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Geologix Explorations (TSX:GIX)

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Last Post: 3/27/2012 5:36:23 PM - Followers: 0 - Board type: Free - Posts Today: 0

Geologix Explorations Inc. (TSX: GIX) is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits.
The Company's primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company has completed a Preliminary Economic Assessment study ("PEA") and initiated resource
expansion drill programs to further test the project's potential.

Through the Company's successful exploration and drilling programs of 2010, in March of 2011 Geologix announced an updated resource estimate increasing the project's Indicated tonnes by 131%, and the Inferred tonnes by 69%.
In April of 2011 the new resource numbers were applied to a revised Preliminary Assessment which reports a mine plan with increased gold and copper production, an extended mine life, and increased estimated net positive earnings.
Meanwhile, further programs of resource expansion drilling and target delineation are ongoing and preparations are underway for the commencement of a pre-feasibility program in the spring of 2011.

GIX also has two properties in Nevada and one in Peru.

Silver Cloud covers a very large hydrothermal alteration zone in volcanic rocks that also hosts Great Basin Gold's Hollister (Ivanhoe) low-sulfidation, bonanza vein deposit (819,000 tonnes @ 35.3 g/t gold and 195 g/t silver, proven and probable) 8 km to the northeast. Silver Cloud lies 20 km southeast of Newmont Mining's Midas deposit, also a volcanic-hosted low-sulfidation, bonanza vein system that contains 4 million ounces of gold and 45 million ounces of silver. High-grade veins in these areas have been discovered beneath gold, silver and selenium anomalies.

Details of the Silver Cloud Property

Previous exploration on the Silver Cloud Property by Teck and Placer Dome has proven the existence of low-sulfidation, bonanza-grade vein occurrences beneath the mercury-bearing hot spring silica deposits. Results include drill intercepts of 1.5 metres of 157 g/t gold at a depth of 318 metres and 12.2 metres of 5.53 g/t gold at a depth of 208 metres found in widely separate target areas. Two core holes drilled by Geologix in other areas encountered highly anomalous gold and silver and trace elements in sulfide-rich breccias and low-temperature banded quartz veins. Less than 10% of the large Silver Cloud property has been explored.

Geologix Exploration's Silver Cloud gold-silver property is located in northern Nevada within the Northern Nevada Rift near the juncture with the Carlin Trend and adjacent to the Hollister low-sulfidation, bonanza epithermal gold deposit of Great Basin Gold. It is also located south, along trend, of the Midas mine (Newmont).

Lands at Silver Cloud are uninhabited and only used for seasonal grazing. There was historic mercury production from a few areas on the Silver Cloud Property.

Good quality gravel and dirt roads provide access to Silver Cloud north from Battle Mountain or south from Midas. Local dirt roads allow vehicle travel around most of the property.

The Silver Cloud property is comprised of 552 unpatented mining claims (11,210 acres) located over lands administered by the US Bureau of Land Management.    

Pursuant to the terms of a Property Purchase Agreement with Teck CO, LLC, Geologix holds a 100% interest in the Silver Cloud Property, subject to existing third party NSR royalties. 

Production from Silver Cloud is subject to NSR royalties due to Royal Gold, Inc. of 2% (capped) and the underlying claim owner of 3%. 

Production in Mexico is targeted for 2014.

Corporate Head Office:

Geologix Explorations Inc.
Suite 1753 - 595 Burrard Street
P.O. Box 49172, Three Bentall Centre
Vancouver, BC V7X 1K8

Dunham L. Craig, dcraig@geologix.ca
Investor Relations, Jeffrey R. Wilson, jwilson@geologix.ca
tel: 604.694.1742
fax: 604.694.1744
US/CDN toll free: 1.888.694.1742
email: info@geologix.ca

Board of Directors:

Dunham L. Craig, P. Geo.
Randy V.J. Smallwood, P.Eng
Graham C. Thody, CA
Mauricio Candiani, MBA


Dunham L. Craig, P.Geo, CEO and President
Siegfried (Sig) Weidner, B.Sc., V.P. Exploration
Jeffrey R. Wilson, V.P. Corporate Communications
Steven S. McRoberts, B.Sc., M.Sc., V.P. Corporate Development
Evelyn Abbott, CMA, CFO, Corporate Secretary

Stock Symbol: TSX:GIX

Fiscal Year End: December 31

Auditor: Davidson & Company

Transfer Agent: Computershare Trust Company of Canada

Legal Counsel: Northwest Law Group

Shares Issued: 135.7M Common Shares

Fully Diluted Shares Issued: 145.3M Common Shares

Warrants Outstanding: 616K

Company Profile: SEDAR Company Profile


Public Documents: SEDAR Filed Public Documents


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