SGX Resources Inc.
SGX Resources Extends Edleston Zone to East with New High Grade Intersections
TSX-V: SXR
Winnipeg, MB
September 19, 2012
Dale Ginn, Chief Executive Officer of SGX Resources Inc. (TSX-V: SXR), is pleased to announce that new high grade drill intersections have extended to the east its Edleston Zone in Sothman Township located 60 km south of Timmins, ON. Drill hole #12-129 lengthened the zone eastward by 100 metres with two intersections consisting of 57.4 g/tonne over 3.3 metres, as well as 1.42 g/tonne over 54 metres further down the hole.
Coarse, visible gold was observed within each intersection at 208.5 metres and again at 275.7 metres, metallic assays and duplicates confirmed the high grade values. The surrounding assays and core within the intersections were consistent with the Edleston Zone in terms of gold values, mineralization, and alteration. SGX has provided a table of all assay results beginning at the start of the first intersection and continuing to the bottom of the second in order to provide a full illustration of the assay variability in this hole. As well, an updated longitudinal section has also been attached in order to show the location of these intersections. Results from drill hole #12-129 are summarized below:
| Hole # | From (m) | To (m) | Length (m) | Gold g/tonne | Zone/Lens |
| SL-12-129 | 207.4 | 210.7 | 3.3 | 57.4 | EL #1 |
| Including | 208.3 | 208.7 | 0.4 |
540.3
|
|
| SL-12-129 | 236.8 | 290.3 | 53.5 | 1.42 | EL #1 |
| Including | 275.2 | 275.7 | 0.5 |
94.2
|
“Since the discovery of the Edleston Zone at the end of last year, drilling has steadily increased its size and dimensions in a consistent fashion. For the first time we have seen appreciable amounts of coarse, visible gold as we move towards the east, adding a high-grade component to the deposit while maintaining impressive widths near surface. It is remarkable that sizeable gold deposits such as this still remain to be discovered near surface, especially in the Timmins region,” said Dale Ginn, President and CEO for SGX Resources.
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. Consistent widths and grades continue to be encountered throughout the deposit and in extensions to depth. Extensive magnetic, VLF and IP surveys have been conducted recently on the South Timmins properties revealing numerous additional targets in classic potential host structures.
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. Over 75 drill holes have been completed to date along 50 metre spaced sections, outlining a mineralized zone approximately 100 metres wide and over 600 metres long to a maximum depth of 250 metres while the zone continues to remain open in all directions.
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. 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. 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 similar geology and mineralization and contains some of the only outcropping and trenching/test pits in the region.
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.
The Sothman land package containing the Edleston Zone 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. SGX conducts additional exploration at the Tully deposit and property, located approximately 25 km to the north of Timmins, 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.
Sections, plans and diagrams related to this press release are available at the company’s website, www.sgxresources.com, specifically a longitudinal section showing the location of the intersections received and released to date.
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.
CAUTIONARY STATEMENT: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.
|