Goldex Resources Announces Trench Assays of 19.34 g/t Au Over 3.20 Metres and 15.25 g/t Au Over 4.10m from the El Cerrito Sector of Its El Pato Project in Guatemala
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/11 -- Goldex Resources Corporation (TSX VENTURE: GDX) ('Goldex' or the 'Company') today announced sample assay results from the El Cerrito sector of its flagship El Pato property in Guatemala. Samples were taken as part of ongoing geological work at El Pato over the Summer and Fall of 2011.
The reported samples were collected from trenches in the El Cerrito Zone at El Pato, where the strike length of the vein through the El Cerrito zone runs to almost 400 meters with much of this length trenched and sampled. Where exposed, the samples exhibit the expected style of high-grade mineralization. The sampled mineralized intervals of up to 5.1m in width contain irregularly exposed quartz veins up to 2.0 metres or more, with grades of up to 81.9 g/t Au, as well as mineralized wallrock with grades of up to 23.3 g/t Au.
Directly within this zone, a total of 78 channel samples ranging between 5 and 9 kilograms were taken from both the vein and adjacent wallrock by Goldex geologist Edward Wells, a Qualified Person consistent with NI 43-101. Channel samples were cut perpendicularly across the vein structure as best as was possible. These samples were subsequently analyzed by the Inspectorate Laboratory in Reno, Nevada for gold.
Seven of the 78 channel samples were sent to Kappes, Cassiday and Associates(i) (KCA) in Reno, Nevada for additional metallurgical testing by flotation method. These results, when compiled, will be the subject of a future news release. The remaining 71 channel samples are being used as estimation for the general bulk values of the El Cerrito zone with the highlights referenced in the subsequent table. The table lists highlighted assay grades of the individual samples as well as a weighted average of 19 continuous vertical intervals where appropriate. Note that significant gold values were also obtained in many of the adjacent Wallrock zones.
Weighted
Average
Grade
Total over
Vein Metres Vertical
Sample Au or Vertical Width Vertical Interval
ID g/t Wallrock Interval (m) Interval (g/t Au)
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15102 12.20 V 1.0 - 1.22 0.22 1.12 @ 2.40
15103 1.53 WR 1.22 - 2.12 0.90
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15105 41.85 V 0 - 1.30 1.30 2.30 @ 23.65
15106 6.09 WR 1.30 - 2.30 1.00
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15108 19.57 V 1.00 - 1.62 0.62 1.15 @ 15.18
15109 8.99 WR 1.62 - 2.07 0.45
15110 15.95 V 2.07 - 2.15 0.08
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15113 4.64 V 1.00 - 1.80 0.80 0.80 @ 4.64
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15121 5.47 WR 0 - 1.00 1.00 2.10 @ 5.17
15122 4.90 V 1.00 - 2.10 1.10
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15130 6.73 V 1.00 - 1.40 0.40 4.10 @ 15.25
15131 1.35 WR 1.40 - 1.90 0.50
15132 5.66 V 1.90 - 2.10 0.20
15133 23.35 WR 2.10 - 2.90 0.80
31.54 V 2.90 - 4.10 1.20
15135 1.49 WR 4.10 - 5.10 1.00
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15136 3.12 WR 0 - 1.90 1.90 1.90 @ 3.12
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15138 4.52 WR 0 - 1.90 1.90 1.90 @ 4.52
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15142 81.93 V 1.55 - 2.25 0.70 1.60 @ 49.27
15143 23.87 WR 2.25 - 3.15 0.90
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15144 62.92 V 0 - 0.70 0.70 0.70 @ 62.92
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15181 10.73 WR 0 - 1.60 1.60 1.60 @ 10.73
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15188 7.81 V 1.20 - 2.10 0.90 0.90 @ 7.81
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15191 6.33 V 1.50 - 1.77 0.27 2.37 @ 15.92
15192 0.34 WR 1.77 - 2.77 1.00
15193 32.45 V 2.77 - 3.87 1.10
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15196 3.87 WR 0.90 - 2.10 1.20 3.20 @ 19.34
15198 28.62 V 2.10 - 4.10 2.00
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15201 3.52 WR 0.90 - 2.60 1.70 3.90 @ 2.84
15202 0.25 WR 2.60 - 4.60 2.00
15203 23.07 V 4.6 - 4.80 0.20
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15204 12.73 V 0 - 0.50 0.50 0.50 @ 12.73
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15215 3.34 WR 1.40 - 3.40 2.00 2.00 @ 3.34
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15219 3.13 V 1.20 - 3.00 1.80 1.80 @ 3.13
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15222 2.65 WR 0 - 0.50 0.50 0.50 @ 2.65
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From 78 samples taken, 35 graded less than 0.5 g/t Au, while 43 graded
between 0.5 and 81.9 g/t Au. The weighted average grade of all samples taken
was 6.48 g/t Au.
Results were collected from gold by fire assay with an AA finish performed
by Inspectorate Labs located in Reno, Nevada. Samples were shipped from
Inspectorate Labs in Guatemala City after being transported there from the
El Pato site by the Goldex geological team.
The sample results listed in the information above show significant levels of mineralization exist in the El Cerrito zone. These tests were conducted as part of a larger continuing program to provide the basis for the high grade surface zone mining plans that Goldex intends to put in place at El Pato.
'The trenching results confirm the presence of high grade mineralization in vein structures, as well as mineralized wallrock material that can be found adjacent and between the stacked or sheeted veins. This is significant from an economic point of view as any future production would be able to mine widths beyond the thickness of the veins present and significantly reduce waste rock material. We believe there to be a number of high grade zones evident at El Pato and our exploration work continues to be focused on defining the size and nature of the resource at hand,' stated Goldex President Chuck Ross.
The El Pato project is located in south-eastern Guatemala, 10 kilometres west of the town of Chiquimula, the closest commercial centre to the project and approximately 110 kilometres east of Guatemala City. The project is accessible via paved road.
CHUCK ROSS, President
GOLDEX RESOURCES CORPORATION
This news release has been reviewed and approved by Edward Wells (P.Geo), a Qualified Person consistent with NI 43-101.
About Goldex Resources
Goldex Resources Corporation is a TSX-listed (GDX) junior resource company exploring for gold in the Americas. Led by experienced resource professionals and a world class geological team Goldex's operations include prestigious, strategically focused projects in both Guatemala and Mexico.
For more information please visit: www.goldex.ca
For regular updates please email stephanie@chfir.com using Goldex News in the title box.
Forward-Looking Statements
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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 this release.
Contacts:
CHF Investor Relations
Anne Robert
Account Manager
1-514-510-6338
anne@chfir.com
