Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

May 17, 2011 11:27 ET

Amex Confirms Important Disseminated Polymetalic Mineralized Zone at Nueva Escondida Property in Mexico

MONTREAL, CANADA--(Marketwire - May 17, 2011) - Amex Exploration inc ("AMEX") (TSX VENTURE:AMX),together with its partner Bowmore Exploration Ltd (TSX VENTURE:BOW) whereas Bowmore can earn a 50% interest in the property , are pleased to announced that recent detailed mapping and sampling program of (2010 and 2011) at the Nueva Escondida project has confirmed the presence of a significant disseminated polymetallic mineralized (Au, Ag, Pb and Zn) zone on surface covering an area of about 800 X 600 meters.

Historically (2005), X-Ore S.A. de C.V. (now a 100% owned Amex subsidary) executed five chip sample lines situated at the western contact area of a felsic intrusive with a sedimentary sequence had returned significant grades; the best being 0.58 g/t Au, 116 g/t Ag , 3 % Pb and 6.6% Zn over 12 meters width (see table hereunder) . Thus, our recent (2010-2011) rock sampling program continued to highlight this promising area, where 60% of the 378 rock samples (2005 – 2008 & 2010-2011) taken within the mineralized area returned gold values above 30 ppb and 42% above 100 ppb up to 3.2 g/t Au.

Many of these samples are associated with silica alteration and are at or near the western contact of the intrusive. Anomalous assay results from other elements (Ag, Pb & Zn) also show the same association with silica and the proximity of the intrusive contact. Individual sample returned values up to 308 g/t Ag, 6.95 % Pb and 2.33 % Zn.

The table hereunder shows the results from the chip sampling collected across the western silica alteration contact zone with the felsic intrusive over a strike length of about 200 meters.

Trench No.Length (m)Au g/tAg g/tPb%Zn%
No.1120.58116.13.06.6
incl.4.50.49215.75.113.8
incl.3.01.0966.52.31.2
No.216.50.293.3--
incl.7.50.394.2--
No.310.50.3112.2--
incl.4.50.4418.50--
No.46.00.1110.50.38-
No.510.50.2812.40.29-
incl.6.00.3311.50.32-
Chip sample Definition: individual sample were taken over a width of 1.5 metres. It corresponds generally to a geological feature ( alteration, mineralization, structure etc). Pieces of rock are taken across the sample length. An effort is made so that equal amount of rock chips is taken over the entire length so that no portion has a larger weight in the sample. All samples mentioned in this press release where assayed by ALS Chemex lab. by fire Assay (Au- AA24, 50 g) and ICP41; which consist of silver plus 32 elements by aqua regia and ICPES .No standards, blanks or duplicates samples were inserted in X-Ore historical sampling (2005-2008) including the results of the table above. All samples taken in 2010-2011 have been subjet to our QAQC program, which includes the insertion of approximately 5% of standards, blanks & duplicate samples within each sample shipment.

This mineralized zone is located at the western contact of a shallow Tertiary felsic (dacitic) porphyritic and altered intrusive, it is hosted by altered Paleozoic sediments. The sediments are composed of a folded, faulted and altered sequence of limestone and calcareous conglomerate/ greywacke/silt. The intrusive is frequently weakly argillized; strong to moderate silica alteration is present over its western limit and is generally strongest when associated to breccias at its contact (up to 10 m wide). The silica alteration extends in the sediments for hundreds of meters but generally becomes patchy and weaker towards the west and north; where it is frequently associated to small felsic dykes and/or plugs. The larger silica altered zones (up to 75 meter wide) in the sediments have a NNW to NW trend which over all is parallel to sub-parallel to the intrusive contact. The silica alteration affects equally all units, when present it is pervasive and microcrystalline and often forms small grey colored druzy quartz veinlets (< 2.0 cm).

In the sediments, dolomitization or marblelization are the dominant alteration further west from the intrusive contact. Also minor skarned limestones, i.e. diopside rich areas, are present within the marbled limestone. These are often seen nearby or at the contact with felsic porphyric intrusives previously mentioned above. No clear association exist with sulphides and gold, overall very little sulphides where noted and when present they are fine grained and in trace amounts. Minor amounts of very fine pyrite, galena and sphalerite were noted mainly in the contact breccias.

The Nueva Escondida Property is composed of 8 claims covering over 6,100 hectares and is located in the foothills of the Sierra Madre Occidental gold belt ("SMO"), The SMO is host of more than 40 Million ounces of gold and 2 Billion ounces of silver. Geologically, the property is situated within the Basin and Range Province located at the western edge of the Sierra Madre Occidental. This property has never been drilled before and is not subject to any NSR.

Option agreement

In order to acquire 50% interest in the Property, Bowmore shall make cash payments totaling $200,000 to Amex, issue a total of 150,000 of its common shares and incur expenditures in the aggregate amount of $800,000 within 24 months of the execution of the Agreement (see Press Release of 07-08-2010). At the end of this period, if Bowmore elects to continue to explore the property, it will form a Joint Venture with Amex on a 50-50% ownership. During the option period, Amex will be the operator and a management committee formed by two representatives of each company will be responsible for the planning of all exploration programs and budgets.

A 2000 meter diamond drill campaign is in process of permitting and soon be implemented. The campaign is designed to test the anomalous zone.

Amex and Bowmore management are very pleased with the results of this phase of mapping and sampling at Nueva Escondida and are looking forward to drill this mineralized zone planned for June 2011.

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 content of this press release have been prepared by QP Richard Simpson, geo. Amex Exploration Manager in Mexico, and have been revised by QP Jacques Trottier,geo,President and CEO of Amex Exploration Inc.

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

  • Amex Exploration Inc.
    Mr. Jacques Trottier, geo
    President and Chief Executive Officer
    (514) 866-8209