Amseco Exploration Ltd.

Amseco Exploration Ltd.

August 17, 2010 09:15 ET

Amseco Exploration Ltd.: Chika Property Geochemistry Results

MONTREAL, QUEBEC--(Marketwire - August 17, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces that it has received the laboratory assay results for the Grab Samples recently collected from the CHIKA property located 100 km east of Radisson, QC, in the Lower James Bay area.

In June 2010, Amseco sent a team of prospectors on the CHIKA property. The initial goal of the visit was to locate the two (2) surface gold zones identified by Virginia (Gillgrass, C., 1998-GM56089). Once located, the zones were to be grab- sampled in an effort to reproduce the historical Orezone and Virginia results. Based on the results announced today Amseco will plan and execute a more detailed and systematic exploration program to be led by a professional geologist.

The «Main» showing was located and on surface it has a length of more than 150 meters with widths of up to 45 meters in some areas. The second showing called "C2" which was not located because of the marshy conditions and a lack of time during this trip is according to the GM56089 of a length of 100 meters with widths of up to 6 meters.

The prospecting team collected 25 grab samples. 19 samples graded more than 5 ppb Au of which 10 had grades of more than 1 gram per ton of Gold (Au). The samples were assayed via Atomic Absorption ("AA"). The samples grading more than 1 gram per ton Au were submitted to a second assay using gravity separation ("GRA"). The samples were also subjected to ICP assays for 35 elements. No samples returned interesting Silver (Ag), Copper (Cu), Nickel (Ni) or Zinc (Zn) values.

The following results were obtained:

  • Samples 126001 to 126004 less than 50 ppb Au

  • Sample 126005 1.785 g/t Au by AA and 2.75 g/t Au by GRA

  • Samples 126006 and 126007 less than 18 ppb Au

  • Sample 126008 10.0 g/t Au by AA and 10.400 g/t Au by GRA

  • Sample 126009 0.517 g/t Au by AA

  • Sample 126010 4.820 g/t Au by AA and 4.870 g/t Au by GRA

  • Sample 126011 3.950 g/t Au by AA and 4.330 g/t Au by GRA

  • Sample 126012 0.253 g/t Au by AA

  • Sample 126013 1.990 g/t Au by AA and 2.180 g/t Au by GRA

  • Sample 126014 1.945 g/t Au by AA and 1.910 g/t Au by GRA

  • Sample 126015 less than 28 ppb Au

  • Sample 126016 8.970 g/t Au by AA and 8.600 g/t Au by GRA

  • Sample 126017 less than 5 ppb Au

  • Sample 126018 2.380 g/t Au by AA and 2.070 g/t Au by GRA

  • Sample 126019 2.760 g/t Au by AA and 2.250 g/t Au by GRA

  • Sample 126020 less than 5 ppb Au

  • Sample 126021 0.265 g/t Au by AA

  • Sample 126022 1.330 g/t Au by AA and 1.060 g/t Au by GRA

  • Sample 126023 0.502 g/t Au by AA

  • Sample 126024 0.117 g/t Au by AA

  • Sample 126025 less than 31 ppb Au

The assays revealed that the high Gold (Au) grades, as reported by ALS-CHEMEX, showed high Arsenic (As) values that are generally proportional to the Gold values. The grab samples were taken either on surface or within the historical saw channels made during the 1990s. 

The CHIKA property is made up of 10 contiguous claims with an area of 511.37 hectares located in area 33F09-12 of Quebec. According to Gillgrass, who supervised Virginia's activities, the mineralized showings are found within quartz-tourmaline-sulfide veins and pyrite arsenopyrite and chalcopyrite veinlets, all found within an ENE shear zone within a gabbro. The shear zone could represent a deformation corridor at the contact between the Volcanics and the Duncan intrusion.

The grab sampling was not supervised by a geologist and the samples taken were chosen Grab Samples. The results generally confirm the results historically obtained by Orezone and Virginia.

Mr. Jean Desmarais, Amseco's president states : "The new results confirm the value of the property acquired by Amseco in 2007. These results are encouraging and within the next few weeks the Company will analyze them and plan the next step in its exploration of the CHIKA property. Considering that since 1998, when Virginia completed its work on the property, the price of Gold has risen from about $300 per ounce to over $1,100 per ounce, this creates a situation where Amseco must send an exploration team under the leadership of a geologist to complete a systematic channel saw sampling program as well as the geological mapping of the two mineralized zones. Following the results from this future program the Company will determine its course of action to maximize the property's value."

This press release was reviewed by Jean-Pierre Cloutier, P. Geo. a qualified person in compliance with NI-43-101. He deals with the Company at arm's length.

We seek safe harbour

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