Drill Results Confirm Second Mineralized Porphyry at the Whistler Project
Fri Jul 11, 3:24 PM/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES/
TORONTO, July 11 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL.V) ("Geoinformatics" or the "Company") is pleased to announce that the first drill hole in its 2008 southern Alaskan regional exploration program has confirmed the discovery of a second mineralized porphyry system ("Rainmaker") at the Whistler Project.
Rainmaker is located approximately 2 km. east-southeast of the Whistler Zone which hosts a National Instrument 43-101 ("NI 43-101") compliant gold resource of 840,000 ounces in the Indicated category and 2.7 million ounces in the Inferred category, plus additional copper and silver credits.
Assays from the drill hole at Rainmaker (RM-08-01) returned 151.6 metres
grading 0.37 g/t gold, 0.18% copper, 0.74 g/t silver (0.72 g/t
gold-equivalent) and included higher-grade intercepts of:
- 83.0 metres grading 0.47 g/t gold, 0.21% copper, (0.86 g/t
gold-equivalent); and
- 11.8 metres grading 0.17 g/t gold, 0.32% copper, 8.96 g/t silver
(0.90 g/t gold-equivalent).
Mr. Darren Holden, Executive Vice President, Operations of Geoinformatics, commented, "These excellent drill results, combined with the prior (2005) drill hole, indicate that Rainmaker hosts a mineralized system with wide intercepts and has the potential to become a second resource to complement the Whistler Zone. The intersection of highly altered porphyry throughout this drill hole indicates that the Rainmaker system may have a size comparable to the Whistler Zone porphyry. In addition, the occurrence of a pyrite sulphide zone with low-grade zinc anomalism in the lower portion of the hole is significant as this is typical of zones on the periphery of a major copper-gold porphyry system."
Rainmaker Drill Results
The inclined (55 degrees) hole was drilled from northeast to southwest and was designed to test the extent of mineralization adjacent to a prior vertical hole drilled by Kennecott Exploration Company ("Kennecott") in 2005, which recorded 168.5 metres grading 0.47 g/t gold and 0.17% copper (0.82 g/t gold-equivalent). The rock-type and mineralization at Rainmaker is comparable to the mineralized diorite porphyry at the Whistler Zone. Copper (and associated gold) mineralization is hosted in chalcopyrite (CuFeS2) and occurs as disseminated grains and within veins and fractures in an altered diorite porphyry.
Table 1. Rainmaker drill hole intercepts.
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Gold
From To Width Gold Copper Silver Equiv.
Hole (metres) (metres) (metres) (g/t) (%) (g/t) (g/t)(1)
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RM_08_01 83.4 235.0 151.6 0.37 0.18 0.74 0.72
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including * 114.0 197.0 83.0 0.47 0.21 BD 0.86
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including * 221.2 233.0 11.8 0.17 0.32 8.96 0.9
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05-DD-WH-
REC-08(2) 5.7 174.2 168.5 0.47 0.17 2.25 0.82
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including * 23.0 174.2 151.2 0.48 0.17 2.32 0.83
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Intercepts are calculated using a 0.3 g/t gold-equivalent cut-off unless
otherwise noted. Gold-equivalent cut-offs are determined based on the
assumption of 75% recovery of gold and silver and 85% recovery of copper,
with metal prices of US$550 per oz. gold, US$8 per oz. silver, US$1.50
per lb. copper. Gold-equivalent cut-offs and grades are reported
consistent with the methodology 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 0.7 g/t
gold-equivalent cut-off.
All intercepts calculated on a minimum 10 metre width and maximum 20
metre internal dilution.
1. Gold-equivalent grades (not gold-equivalent cut-offs) are reported on
the basis of contained metal values and the metal prices set out
above without consideration of metallurgical recoveries.
2. Assay results for 05-DD-WH-REC-08 have been revised from those
previously reported based on the use of standardized cut-off grades
from the NI 43-101 resource estimate on the Whistler Zone. The
results were previously reported as 184 metres grading 0.44 g/t gold
and 0.16% copper.
BD = Below Detection.
Assayed samples consisted of half-core with average 2-metre intervals.
All samples were prepared and assayed at the Alaska Assays Laboratory in
Fairbanks, Alaska using Au Fire Assay (FA30) for gold and multi-element
analysis (ICP-4A). Field standards and blanks were inserted in the sample
stream to monitor laboratory performance. Refer to Figure 1 below for a
discussion of "true-width".
The Whistler Project
Rainmaker lies within the Whistler Project, a 440 sq. km. project located 160 km. northwest of Anchorage, Alaska. The Whistler Project 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 an 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 Whistler Project hosts a cluster of targets and prospects, most of which are covered by shallow alluvial sediments and do not have the significant outcrop of the Whistler Zone, but do have comparable geophysical, geological or geochemical signatures. Geoinformatics is applying proprietary data modeling to analyze and prioritize other targets for drilling.
Kennecott - Geoinformatics Alliance Agreement
The Whistler Project was conditionally 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. Please refer to Geoinformatics' press release dated June 7, 2007. 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 identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the Agreement. Kennecott retains a back-in right to acquire either a 51% or 60% interest or a 2% NSR 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 Darren Holden, MAusIMM, Executive, Vice President - Operations of Geoinformatics, and is based in part on historic information obtained from Kennecott. 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), Utah, 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.
Figure 1. Rainmaker interpretive cross-section.
Intercepts in hole RM-08-01 are interpreted to represent approximate
"true-width". However, as only two holes have been drilled in this target, the
geometry of the system has not been fully established.
To view Figure 1 please see the following:
http://files.newswire.ca/723/Figure_1.doc
Table 2. Drill hole details.
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Depth Easting Northing Elevation Dip Azimuth
Hole Number (metres) (metres) (metres) (metres) (degrees) (degrees)
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RM_08_01 551.83 520580.0 6869800 379 -55 208
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05-DD-WH-
REC-08
(Kennecott
2005) 206.65 520533.5 6869699 370 -90 0
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All coordinates in North American Datum (NAD83) UTM Zone 5.
ContactsMr. Kevin L. Snook
Chairman
Tel: (416) 861-1300 x226
Email: kevins@geoinformex.com Mr. Darren Holden
Executive Vice President - Operations
Tel: (604) 605-3073 x105
Email: darrenh@geoinformex.com Geoinformatics Exploration Inc.
330 Bay Street
Suite 1109
Toronto
Ontario
M5H 2S8
www.geoinformex.com Geoinformatics Exploration Inc.
700 West Pender Street
Suite 304
Vancouver
British Columbia
V6C 1G8
535.02 (5.57%)
