SGX Resources Intersects 65 Meters of 1.82 g/tonne Gold at New Edleston Zone South of Timmins
February 23 2012 - 8:00AM
Marketwired
Dale Ginn, Chief Executive Officer of SGX Resources Inc. (TSX
VENTURE:SXR), is pleased to announce additional results originating
from the discovery of significant gold mineralization on its
Edleston Zone in Sothman Township located 60 km south of Timmins,
ON. Broad, consistent gold intersections have been encountered near
surface as demonstrated by drill hole #11-29, cutting 1.82 g/tonne
over 64.9 meters, including a significant high grade section at
11.9 g/tonne over 7.8 meters. Drilling has restarted in order to
extend this zone along strike and to depth, as well, an additional
drill has commenced at the Sirola Zone located 1.5 kms to the east,
interpreted to be a potential extension to the Edleston Zone. The
Edleston Zone is open in all directions and appears to be
strengthening with depth as evidenced by the four deepest holes to
date, #11-36, #11-35, #11-29 and #11-43. San Gold Corporation
(TSX:SGR)(OTXCQ:SGRCF) is the company's largest shareholder at
39.5% or 34.7 million shares.
Assay results from eleven drill holes have been received to date
and are summarized in the following table:
Hole # From (m) To (m) Length (m) Gold g/tonne Zone/Lens
---------- -------- ------ ---------- ------------ ----------
SL-11-29 104.1 169.0 64.9 1.82 EL #1
Including 104.1 111.9 7.8 11.90
SL-11-43 130.6 193.5 62.9 1.10 EL #1
SL-11-18 36.2 86.0 49.8 0.52 EL #1
SL-11-26 80.0 136.0 56.0 0.59 EL #1
And 165.2 169.6 4.4 1.70 FW #1
SL-11-35 133.0 176.0 43.0 1.04 EL #1
Within 92.0 187.0 95.0 0.78 EL #1
SL-11-21 34.3 71.0 36.7 1.01 EL #1
SL-11-38 43.8 72.0 28.2 0.43 EL #1
SL-11-14 32.9 96.5 63.6 0.85 EL #1
SL-11-16 45.2 140.1 94.9 0.82 EL #1
SL-11-36 89.4 157.9 68.5 1.27 EL #1
SL-11-45 40.0 74.7 34.7 1.07 EL #1
Geophysical anomaly drilling for vein-style gold targets
intersected what is now known as the Edleston Zone with drill holes
#SL-11-14 and #SL-11-16. The deepest hole drilled on this section
to date, SL-11-36 encountered 69 meters of 1.27 g/tonne gold at 100
meters below surface. This discovery is located in the north-west
quadrant of SGX's claim group within the Sothman Township and has
road access via Pine Street extending south from Timmins. The
deposit dips moderately steeply to the south and strikes roughly at
an azimuth of 100 degrees or east-southeast. Over 30 drill holes
have been completed to date along 50 meter spaced sections,
outlining a mineralized zone approximately 100 meters wide and over
400 meters long to a maximum depth of 150 meters while the zone
continues to remain open in all directions.
Regionally, this property appears to lie on the potential
western extension of the Cadillac-Larder fault zone along which a
number of major gold deposits are located. The host rock is an
altered and sheared ultramafic that exhibits extensive
silicification and contains quartz-carbonate in veins, veinlets and
fracture fill. Mineralization is broadly distributed throughout the
unit as pyrite in amounts of 3 to 5 percent with trace chalcopyrite
and occasional visible gold observed as well. Additional
intercalated volcanic and meta sediment units lie to the north and
south of the deposit, large felsic and mafic intrusive units are in
contact with the northern volcanic rocks to the east beyond the SGX
property boundaries. Along strike to the east of the Edleston zone
by approximately 1.5 km lies the Sirola Zone, which exhibits
identical geology and mineralization and contains some of the only
outcropping in the region. The outcropping portion of this property
consists of an altered reddish feldspar porphyry which lies in
contact with mineralized ultramafic volcanic. These formations have
a general strike of 100 degrees azimuth with a steep dip and are
generally sheared and highly altered by carbonatization and
silicification. Numerous trenches and test pits, believed to be
from the early 1980's are also located on the property. SGX has
completed IP geophysical surveys and has commenced follow up
drilling in order to determine if the Sirola Zone is an extension
of the Edleston Zone.
Assay values within the zone appear to be distributed in a
relatively stable fashion with the exception of an occasional high
value due to the presence of visible gold. The intersections above
are near true widths as drilling has taken place from surface
hangingwall positions, intersecting the zone nearly perpendicular
to its strike and dip.
SGX Resources has undertaken an extensive diamond drilling
program on the Sothman property since September of 2011 as a
follow-up to geophysical targets with the objective of locating
near surface gold deposits. This land package is located
approximately 60 km to the south of Timmins, Ontario, between the
Young-Davidson mine to the east and the Cote Lake deposit to the
west. Activities at the Tully property, located approximately 25 km
to the north of Timmins are focused on diamond drilling in order to
expand on and further define the Tully gold deposit. As well, the
company holds strategic land positions to the west and south of
Timmins, near current and past production. San Gold Corporation
(TSX:SGR)(OTCQX:SGRCF) is the company's largest shareholder with
over 34 million shares.
Sections, plans and diagrams related to this press release are
available at the company's website, www.sgxresources.com,
specifically a longitudinal section, a drill hole and geology plan,
two complete cross-sections, property and geophysical plans and
general location maps.
This program was carried out under the supervision of John
Boissoneault, P.Eng., of SGX Resources Inc., the qualified person
responsible for this news release. The drill core was split, with
half sent to the Porcupine Joint Venture laboratory in Timmins, ON
or SPJ Laboratories of Sudbury, ON and fire assayed with an AA and
gravimetric finish. Whole metallic assays were performed on samples
containing visible gold. Check assays were also performed on pulps
and rejects, as well, blanks and standards were inserted into the
sample stream.
A copy of this press release will be made available on the
company's website and will be filed with SEDAR.
NOTE: The information in this release may contain
forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those implied in the forward-looking
information.
To view "Figure 1. Edleston Longitudinal Section," please visit
the following link:
http://media3.marketwire.com/docs/SGX2302Figure1.jpg.
To view "Figure 2. Edleston Drilling Program Plan View," please
visit the following link:
http://media3.marketwire.com/docs/SGX2302Figure2.jpg.
To view "Figure 3. Edleston Cross Section 477125E," please visit
the following link:
http://media3.marketwire.com/docs/SGX2302Figure3.jpg.
To view "Figure 4. Edleston Cross Section 477075E (Updated from
Jan. 26, 2012 press release)," please visit the following link:
http://media3.marketwire.com/docs/SGX2302Figure4.jpg.
To view "Figure 5. Timmins South IP Survey," please visit the
following link:
http://media3.marketwire.com/docs/SGX2302Figure5.jpg.
To view "Figure 6. Timmins South Property Boundaries," please
visit the following link:
http://media3.marketwire.com/docs/SGX2302Figure6.jpg.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the contents of this News Release.
Contacts: SGX Resources Inc. Dale Ginn CEO (204) 794-5818
www.sgxresources.com
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