GenX Resource Corp Reports Geophysical Anomalies Identified on the McLaren Lake Property
23 January 2007
GenX Resource Corporation, Inc. (Pink Sheets: GNXC), (Frankfurt "G8Y" WKN "AOLCPG"), recently acquired airborne radioactive and gravity survey over the McLaren Lake property in NWT Canada.
The company has acquired a regional radioactive and gravity airborne geophysical survey. The airborne geophysical survey covers the entire property and surrounding area. The survey indicates the property has anomalous radiometric and gravity reading which are significantly above background levels. The size and nature of these readings may represent a significant source. Historically, readings of such a nature have been associated with an IOGC district.
The IOCG model is proposed as the main exploration target for the company's property in this part of the Great Bear magmatic zone. The 1.59-Ga- old Olympic Dam deposit at Roxby Downs in the Gawler Craton of southwest Australia consists of dike-like, hematite-rich diatreme breccias in granite and felsic volcanics, and has a reported resource of 2.32 billion tons of 1.6 per cent copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram per ton U3O8. The mineralization and geology, the property, in the Great Bear magmatic zone, indicate similarities with the IOCG deposit type.
About GenX Resource Corp:
GenX Resource Corporation, Inc. is incorporated under the state laws of Nevada, United States. GenX is a diversified junior resource exploration company with specific focus on mineral properties in North America. GenX's main objective is to acquire mineral concessions, finance their exploration, and bring these concessions into commercial production by way of joint venture or option agreements or through a combination of both.
Web site: http://www.genxresources.com
Forward Looking Statements:
Any statements made in this press release that are not based on historical facts are "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data; forward looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward looking statements. For a description of some of the factors that may occur that could cause actual results to differ from our forward-looking statements please refer to our 2005 Voluntary Annual Report, and in particular the discussions contained under "Risk Factors."
Source: prnewswire
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