KELOWNA, BC, Jan. 23, 2012 /CNW/ - Tiex Inc. ("Tiex" or the "Company") (TSX-V: TIX), further to its December 21st, 2011 news release, is pleased to announce the results from its 2011 drill program on the bulk-tonnage sedimentary hosted gold, Gold Creek Project in the Quesnel Terrane of central British Columbia. The program consisted of 1037 m of diamond drilling and ~1464 m of reconnaissance reverse-circulation ("RC") drilling that tested geochemical soil anomalies and is about 36% of the total drilling program.
Four diamond drill holes successfully tested two previously drilled locations and achieved significantly increased core recovery and reached their planned depths. These drill holes intersected numerous iron-carbonate altered and silicified fault zones, the largest of which occurred over 82 m in hole GC11-15. The highlights from these four holes including GC11-15 that was drilled -70 degrees to the south and averaged 0.316 g/t Au over 77.0 m and hole GC11-14 that was drilled -55 degrees northward and intersected 0.362 g/t Au over 27.0 m.
Highlights from the drilling include:
|Hole No.|| Easting
|From (m)||To (m)|| Interval
|Diamond Drill Holes|
|Reverse-Circulation Drill Holes|
*drilling intercept length, not true widths; **un-cut average Au assays
Full disclosure of all assays will be shown on the Company's website as soon as possible.
Hole GC11-16 was a step out reconnaissance hole about 230 m north of holes GC11-14 and 15 and cut similar faults and gold mineralization with 0.191 g/t Au over 28.5 m, 0.626 g/t Au over 6.0 m and another zone of 0.210 g/t Au over 11.5 m.
The RC drill holes are all reconnaissance holes to test a few of the numerous geochemical soil anomalies on the Property and to attempt to define the limits of known gold mineralization. Hole GC11-27, collared ~110 m southeast of holes GC11-14, returned 0.893 g/t Au over its entire 42.3 m length and included a 1.52 m interval of 13.4 g/t Au. This hole was stopped due to excessive water in the hole, but it is in the same area as GC08-04 that ran 74.68 m at 0.411 g/t, GC08-05 that ran 102.1 m at 0.324 g/t and GC08-06 that ran 263.07m at 0.240 g/t in the 2008 diamond drill program. Hole GC11-21 was collared 180 m northeast of hole GC11-27 and returned 0.147 g/t Au over 77.7 m including 0.345 g/t Au over 12.2 m. Most RC holes in 2011 (12 of 15 holes) returned elevated gold assays (> 0.1 g/t Au) of which several require follow-up with a diamond drill.
Ken Faulkner, President and CEO, comments: "Going into this program, we were trying to accomplish two goals. The first was to add and expand the known mineralized area, and we believe that we accomplished that with almost every hole in the program returning gold values. Gold Creek has a potential strike length of more than 12 kilometers and we have drilled only a fraction of that. Equally important is our proximity to Spanish Mountain Gold's +4 million ounce gold deposit which ends at our border. Our drill program will test the extensions of this mineralization on our property to the North. Secondly we tested drill methods to improve core recovery and we were very successful with greater than 85% recovery rate, which is a significant improvement and bodes well for future drilling."
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.
For further information:
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798