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 drill testing.
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.
For further information:
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Email: [email protected]