WINNIPEG, MANITOBA -- (Marketwire) -- 01/29/13 -- Dale Ginn, President and Chief Executive Officer of SGX Resources Inc. (TSX VENTURE: SXR), is pleased to report that drilling has followed up on the new high-grade gold discovery located immediately to the south of the Edleston deposit. Drill hole #12-90 encountered three distinct high-grade intersections, cutting 2.7 metres of 7.1 g/tonne as well as 1.5 metres of 10.5 g/tonne and 1.3 metres of 8.7 g/tonne. Drill hole #12-90 is located immediately below and to the east of discovery hole #12-86, which produced a 6.3 metre interval of 68.5 g/tonne (see press release dated Nov. 20, 2012). Additional assay results are also being reported for Edleston Zone drilling that has successfully extended the main body eastward by over 100 metres since November, 2012.
Drilling programs have now recommenced on the main body of the Edleston Zone with two drills focusing on both infill and extensions. A single drill has also commenced on the Tully gold deposit located 20 kilometers north of Timmins while an additional drill has started 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 mineral resources technical reports will be prepared this year for the Edleston and Tully deposits.
An updated longitudinal section has also been attached in order to show the location of the intersections obtained to date on the Edleston deposit and the new high-grade discovery. Recently received results are summarized below:
Hole # From (m) To (m) Length (m) Gold (g/tonne) Zone/LensSL-12-90 104.8 107.5 2.7 7.12 Hanging walland 121.3 122.8 1.5 10.45 Hanging walland 141.7 143.0 1.3 8.71 Hanging wallSL-12-72 370.0 290.3 20.0 0.54 EL #1SL-12-87 263.0 316.0 53.0 0.71 EL #1SL-12-91 145.0 161.0 16.0 0.50 EL #1and 215.9 240.3 24.4 0.52 EL #1SL-12-132 33.0 77.0 44.0 0.63 EL #1
The intersections above are near to true widths as drilling has taken place from surface hangingwall positions, intersecting the zone nearly perpendicular to its strike and dip.
The Sothman land package containing the Edleston deposit is located approximately 60 km by road to the south of Timmins, Ontario, between the Young-Davidson mine to the east and the Cote Lake deposit to the west. This discovery is located in the north-west quadrant of SGX's claim group within the Sothman Township and has road access via Pine Street extending south from Timmins. The main deposit dips moderately steeply to the south and strikes east-southeast on the north limb of the Edleston fold while the high-grade zone appears to lie in a south east axial planar feature. Over 75 drill holes have been completed to date along 50 metre spaced sections, outlining a mineralized zone approximately 100 metres wide and over 700 metres long to a maximum depth of 250 metres while the zone continues to remain open in all directions.
The Tully deposit and property is located approximately 25 km to the north of Timmins and has undergone a number of phases of exploration by previous owners as well as by SGX in 2010. This deposit is interpreted by SGX geologists to consist of a series of extensional high-grade quartz veins within a tuff unit host acting in contrast to the bounding sheared ultramafic and sediment units along a northern splay of the Porcupine fault. 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 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 the SPJ Laboratories of Sudbury, 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.
To view the "Edleston Deposit Longitudinal Section" figure, please visit the following link: http://media3.marketwire.com/docs/SGX-2013-01-29-Edelston.pdf
To view the "IP Signature over Edleston Deposit and New High Grade Zones" figure, please visit the following link: http://media3.marketwire.com/docs/SGX-2013-01-29-IP.pdf
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.
SGX Resources Inc.