Dale Ginn, Chief Executive Officer of SGX Resources Inc. (TSX-V: SXR), is pleased to announce additional results orginating from the discovery of significant gold mineralization on its Edleston Zone in Sothman Township located 60 km south of Timmins, ON. Consistent widths and grades continue to be encountered throughout the deposit and in extensions to depth. Drill hole #12-60 extended the zone to depth by cutting 1.7 g/tonne over 33 metres, including a higher grade section of 4.37 g/tonne over 7 metres. Parallel gold zones are also beginning to take shape as witnessed in the table below and in the accompanying cross sections. Drilling continues in order to extend this zone along strike and to depths of up to 500 metres below surface as well as to test additional potential such as the Bud target located to the west and south along the south limb of the folded Edleston unit. Extensive magnetic, vlf and ip surveys have been conducted recently on the South Timmins properties revealing numerous additional targets in classic potential host structures.
Assay results from five additional drill holes that have been received to date are summarized in the following table:
|
Hole # |
From (m) |
To (m) |
Length (m) |
Gold g/tonne |
Zone/Lens |
|
SL-12-60 |
241.0 |
274.0 |
33.0 |
1.70 |
EL #1 |
|
Including |
241.0 |
248.0 |
7.0 |
4.37
|
|
|
SL-12-61 |
296.9 |
314.0 |
17.0 |
1.02 |
EL #1 |
|
SL-11-41 |
116.7 |
160.4 |
43.7 |
1.08 |
EL #1 |
|
and |
204.0 |
210.6 |
6.6 |
2.20 |
EL #2 |
|
SL-12-58 |
208.6 |
241.0 |
32.4 |
1.39 |
EL #1 |
|
and |
264.0 |
342.3 |
78.3 |
0.55 |
EL #2 |
|
SL-12-117 |
105.0 |
140.0 |
35.0 |
0.94 |
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 in late 2011. 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. More than 75 drill holes have been completed to date along 50 metre spaced sections, outlining a mineralized zone approximately 100 metres wide and over 500 metres long to a maximum depth of 250 metres while the zone continues to remain open in all directions.Recent geophysical and geological work has demonstrated that the Edleston Zone sits within the north limb of the host unit/horizon that stretches over 10 km to the east. This unit is broadly folded back toward the south and east immediately to the west of the deposit continuing under and near the contact with shallow sedimentary cover. Pronounced axial planes extend across the folded host unit.
Regionally, this property appears to lie along the potential western extension of the CadillacLarder 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 quartzcarbonate in veins, veinlets and fracture fill. Mineralization is broadly distributed throughout the unit as pyrite in amounts of 3 to 5 per cent 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 similar 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.
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 a position in the Davidson-Tisdale deposit and other strategic lands to the west and south of Timmins, near current and past production.
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.
For further information contact Dale Ginn, CEO at (204) 794-5818. 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.
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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig2.pdf.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig3.pdf.
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig4.pdf.
To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig5.pdf.
To view Figure 6, please visit the following link: http://media3.marketwire.com/docs/sgx0828fig6.pdf.
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.
TEL: (204) 794-5818 Dale Ginn, CEO
