Amseco Exploration Ltd.

Amseco Exploration Ltd.

November 20, 2007 08:14 ET

Amseco Acquires the Chika Property

PIEDMONT, QUEBEC--(Marketwire - Nov. 20, 2007) - The management of Amseco Exploration Ltd (TSX VENTURE:AEL) ("Amseco") is pleased to announce the acquisition of 100% interest in the Chika property located 170 km due east of the town of Radisson, James Bay area.

The project is easily accessible via the Transtaiga road from kilometre 544 of the James Bay road linking Matagami to Radisson. The property is located l70 km from that intersection and the road follows the eastern boundary of the property. An alternative access is from the LG3 airport located 14 km from the property.

The Chika property consists of 10 contiguous claims covering an area of 511.37 hectares. The cost of the acquisition was the issuance of 400,000 shares of the company to two independent prospectors. The prospectors retain a royalty equivalent to 2% NSR.

The property hosts the Orezone showing (Cogite No: 33F09-21). The showing has been described as quartz-tourmaline-sulphide veins and veinlets (pyrite, arsenopyrite, chalcopyrite) within a east-north-east striking shear zone in a gabbro. The shear zone would represent a deformation corridor at the contact between volcanic and the Duncan intrusions.

Two indices are described; the Main and C2 zones. According to the GM56089, a grab sample collected on the Main zone returned 24.38 g/t Au while a channel sample gave 5.28 g/t Au over 1.95 metres. It is also mentioned that a grab sample from the C2 zone returned 5.28 g/t Au while a channel sample gave 2.31 g/t Au over 1.1 metre. The Main showing can be followed for 125 m and its maximum thickness is 4.5 m. The C2 zone reaches 100 m in length and its maximum thickness is 6 metres.

The property was last explored in the 90's when the company Orezone carried out trenching, geological and geochemical surveys. In 1997 the company recommended further trenching, geological and geophysical surveys and finally diamond drilling. According to the company reports, the property has not been drilled.

This press release was reviewed and authorized by Pierre O'Dowd, geologist and qualified person as per NI 43-101 on mining projects.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Amseco Exploration Ltd.
    Bertrand Dufour
    President and Chief Executive Officer
    450-240-0522 (FAX)