
the State of Sinaloa, Mexico. Geoinformatics has been exploring this property
since May 2006. The project constitutes an area of mineral claims and option
agreements approximately 20 km. by 8 km. Geoinformatics has previously announced
positive drill results from several prospects on the project area including:
Azulitas Prospect: Drilling confirmed mineralization over a strike length of 300
metres to a depth of at least 220 metres with previously reported intersections
including 63 metres of 0.76% copper, 0.10g/t gold, and 11.48 g/t silver.
La Verde Prospect: Drilling confirmed 76 metres grading 0.32% copper, 0.04 g/t
gold and 7.22 g/t silver.
Amarillito Prospect: Drilling confirmed 56 metres of 0.27% copper, 0.03g/t gold
and 9.65 g/t silver.
To view Figure 2 of the La Noria project, please visit the following link:
http://www.ccnmatthews.com/docs/LosLaurelesfigure2.pdf
Geoinformatics' current objective on this property is to locate several
additional economic near-surface ore systems that could be integrated into a
single mining operation. The La Noria project is located in low-rolling hills
intersected by numerous roads and tracks and serviced with existing electricity
with a new hydro-electric dam being constructed approximately 14 km. from the
project. The project is accessible for most of the exploration year. The project
is only 60 km. from the port facilities of Mazatlan and 35 km. from a main
rail-line.
The La Noria project is subject to the Kennecott-Geoinformatics Alliance
Agreement discussed below.
Table 2. Drill hole details (All coordinates in NAD27 UTM 13)
---------------------------------------------------------------------------
Hole_ID X Y Z Depth Dip Azimuth
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DDLL_07_01 391827 2608782 366.01 289.85 -50 40
---------------------------------------------------------------------------
DDLL_07_02 391574 2608867 335.03 285.9 -50 40
---------------------------------------------------------------------------
DDLL_07_03 391699 2609306 436.83 109.3 -50 220
---------------------------------------------------------------------------
DDLL_07_04 391955 2609306 437 290 -45 220
---------------------------------------------------------------------------
DDLL_07_05 391770 2609100 420 350(a) -50 45
---------------------------------------------------------------------------
(a) Planned depth, drilling currently in progress
Qualified Person
The technical content of this release has been compiled by Darren Holden,
MAusIMM, Executive Vice President, Operations, of Geoinformatics. Mr. Holden is
a Qualified Person 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.
The Company 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, 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.
Kennecott - Geoinformatics Alliance Agreement
The La Noria Project mentioned in this press release fall under the Master
Strategic Alliance Agreement (the "Alliance Agreement") between Geoinformatics
and Kennecott Exploration Company. 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. La Noria was acquired by
Geoinformatics as a target-of-merit under the Alliance Agreement, and Kennecott
retains a back-in right to acquire either a 51% or 60% interest. Please refer to
Geoinformatics' press-release dated August 14, 2006, for further information.
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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