VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 20, 2006) - Georgia Ventures Inc. (TSX VENTURE:GVI)(FWB:G4Y) ("Georgia" or the "Company") reports on the drilling at the Towerstone molybdenum porphyry prospect located in Kule Valley, one of several mineralized areas identified on a 500km2 property located in the Xinjiang Autonomous Region of Northwest China.
The Company has completed 1,454 metres of drilling in five holes (TS06-05A to 08 and TS06-10) and to date has received analytical results from two of these holes, TS06-05A and TS06-06. Drill hole locations are shown in the sketch map accompanying this news release.
Jonathan George, President, states, "To intersect such significant molybdenum values in our first two holes is extremely important given the size of the target area being investigated. This is an exciting new discovery which we believe may be the tip of the iceberg. We are following a model suggesting that extensive molybdenum mineralization may occur beneath a pyrite-rich cap."
The Towerstone molybdenum prospect is situated within intensely altered and leached bedrock consisting of high level granitic intrusives and pyroclastics crosscut by quartz stockworks. A prominent subcircular high chargeability anomaly with a diameter of 1.7 km was identified at the end of the 2005 field season. In 2006, trench chip sampling, partially within the high chargeability zone, outlined a significant molybdenum anomaly averaging 74 ppm Mo over a 2.0 x 0.8 km area. This area has been the target of recent drilling.
Both holes 05A and 06 intersected high level porphyritic granitoids characterized by intense potassic alteration crosscut by stockworks of quartz, quartz-pyrite-sericite, quartz-magnetite, and pyrite-magnetite±quartz veins. Molybdenite mineralization occurs as disseminations and streaks in late quartz veins and as molybdenite veins within intensely altered granite. In hole TS06-06, a 2 metre interval averaged 0.277% Mo indicating the presence of high grade molybdenum in the system.
Core intervals with the better molybdenite mineralization are characterized by intense potassic alteration, quartz and magnetite veins and little or no pyrite.
The drilling is being carried out by using two wireline rigs that recover HQ and NQ core. The core is halved at the camp using a diamond saw. Half core is shipped to SGS preparation laboratory in Urumqi and the other half is kept in the core boxes. All intervals are analyzed for 34 elements by ICP at SGS's analytical laboratory in Tianjing. Blanks and duplicates are routinely inserted in the stream of samples. Batches of SGS's pulps are occasionally sent to ALS Chemex's laboratory of North Vancouver to check the reproducibility of SGS's ICP results.
Georgia has the right to earn up to an 85% interest in the Towerstone project.
Dr. Fabrizio Colombo, PhD., Project Manager, is responsible for the design and implementation of the Company's quality control and assurance program.
Dr. Luca Riccio, PhD., P. Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.
On behalf of The Board
Jonathan W. George, President
This press release contains "forward looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements prove to be accurate and actual results and future events could differ materially from those anticipated from such statements.
To view accompanying map, please click on the following link: http://www.ccnmatthews.com/docs/GVI_DrillPlan.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Georgia Ventures Inc.
Mr. Jonathan George
(604) 694-0005
(604) 684-9365 (FAX)
Website: www.georgiaventures.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
