Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

December 01, 2011 12:21 ET

Amex-Bowmore Cut Large Intercept of Carlin-Type Gold Mineralization at Nueva Escondida Property in Mexico

MONTREAL, CANADA--(Marketwire - Dec. 1, 2011) - AMEX EXPLORATION INC (TSX VENTURE:AMX) ("Amex") and its partner Bowmore Exploration Limited (TSX:BOW) ("Bowmore") are pleased to announce the identification by drilling of significant intercepts of low grade Carlin-type gold mineralization at Nueva Escondida property, located in the State of Sonora, Mexico, including a section of 110.5 meters at 0,19 g/t Au and 1.9 g/t Ag in hole NE-11-07 (including 14.3 meters at 0.41 g/t Au and 5.9 g/t Ag); see table 1 for complete results). Before this first phase of drilling, no mineralization of this type had never been recognized or identified in the area.

The Property, composed of 9 claims covering 6,200 hectares located in the foothills of the Sierra Madre Occidental gold belt ("SMO"), was optioned to Bowmore in May of 2010 (see Press Release of 07-12-10), Amex being the operator. This property had never been drilled before and is not subject to any NSR. A total of 1561.8 meters along 8 diamond holes were completed between July 24th and September 17th. The campaign was designed to test by drilling the anomalous gold-silver and polymetallic zones outlined at surface described in the Press Release dated May 17th 2011.

Following the announcement of the results of the first four drill holes (see Press Release of 10-13-11) where Amex-Bowmore has reported the identification of three different type of mineralization, the results of four additional holes (NE-11-05 to NE-11-08) confirmed with more details this fact. Moreover, Amex geologists have been able to establish a preliminary metallogenic model showing characteristics of multiphase overprinted mineralizing events, starting with a base metal polymetallic phase located at or near the contact between a Tertiary Porphyry intrusive and a faulted and folded sedimentary package made basically of limestone and siltstones, followed by a late Sediment-Hosted-Disseminated gold +/- silver phase. This latter phase, which is sometime cross-cutting the first phase polymetallic mineralization, shows characteristic Carlin-Type features such as intense silicification associated with anomalous content of gold (with typical related elements such as As-Ba-Hg), peripheral progressive decarbonatization of hosted-limestone with associated volume lost and collapse breccias, and late As-bearing phase such as orpiment filling some druzy voids.

Table 1. Significant Drilling Intercepts

La Nueva Escondida Project
2011 Drilling Intercepts
Hole_No From To Width
(m)
Au g/t Ag g/t Cu % Pb % Zn %
NE-11-01 12,60 17,40 4,80 0,14 74,4 0,16 0,15 0,22
25,00 28,00 3,00 7,0 1,00 0,21
34,00 36,45 2,45 1,8 0,08 0,26
NE-11-02 32,70 42,20 9,50 1,3 0,13
NE-11-03 87,40 99,00 11,60 1,5 0,15
NE-11-04 15,00 22,50 7,50 0,10 3,4 0,17
incl: 19,30 22,50 3,20 0,15 4,5 0,30
88,50 90,00 1,50 0,47 0,5
108,00 124,50 16,50 0,26 1,4
139,50 180,00 40,50 0,51 3,7
incl: 153,80 163,50 9,70 1,11 8,8
incl: 153,80 155,40 1,60 3,09 28,7
NE-11-05 21,00 30,00 9,00 0,20 1,2
incl: 27,10 30,00 2,90 0,37 1,1
75,00 96,00 21,00 2,7 0,09 0,33
incl: 76,50 80,00 3,50 3,4 0,13 0,52
incl: 85,50 87,00 1,50 9,7 0,39 1,40
NE-11-06 102,00 103,50 1,50 0,14 2,5
NE-11-07 9,00 119,50 110,50 0,19 1,9 0,01 0,04
incl: 101,40 115,70 14,30 0,41 5,9 0,08 0,13
incl: 101,40 104,65 3,25 0,92 6,5 0,05 0,16
NE-11-08 12,80 21,80 9,00 0,29 6,2
incl: 17,30 21,80 4,50 0,50 10,5
66,00 75,00 9,00 0,25 1,4
All samples are prepared and assay by ALS CHEMEX. Also as part of our QAQC program approximately 5% of the samples are inserted blanks, standards & duplicates samples.

Jacques Trottier, PhD, president and CEO of Amex Exploration comment: "We are very encouraged with the results of this first phase of drilling at Nueva Escondida. Actually, it goes beyond our initial expectation as we have identified there some unexpected mineralization, the Sediment-Hosted-Disseminated gold mineralization that opens a totally new perspective for the next phase of drilling. Indeed, instead of having a 'simple' target of polymetallic base metal mineralization corridor located within a more limited field extension (ie at or near the Intrusive-Sediments contact zone) than now with the whole Sedimentary basin as target area. This first phase of drilling clearly demonstrates the high potential of this project and we are quite enthusiastic to carry on additional work as soon as possible!!!"

Based on these results, Amex management, along with its partner Bowmore, will elaborate a new work program that will consists, in part, of an eventual second phase of drilling that will be focusing basically on this new potentially large Carlin-Type mineralization.

Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.

The technical information reported in this news release has been approved by Jacques Trottier, geol., Qualified Person as defined by Canadian NI 43-101

Forward-looking statements:

Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.

Neither 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.

Contact Information

  • Dr. Jacques Trottier, PhD
    President and Chief Executive Officer
    (514) 866-8209
    (514) 866-8096 (FAX)