Diamond Drilling on Tiex Inc. Gold Creek Project, Quesnel Trough Area, British Columbia
Friday January 9, 9:00 am ET
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KELOWNA, BRITISH COLUMBIA--(MARKET WIRE)--Jan 9, 2009 -- Tiex Inc. (CDNX:TIX.V - News)
The Company is pleased to announce the results of diamond drilling on the companies Gold Creek Project on its wholly owned land package in the Quesnel Trough, British Columbia. Tiex Inc. through four separate property agreements acquired claims that comprise a total of approximately 184,260 hectares. The property is comprised of 105 claims covering a total area of about 184,260 hectares, approximately 128 kilometres long by 57 kilometres wide. The property is in the Cariboo Mining Division, situated in south-central British Columbia adjacent to the community of Likely about 60 kilometres northeast of Williams Lake.
The Company's primary exploration target in the Quesnel Trough is stratabound, gold (silver) quartz vein deposits hosted in a metasedimentary sequence of black shales, phyllites and argillites (such as Spanish Mountain, Frasergold and Kusk). In addition to this type of mineralization that has the potential to be mined as large, bulk-tonnage deposits, during the latter part of the 2007 field season, the Company undertook a property investigation on one of its key mineral claims located about 3 kilometres north of Likely. The target area on the claim is a small stream locally known as Gold Creek.
Gold Creek, as with many of the creeks in the area, experienced limited placer activity during the late 1800s and early 1900s. For example the, "Bullion Pit", near Likely produced 175,000 ounces of gold from paleochannel gravels overlying bedrock.
Based on initial mapping and sampling surveys, the Gold Creek section (also the 'Gold Creek zone') is geologically interpreted as an altered sedimentary unit potentially hosting a stratabound gold bearing horizon. The section is tentatively identified as comprising of an altered sequence of volcaniclastic-tuffaceous wacke in a carbonate matrix, hosting cubic pyrite and multiphase quartz veins, some of which carry fine visible gold. Based on soils collected for pan sampling and microscope identification, the pan concentrate shows the morphology of gold grains to be very fine and coarse (wire-like) textured, indicating a local source. Also, fine, visible gold was observed in some of the quartz veins occurring with galena (lead sulphide), and as fine wire gold in oxidized-limonitic pyrite and as fine free gold along the walls of the quartz veins away from the sulphides.
The Gold Creek zone occurs within a geologic environment that has the potential of hosting a shear zone quartz vein type gold deposit. The Company recently completed both induced polarization (I.P.) and magnetometer geophysical surveys and MMI (mobile metal ion) surveys over the zone. The Company plans to conduct a 6,500 metre diamond drill program designed to test Tiex's Gold Creek and Horsefly properties. To date, the Company has completed 11 holes totalling 1,568.13 metres on the Gold Creek zone.
Drill core was sent to Acme Analytical Laboratories in Vancouver and ALS Chemex laboratory in North Vancouver for analysis. Quality Control and Quality Assurance procedures have been implemented to all samples generated from the drilling program which meet or exceed C.I.M. Best Practices Guidelines and National Instrument 43-101 Standards of Disclosure.
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Assay Results of
Drill Core
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Gold Creek Property
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Intersection Interval
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Drill From To Length Au
Hole
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(m) (m) (m) g/t
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GC08-01 Mineralized 10.34 96.02 85.68 0.551
Zone
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Enriched 10.34 70.1 59.76 0.736
Zone
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Includes 22.34 34.48 12.14 1.401
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Includes 64.01 70.1 6.09 2.615
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GC08-02 Mineralized 4.57 104.55 99.98 0.305
Zone
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Enriched 30.33 89.31 58.98 0.428
Zone
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Includes 34.9 35.97 1.07 6.040
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Includes 50.9 52.73 1.83 2.560
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Includes 61.42 62.18 0.76 1.600
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Includes 83.21 84.24 1.03 1.600
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GC08-03 Mineralized 2.74 67.67 64.93 0.272
Zone
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Enriched 9.75 65.53 55.78 0.303
Zone
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Includes 11.13 12.5 1.37 2.760
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Includes 16.15 16.76 0.61 1.470
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Includes 45.62 46.63 1.01 1.690
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Includes 57.2 58.01 0.81 1.070
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Includes 64.16 65.53 1.37 1.144
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GC08-04 Mineralized 7.01 81.69 74.68 0.411
Zone
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Enriched 33.53 49.07 15.14 0.430
Zone
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Includes 41.45 42.06 0.61 2.740
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Enriched 54.45 81.69 27.24 0.750
Zone
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Includes 63.7 73 9.3 1.185
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GC08-05 Mineralized 6.1 108.2 102.1 0.324
Zone
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Enriched 6.1 58.53 52.43 0.463
Zone
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Includes 9.75 11.79 2.04 3.210
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Includes 19.66 21.95 2.29 1.399
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Includes 45.11 46.03 0.92 1.450
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Includes 50.75 51.82 1.07 2.220
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Enriched 90.53 108.2 17.67 0.394
Zone
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Includes 101.8 103.64 1.84 1.425
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Includes 106.23 107.29 1.06 1.320
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GC08-06 Mineralized 24.69 263.07 238.38 0.240
Zone
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Includes 24.69 25.76 1.07 3.170
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Enriched 85.04 157.58 72.54 0.405
Zone
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Includes 85.04 86.56 1.52 3.560
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Includes 99.67 101.5 1.83 5.460
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Includes 108.81 110.34 1.53 1.420
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Includes 138.99 140.51 1.52 0.990
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Includes 156.45 157.58 1.13 1.870
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Includes 250.89 252.42 1.53 1.060
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Includes 261.54 263.07 1.53 2.610
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The Gold Creek zone shows some widths with significant gold values in the initial six drill holes. No significant values were reported from drill holes 7, 8, 9, 10 or 11. However, diamond drilling was extremely difficult in the Gold Creek area due to fractured ground. Few drill holes reached their planned depth and orientation of the drill required steep angle holes in order to minimize drill blocking and core loss. Following an analysis of lithology and Au anomaly values from the cores samples it appears that gold values were lower than anticipated.
The core loss of up to 50% makes many of the assay results unreliable. This is evidenced by the assays obtained from drill sludge samples collected from the drill return water.
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Assay Results of
Drill Cuttings
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Gold Creek Property
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Hole From To Length Au
No.
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(m) (m) (m) g/t
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GC08-02 Mineralized 4.57 107.59 103.02 1.606
Zone
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Enriched 4.57 104.54 99.97 1.643
Zone
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Includes 24.38 89.31 64.93 2.375
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Includes 36.88 49.07 12.19 7.372
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The Company cautions that the assay results of the drill cuttings of hole #2 on the Gold Creek Property above were taken and analyzed due to problems with the drilling of hole#1. These drill cutting assay results cannot be relied on as if they were drill core assay results to indicate gold mineralization.
The Company will first try to correct this problem for future drilling on this property by using a drill bit called a, "Face Discharge Bit", that injects cooling water directly on the diamond cutting faces instead of injecting cooling water all around the total length of the drill bit. Due to this loss of gold in the core samples the Company plans to use the, "Face Discharge Bit", to drill at least two additional holes, one in the area of holes number 1 to number 3 and one in the area of holes number 4 to number 6, to attempt to obtain reliable assay results.
To view Figure 1 please visit the following link: media3.marketwire.com.
Figure 1: Interpretation of geology from geophysics overlain on MMI gold contour plot.
The Gold Creek enriched gold zone corresponds to the silicified pyroclastic unit along the exposed valley wall of the Poquette fault. Gold indications from the MMI geochemical survey suggest that the Gold Creek mineralization continues along strike on the west side of the Poquette valley. There is sufficient encouragement from the drilling and geochemical and geophysical survey to continue the exploration on the west side and within the Poquette shear zone to discover the continuation of the favourable Gold Creek zone. The Company cautions that the strength of the IP chargeability and MMI geochemistry are not a reliable indicator of gold mineralization or method of determining gold grade. There is no assurance that these results will contain potentially economic gold grades.
To view Figure 2 please visit the following link: media3.marketwire.com.
To view Figure 3 please visit the following link: media3.marketwire.com.
Figure 3: East-West section through Gold Creek zone.
John Buckle, P. Geo. P. Geoph, the Company's Vice President of Exploration and a qualified person as defined by National Instrument ("NI") 43-101, has reviewed and approved the technical information contained in this press release.
ON BEHALF OF Tiex Inc.
Ernie Bergvinson, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Tiex Inc.
Ernie Bergvinson
President & CEO
(250) 869-1607
(250) 868-0798 (FAX)
Email: ceo@tiexinc.com
Website: tiexinc.com
Source: TIEX Inc. |
