Geoinformatics Reports Widespread Copper-Gold Intercepts From Recent Drilling on its Stockton Project in Utah
April 02 2008 - 2:50PM
Marketwired Canada
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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