SGX Extends Tully Deposit to Depth by 250 Metres
August 28, 2013 (Source: Marketwire) — Dale Ginn, President and Chief Executive Officer of SGX Resources Inc. (TSX VENTURE:SXR) is pleased to report that step-out drilling has successfully extended the Tully deposit eastward by more than 100 metres and to depth by more than 250 metres from the limits of previous drilling.
Strike extensions of the zone continue to be realized at the easternmost known extent of the deposit with drill hole #13-20 cutting 6.7 metres of 9.0 g/tonne more than 200 metres below surface. Wide, high-grade vein sets have also been identified more than 600 metres below surface as evidenced by drill hole #13-22 which encountered 6.5 metres of 8.0 g/tonne. Drilling continues to focus on gaps of information and on extending the zone along strike and to depth. A number of broad, high-grade intersections near surface and to depths of more than 600 metres have been encountered so far this year in a series of thickly stacked gold bearing lenses or veins making up the Tully deposit, which is jointly owned (50/50) by SGX and San Gold Corporation (TSX:SGR).
“Results from our step-out drilling program this summer have been very rewarding and continue to highlight the Tully deposit as one of the few undeveloped, near-surface, high-grade gold deposits that exist in North America. Our interpretation of Tully as a repeating set of stacked veins analogous to a ‘Venetian blind’ concept is paying off as we are now able to confidently connect with mineralization away from the main deposit both along strike and to depth. The deposit’s host tuff unit is now readily identifiable along strike for a few kilometres in either direction and we have now confirmed grade and width to depth. This, coupled with the deposit’s proximity to existing mills and roads as well as nearby deposits, gives us a great deal of confidence in Tully’s potential,” said Mr. Ginn.
Assay results received to date on the step out program are summarized below:
|Eastern Extension Holes:|
|Deep Extension Holes:|
The following results are all that have been received to date from the 2013 drill program.
The 2013 drilling campaign is based on the results of an internal study that was undertaken by SGX geologists focusing on the structural and geological setting in order to fully appreciate the potential for additional mineralization and its controls. The Tully deposit is interpreted to be a series of shallow dipping (extensional or ladder) stacked vein sets within a sub vertical competent mafic tuff host that is bounded by ultramafic volcanic rocks to the south and sediments to the north. This host sequence of rocks all lie within a regional east-west fault corridor, a northern splay from the Porcupine-Destor Fault. The Tully deposit has been drilled over a 700 metre strike length to date, and to depths of over 600 metres, remaining open along strike and to depth. True intersection widths are interpreted to be 65% to 80% of drilled widths as shown in the table above. Assay intersections are uncut as an appropriate cutting factor has not yet been determined for this deposit.
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SGX Resources is also undertaking evaluation programs on the Edleston Zone, located 60 km south of Timmins focusing on infill and extensions. An additional drill program has been completed on the Grenfel project located west of Kirkland Lake in order to follow up on historical shaft, level development and diamond drilling by previous owners. It is anticipated that a mineral resources technical report will be prepared this year for the Tully deposit. SGX also 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 composite/longitudinal section showing the location of the intersections received and released to date.
This program was carried out under the supervision of Peter Caldbick, P.Geo., of SGX Resources Inc., the qualified person responsible for this news release. The drill core was split, with half sent to Activation Labs of Ancaster, 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.
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.
To view Figure 1: Composite Section Looking Northeast, click on the following link: http://media3.marketwire.com/docs/s827aa.pdf
To view Figure 2: Tully Mafic Tuff Location and Regional Magnetic Signatures, click on the following link: http://media3.marketwire.com/docs/s827bc.pdf
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>