WINNIPEG, MANITOBA -- (Marketwire) -- 03/18/13 -- Dale Ginn, President and Chief Executive Officer of SGX Resources Inc. (TSX VENTURE: SXR), is pleased to report that drilling in and around the Tully gold deposit located 25 km north of Timmins has been successful in identifying numerous sets of gold bearing veins of varying grades and thickness. The following results are the first received from the joint (50/50) SGX/San Gold (TSX: SGR) 2013 program following extensive compilation and reinterpretation of past drilling programs by previous owners dating back to the discovery of the Tully deposit in 1969 by McIntyre Mines. Drill hole #13-15 cut four separate zones including 14.1 metres of 20.1 g/tonne (uncut) as well as 13.0 metres of 5.9 g/tonne, all above 230 metres in depth below surface. New, broadly mineralized zones of up to 50 metres in width were also encountered by drill holes #13-12 and #13-17.
Recently received results from four drill holes are summarized below:
GoldHole # From (m) To (m) Length (m) (g/tonne) Zone/LensSGX-13-12 56.5 65.0 8.5 1.97 Newand 157.8 160.8 3.0 7.14 T1and 175.1 177.0 1.9 7.46 T2and 189.4 192.0 2.6 5.45 T3and 229.8 270.0 40.2 1.09 NewSGX-13-14 130.3 134.3 4.0 6.47 T1and 159.5 163.0 3.5 3.50 T2SGX-13-15 181.0 194.0 13.0 5.89 T2and 247.3 261.4 14.1 20.10 T3including 247.3 254.3 7.0 39.00 T3including 247.3 247.8 0.5 452.0 T3and 346.3 348.0 1.7 4.70 Newand 372.0 381.0 9.0 1.15 NewSGX-13-17 149.0 151.2 2.2 8.87 T1and 155.8 166.1 10.3 1.12 Newand 171.0 176.0 5.0 5.45 T2and 224.0 273.3 49.3 1.10 New
During the latter part of 2012 an internal study was undertaken focusing on the structural and geological setting in order to fully appreciate the potential for additional mineralization and its controls. What resulted is a different interpretation of vein geometry than past operators giving rise to a new exploration program consisting of steeply oriented drilling in order to intersect veining at perpendicular angles and to utilize drill footage more efficiently by intersecting numerous vein sets. In general terms, the Tully deposit is now interpreted to be a series of shallow dipping (extensional or ladder) stacked vein sets within a subvertical 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 the regional east-west Pipestone Fault corridor, a northern splay from the Porcupine-Destor Fault. Movement along this fault corridor gave rise to competence contrast in the tuff unit, allowing for dilation and the formation of extension fractures which became repositories for gold bearing hydrothermal fluids. The Tully deposit has been drilled over a 600 metre strike length to date, and to depths of over 200 metres, remaining open along strike and to depth. True intersection widths are interpreted to be between 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.
SGX Resources is undertaking drilling programs on the Edleston Zone, located 60 km south of Timmins with two drills focusing on infill and extensions, as well drilling is underway on the Tully gold deposit located 25 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. 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.
To view the images associated with this release, please visit the following links:
Timmins North Tully Deposit: Composite Section Looking Northeast: 2013 Drilling: http://media3.marketwire.com/docs/sgxIMAGE1.pdf.
SGX Resources Project Locations: http://media3.marketwire.com/docs/SGXimage2.pdf.
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SGX Resources Inc.