KELOWNA, BC, Jan. 19, 2012 /CNW/ - Kelowna British Columbia: Tiex Inc.
("Tiex" or the "Company") (TSX-V: TIX), further to its December 21st, 2011 news release, is pleased to announce the results from the first
drill holes on the Viewland Project as part of the initial phase of
exploration on its six porphyry copper-gold projects in the Quesnel
Terrane, central British Columbia. The 1,044 m of reverse-circulation
("RC") drilling completed in 2011 on Viewland is about half of the
total program planned and only tested one of several coincident
geochemical and geophysical targets in the Viewland area.
A total of 1,044 metres from seven widely spaced reconnaissance RC drill
holes were completed in 2011 to test a 200 x 1400 metre area that is
underlain by a magnetic high, chargeability high and highly anomalous
copper in soils. All of the drill holes intersected propyllitically
altered diorite and monzodiorite which contains abundant (3-8%)
disseminated pyrite and pyrrhotite. Locally, intervals contain quartz
vein material in the chip samples that are also associated with minor
chalcopyrite. Three holes encountered pyritic hornfelsed argillite at
depth. Assay results showed that the sulphide-bearing diorite contains
anomalous copper concentrations. Highlights from the drilling include:
RC Hole VL11-01: 6.1 m @ 0.10% Cu,
RC Hole VL11-05: 47.3 m @ 0.06% Cu
RC Hole VL11-07: 53.3 m @ 0.04% Cu
Ken Faulkner, President and CEO commented, "The Viewlands property is a
vast area and the results from our ongoing drill program has confirmed
the direction and locations of our remaining targets. The copper
mineralization coupled with our geological interpretation suggests that
we are clearly in the right rocks and has assisted us in prioritizing
the next phase to the northeast where we believe there is significant
potential for a copper/gold porphyry system. Our theory going into this
drill program was that copper/gold porphyry systems existed in the
sediments. Our first results are indicative of that and I am eager to
begin the next phase of drilling to prove out our theory."
The data collected in 2011 on Viewland, strongly suggests that the
geochemical and geophysical anomaly that was drill tested, is too deep
in the hydrothermal system to have encountered porphyry alteration or
mineralization in the current drilling. Furthermore, the tilted
stratigraphy in the area indicates that the geochemical and geophysical
anomaly 1.5 km to the northeast of the current drilling area is
stratigraphically higher up in the hydrothermal system and will require
Tiex is encouraged by these initial results and intends to complete the
2,000 m drilling program on Viewland by drilling an additional ~ 950 m
on the remaining anomalies, in 2012.
Stephen Wetherup, B.Sc., P.Geo. is the Qualified Person as defined by
National Instrument 43-101 and is responsible for the technical
information provided in this release.
About Tiex Inc:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on
the exploration of its 95,559 ha Cariboo Region properties, including
the 16,180 ha Bullion Property which is under an earn-in option/joint
venture agreement with Newmont Canada Corporation as announced in the
Company's April 27, 2011 news release. The properties are located in
the prolific Quesnel Terrane of central British Columbia, Canada and
are accessible by highway and logging roads year round. For more
information, you can visit the company's website at: www.tiexinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth D. Faulkner"
President & CEO
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision
of resource estimates, environmental and permitting risks, access to
labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements.
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.
SOURCE TIEX Inc.
For further information:
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798