Tiex Inc. Soil Samples Indicate Presence of Large Copper Porphyry and Gold Targets on Quesnel Trough Properties
- DRILLING ON TARGETS UNDERWAY -
KELOWNA, BC, Dec. 1, 2011 /PRNewswire/ – Tiex Inc. (“Tiex” or the “Company”)
(TSX-V: TIX) is pleased to announce the results from the soil sampling
and induced-polarization (“IP”) components of the exploration work on
its 79,379 ha Gold Creek, Cedar-Louis and Horsefly properties in the
Quesnel Trough area, central British Columbia.
Tiex is very encouraged with the results from the 2011 exploration work
and will conduct follow-up work on the target areas in 2012.
Ken Faulkner, President and CEO commented, “Results from our soil
sampling program continues to reinforce our belief that our property
portfolio has the potential to host multiple discoveries. The 2011
program was designed to confirm this potential and advance our efforts
on just two of our targets (Gold Creek and Viewland). Drilling is
underway on both targets and assay results are pending. In addition,
the 2011 program has successfully identified other high priority
anomalies within our property package and we are quickly moving to
define exploration programs for these new targets.”
The Company completed approximately 45 line-km of IP in two survey areas
in the Viewland and Elbow Lake areas on the Horsefly Property and
collected 1,827 soil samples in the Gold Creek, Cedar-Louis, Jack
(Megamag), McKaygold, Corey (Horsefly Mtn), Elbow Lake and Bosk Lake
Table 1. Summary of exploration work completed on Tiex Inc.'s Cariboo Region properties. Target Area Property Target Work Conducted Summary of Results South QR Gold Creek SZ hosted Au 208 soils 900 x 300 m Au-As anomaly Cedar-Louis Cedar-Louis Sed-hosted Au 534 soils Two Au-As soil anomalies 1600 x 700 m and 2600 x 1000 m McKaygold Horsefly Sed-hosted Au 254 soils Scattered Au-As anomalies along a conductive 2200 x 300 m trend Corey Horsefly Porphyry Cu-Au 168 soils Two Cu+/-Au anomalies; 1300 x 500 m and 1200 x 300 m Viewland Horsefly Porphyry Cu-Au ~35 line-km IP Strong to moderate chargeability assoc. with high mag and Cu in soils Elbow Lake Horsefly Pourphyry Cu-Au ~10 line-km IP, Mod 378 soils chargeability and high mag assoc. with two Cu in soil anomalies; 2300 x 300 m and 800 x 150 m Jack Horsefly Porphyry Cu-Au 123 soils 3 Mo-Cu+/-Au soil anomalies on two recce soil lines Bosk Lake Horsefly Porphyry Cu-Au 199 soils Several isolated gold in soil anomalies
*Soil anomalies are defined as areas returning element values > 90(th) percentile.
The area south of the Quesnel River is a tectonic zone which is along
strike from a Au-Cu in soil anomaly on Bearing Resources’, October Dome
Project. Results from the 2011 soil sampling outlined an area of 900 m
x 300 m of anomalously high gold (“Au”) and arsenic (“As”) in soil (up
to 46 ppb Au, 56 ppm As) as well as several scattered Au in soil
samples up to 250 ppb Au in soil. As is associated with gold
mineralization in this area.
The Cedar-Louis area is due ~ 3 km south of the Spanish Mountain deposit
and like the Spanish Mountain deposit this area is a bulk-tonnage
Sedimentary-Hosted Gold target. Two areas 1600 m x 700 m and 2600 m x
1000 m of anomalously high As in soil have been delineated by the 2011
soil survey. The As anomalies are coincident with numerous anomalous
Au in soil samples up to 50 ppb Au.
The McKaygold area is north and along strike of Eureka Resources’
Frasergold deposit which is hosted by and adjacent to the Eureka Thrust
Fault. Soil results from 2011 returned several coincident Au-As
anomalies scattered along the entire length of the survey area within a
conductive zone interpreted to be the Eureka Thrust Fault.
The Corey Project area is underlain by a monzodiorite to monzonite
intrusion that is rimmed to the north and southwest by two separate
copper (“Cu”) in soil anomalies. The northern anomaly is 1200 m x 300
m and is open to the north and the southwest anomaly is a series of
discontinuous Cu in soil anomalies covering an area of 1300 m x 500 m
and has several coincident Au in soil anomalies.
In the Viewland porphyry Cu-Au target area, soil samples collected in
the mid-1980′s delineated two large copper in soil anomalies (700 m x
2200 m and 900 m x 2700 m) coincident and surrounding a magnetic high.
In 2011, ~35 line-km of IP was conducted which demonstrated that the
southern and larger of the two soil anomalies coincides with a
chargeability high. This coincident chargeability high and Cu in soil
anomaly was the target tested by Tiex drilling in November, 2011
(results expected in early December).
The Elbow Lake area is underlain by a magnetic high and dioritic stock
where ~10 km of IP survey and 378 soil samples were collected in 2011.
This work defined two Cu in soil anomalies along the east and west
boundary (2300 m x 300 m and 800 m x 150 m, respectively) of the
magnetic high. IP data also showed that the eastern Cu in soil anomaly
coincides with a zone of moderate chargeability and the western soil
anomaly is adjacent to a chargeability high.
The Jack area is underlain by a large magnetic high ~ 40 square km in
size and in 2011 two reconnaissance soil lines returned three separate
areas of coincident copper and molybdenum in soil anomalies.
Stephen Wetherup, BSc. P.Geo the qualified person as defined by National
Instrument 43-101 is responsible for the technical information provided
in this release.
About Tiex Inc:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on
the exploration of its 95,559 ha Cariboo region properties, (including
16,180 ha Bullion Property which is under the earn-in option/joint
venture agreement with Newmont Canada Corporation announced in the
Company’s April 27, 2011 news release) located in the prolific Quesnel
Terrane of central British Columbia, Canada. The property is
accessible by highway and logging roads year round. For more
information, you can visit the company’s website at: www.tiexinc.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Kenneth D. Faulkner”
President & CEO
Certain information regarding the Company including management’s
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision
of resource estimates, environmental and permitting risks, access to
labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements.
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.
SOURCE TIEX Inc.