Drilling At Whistler Confirms Higher-Grade Zone North of Main Zone
Thu Oct 2, 12:19 PM
TORONTO, Oct. 2 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL.V) ("Geoinformatics", "GXL" or the "Company") is pleased to announce the assay results from the second and third drill holes of its 2008 exploration program on the Whistler Zone, the most developed target within the Whistler Project, Alaska.
Highlights
- Hole WH_08_10 intersected 166 metres grading 0.34 grams per tonne
("g/t") gold, 0.18% copper and 3.09 g/t silver (or 0.72 g/t gold
equivalent) and included:
- 76 metres grading 0.61 g/t gold, 0.27% copper and 4.16 g/t silver
(or 1.18 g/t gold equivalent);
"The identification of additional higher-grade mineralization within the overall Whistler Zone confirms the great potential of this project," stated Mr. Darren Holden, Chief Operating Officer of Geoinformatics Exploration Inc. "We completed eleven holes and approximately 4,400 metres of drilling during the 2008 drill program and anticipate releasing the results from the remaining two holes on the Whistler Zone and four holes on additional regional targets on the Whistler project as soon as they become available."
Drill hole WH_08_10 was drilled approximately 200 metres north of the Main Zone. This hole confirmed wide intercepts of higher grade mineralization (greater than 0.70 g/t gold equivalent cut-off) contained within the overall Whistler Zone (0.30 g/t gold equivalent cut-off). This zone, now called the NorthEast Zone, is evidence of an additional higher grade zone of mineralization of comparable grade to the Main Zone and is contained within the overall Whistler Zone (refer Figure 1).
Drill hole WH_08_09 was drilled as a 50 metre step-out north of the Main Zone to test continuity of mineralization but did not intersect any higher-grade material and closes off the northern limits of the Main Zone.
Table 1. Drill Hole Intercept Calculations
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Gold
Equivalent
From To Interval Gold Copper Silver Grade
Hole (metres) (metres) (metres) (g/t) (%) (g/t) (g/t)
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WH_08_09 37.5 229.0 191.5 0.13 0.09 2.59 0.34
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WH_08_10 50.0 216.0 166.0 0.34 0.18 3.09 0.72
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Including* 62.0 138.0 76.0 0.61 0.27 4.16 1.18
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Intercepts calculated using a 0.30 g/t gold-equivalent cut-off on a
minimum 10 metre width and maximum 20 metre internal dilution unless
otherwise noted. Gold-equivalent cut-off is based on the assumptions of
75% recovery of gold and silver and 85% recovery of copper and metal
prices of US$550 per oz. gold, US$8 per oz. silver, US$1.50 per lb.
copper. Gold Equivalent Grade (as opposed to the gold-equivalent cut-off)
is presented on the basis of contained metal values assuming the above
metal prices without metallurgical recoveries taken into account and is
done in order to make a direct comparison to the assay grades. Cut-offs
and gold-equivalents are standardized to the reporting methods of the
Whistler NI 43-101 resource estimation produced by SRK Consulting
(Canada) Ltd as filed on SEDAR (www.sedar.com).
(*) Indicates higher-grade intercepts calculated using a 0.70 g/t
gold-equivalent cut-off on a minimum 10 metre width and maximum
20 metre internal dilution.
Both holes were angled approximately orthogonal to mineralization and
hence approximate the "true width" of mineralization in these areas.
To view Figure 1 please visit: http://files.newswire.ca/723/fig-1.doc
Table 2. Drill Hole Details (coordinates in NAD83 UTM Zone 5)
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Easting Northing Azimuth Dip Depth
Hole (metres) (metres) (degrees) (degrees) (metres)
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WH_08_09 518689 6871568 90 -60 274
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WH_08_10 518600 6871680 90 -70 344
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The Whistler Project
The Whistler Project is located approximately 160 km. northwest of Anchorage, Alaska. Whistler is one of the largest groups of contiguous mineral claim blocks held by a single company in Alaska, outside of existing mines and mine development projects. The Whistler Zone hosts a NI 43-101 compliant Indicated resource of 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and an Inferred resource of 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper. In addition, there is considerable mineralization in the Whistler Zone that has been identified by drilling and reported in the 43-101 resource technical report filed on SEDAR (www.sedar.com), but has not yet been categorized as a mineral resource. The independent resource estimate is dated February 15, 2008 and was compiled by SRK Consulting (Canada) Inc.
The Whistler Zone is just one of a cluster of targets and prospects within the 440 sq. km. block of 732 State of Alaska mining claims that make up the Whistler Project. Most of these targets are covered by shallow alluvial sediments and do not have the significant outcrop of the Whistler Zone, but do have comparable geophysical, geological and/or geochemical signatures.
Kennecott - Geoinformatics Alliance Agreement
The Whistler Project was conveyed to Geoinformatics under the target-of-merit provisions of the Kennecott-Geoinformatics Master Strategic Alliance Agreement (the "Alliance Agreement") in June 2007, and all Whistler targets and prospects mentioned in this press release fall under it. Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Whistler Project and all other projects subject to the Alliance Agreement, which is exercisable under certain circumstances. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information.
Qualified Person
The technical content of this release has been compiled by Mr. Darren Holden, MAusIMM, Chief Operating Officer of Geoinformatics. Mr. Holden is a Qualified Person as defined under NI 43-101 guidelines.
About Geoinformatics
Geoinformatics is a North American focused minerals exploration company which has developed a unique approach to exploration applying innovative and proprietary technology.
In addition to the Whistler Project, Geoinformatics is also actively exploring several advanced projects located in Sinaloa and Sonora (Mexico), the Cortez Trend region of Nevada, 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, New Zealand and North America.
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 Geoinformatics' securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
ContactsMs. Petra Decher
President & CFO
Tel: (416) 861-1300 x225
Email: petrad@geoinformex.com
Geoinformatics Exploration Inc.
80 Richmond Street West
Suite 303
Toronto
Ontario
M5H 2A4
www.geoinformex.com Mr. Darren Holden
Chief Operating Officer
Tel: (604) 605-3073 x105
Email: darrenh@geoinformex.com Geoinformatics Exploration Inc.
700 West Pender Street
Suite 304
Vancouver
British Columbia
V6C 1G8
