VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2011) - Goldex Resources Corporation (TSX VENTURE:GDX) ("Goldex" or the "Company") today announced preliminary assay results from the first seven of twelve diamond drill holes on its flagship El Pato property in Guatemala.
The first seven holes point to expected high grade mineralization in the principal zones of El Pato with holes in the high grade El Cerrito and El Cerrito West areas showing some exciting grades and intervals.
Goldex expects the next set of assay results for the remaining five holes of the project to be available within the next few weeks.
GDXP Hole-10 showed a 30.48m intersection averaging 5.04 g/t Au that includes a 9.15m section averaging 12.38 g/t Au.
The recently completed diamond drill program of twelve exploratory holes goes hand in hand with the bulk sampling taking place at El Pato. The Cerrito West zone at El Pato has consistently showed high levels of near surface mineralization with average bulk sample grade of 28.64 g/t Au (see News Release dated May 18th 2011). The drill program recently completed was designed to prove up average grades as indicated by the UN and Guatemalan government drill programs in the late 1980's and 90's as well as to map and explore the extent of the veins and structures present. GDXP Hole 10 of this program, as shown above, contains the typically expected mineralization present at El Pato while other holes allow for more precise mapping of the vein structures.
It is the intent of Goldex management to proceed with additional bulk sampling in the principal sectors in an attempt to further show the nature of the available mineralization at El Pato which includes high grade surface zones as well as an epithermal 'pinch and swell' of deeper veins.
"The holes in the high grade zones returned results in line with what we expected to find under the surface at El Pato. I believe that the remaining holes will strengthen this picture of high grade mineralization and compliment the bulk sampling we shall be doing on the principal zones at El Pato." stated Charles Ross, President of Goldex.
Highlights of the first seven holes are shown below:
Sample ID Hole Interval (m) From To AU g/t
14931 GDXP-010 1.53 97.53 99.06 1.19
14932 GDXP-010 1.52 99.06 100.58 2.56
14934 GDXP-010 1.52 100.58 102.10 1.81
14935 GDXP-010 1.53 102.10 103.63 6.60
14936 GDXP-010 1.52 103.63 105.15 5.26
14937 GDXP-010 1.53 105.15 106.68 6.82
14939 GDXP-010 1.32 106.68 108.00 6.35
14940 GDXP-010 1.72 108.00 109.72 33.81
14941 GDXP-010 1.12 109.72 110.84 11.25
14943 GDXP-010 0.41 110.84 111.25 13.60
14946 GDXP-010 1.52 114.30 115.82 8.93
14948 GDXP-010 1.52 115.82 117.34 3.79
14949 GDXP-010 1.53 117.34 118.87 2.24
14951 GDXP-010 1.53 120.39 121.92 1.43
14954 GDXP-010 1.52 123.44 124.96 2.22
14956 GDXP-010 1.52 126.49 128.01 1.06
14893 GDXP-014 1.28 143.5 144.78 1.15
14897 GDXP-014 1.53 147.82 149.35 2.01
14904 GDXP-014 1.87 155.1 156.97 1.17
14873 GDXP-012 0.3 168.46 168.76 3.94
14821 GDXP-009 0.6 115.22 115.82 3.22
14832 GDXP-009 1.52 141.73 143.25 1.00
14812 GDXP-008 1.52 80.77 82.29 2.28
Results were collected from gold by fire assay with an AA finish performed
by Inspectorate Labs located in Reno, Nevada. Samples were shipped from
Inspectorate Labs in Guatemala City after being transported there from the
El Pato site by the Goldex geological team.
True width has not been determined.
GDX Exploratory holes 02 and 17 did not show significant results.
Of a total 134 samples taken in all seven holes, 24 showed results over 1
g/t with a highlight of 34 g/t, nine showed grades from 0.5 to 1 g/t, forty
two with grades from 0.5 to 0.1 g/t Au while the remaining grades were less
than 0.1 g/t Au.
This news release has been reviewed by Larry Kornze, a qualified person consistent with NI 43-101.
Charles E. Ross, Director and President
GOLDEX RESOURCES CORPORATION
About Goldex Resources Corp
Goldex is a junior resources company exploring for gold in the Americas. A 5000m drill program is currently underway on the company's flagship El Pato property in Guatemala. Goldex also has rights to the El Arco project in Mexico and the La Chorrera property in Guatemala. Goldex is listed on the Toronto Venture Exchange (TSX VENTURE:GDX).
For more information please visit: www.goldex.ca
For regular updates please email firstname.lastname@example.org using Goldex News in the title box.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.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 this release.