Neil Woodyer, CEO stated This second set of holes continue to delineate the broad widths and high grades of the mineralization below the junction of the sill and the Bermejal intrusive. Overall the program has an impressive 90% success rate with 36 of the 40 holes drilled intercepting the key targets.
Net proceeds from this private placement are intended to be used to contribute to the Companys proportionate share (40%) of the costs associated with continuing exploration on the Cerro Las Minitas property near Durango, Mexico together with the Joint Venture partner of the Company, Electrum Global Holdings L.P. (60%), for advancement of the 100% owned Oro Project, New Mexico, and for additional working capital. Further exploration work on the Cerro Las Minitas property in 2017 and 2018 is to be funded by the two Joint Venture partners and is expected to consist of RC, RAB and core diamond drilling…
Kiran Patankar, Geologix’s President and Chief Executive Officer, stated: “Restarting substantive field work at Tepal is a significant milestone for the Company. Few gold/copper development projects can boast an established economic resource with the kind of scalability and exploration upside we are seeing at Tepal. We have assembled a technical team led by Gillian Kearvell, whose extensive and successful track record of making world-class discoveries in Southern Mexico is bona fide, in order to take a fresh look at the project. The initial findings from this summer’s field program are highly encouraging and suggest that we have just scratched the surface of Tepal’s true potential.”
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