Amseco Exploration Ltd.
TSX VENTURE : AEL

Amseco Exploration Ltd.

May 10, 2011 13:30 ET

Amseco Exploration Ltd.: Positive Initial Results at the Malartic Property Beginning of Second Phase in June

MONTRÉAL, QUEBEC--(Marketwire - May 10, 2011) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce positive initial results upon completion of the initial phase of a diamond drill program focused on examining the gold potential for its Malartic JV property located 25 km Northwest of Val-d'Or, QC, and about 7 km North of the town of Malartic,Quebec.

The Malartic Property is made up of twenty (20) contiguous mineral claims covering an area of 720 hectares located within the Malartic Township, Quebec (NTS-32D-01). The property is the object of a Joint-Venture agreement between Amseco Exploration Ltd. and Les Mines JAG Ltée.

The initial phase of the recently completed 2011 exploration program consisted of fourteen (14) NQ size diamond drill holes, totaling 3,474 meters. These holes were designed to test and verify specific exploration targets for their gold potential generated by the previously announced Induced Polarization (IP) and Magnetic surveys completed within the property. Most of these holes were sunk in areas where no previous drilling had been done. Assay results from all of the 838 drill core samples collected during this phase of the 2011 Malartic property diamond drill program have been received from the lab.

Highlights
DDH - #M-2011-12:9.33 g/t-Au over 0.40 meters from 115.60m – 116.00m,
2.24 g/t-Au over 1.0 meters from 20.71m – 21.71m, and
1.03 g/t-Au over 0.50 meters from 102.75m – 103.25m;
DDH - #M-2011-09A:7.48 g/t-Au over 0.40 meters from 242.15 – 242.55m; and
2.25 g/t-Au over 0.40 meters from 255.46m – 255.86m;
DDH - #M-2011-08:3.46 g/t-Au over 0.75 meters from 33.72m – 34.47m;
DDH - #M-2011-07:1.39 g/t-Au over 1.00 meters from 141.0m – 142.0m;
DDH - #M-2011-05:3.68 g/t-Au over 0.40 meters from 18.13m – 18.53m;
DDH - #M-2011-04:0.20% Zn over 6.52 meters from 92.13m – 98.65m.

The first set of four (4) holes DDH #M-2011-04 through DDH #2011-07 tested the presence of several sub-parallel geophysical anomalies located within the southwest corner of the property and proximal to the contact between rocks belonging to the Cadillac Group of sediments and those of the Blake River Group volcanics, including a unit of the Lower Bousquet Formation.This drilling intersected a mineralized zone containing anomalous zinc values within DDH #M-2011-04 hosted within an argillite unit. Drill-hole DDH #M-2011-05 intersected a 0.40m interval which assayed 3.68g/t-Au located at an inclined depth of 18.13m to 18.53m hosted within intermediate to mafic volcanics belonging to the Blake River Group.

A second set of five (5) additional holes DDH #2011-08 through DDH #M-2011-11 tested the presence of a series of sub-parallel geophysical anomalies associated with a high magnetic signature located close to the contact between rocks belonging to the Kewagama Group and to the Blake River Group. DDH #M-2011-09A intersected a wide zone of arsenopyrite mineralization from 242.15m to 252.36m hosted within a greywacke unit of the Kewagama Group, within which a 0.40 meter interval assayed 9.33 g/t-Au.

A single hole DDH #M-2011-12 was drilled approximately 150 meters southeast and along strike to where the Malrobic shaft is located at the contact between rocks belonging to the Kewagama Group sediments and the Blake River Group volcanics.This hole was completed to verify the historically reported intersection of high grade gold mineralization within this area.

The final set of four (4) holes DDH #M-2011-01 through DDH #2011-03 and DDH #M-2011-13 tested an area located within the north-central portion of the property situated adjacent to the northwest/southeast oriented Norlartic-Norbenite Fault, where the Induced Polarization (IP) and Magnetic surveys outlined the presence of several high priority geophysical anomalies.

Mr. Jean Desmarais, president of Amseco states : « I am very satisfied with the results obtained considering that a number of the drill holes were completed in areas of the property where little historical exploration had been done and where NO drilling had been completed. These positive results let us foresee very good assays to come from Phase II which should start at the beginning of June 2011 and will consist of a stripping and channel saw sampling of two important areas of the property.»

A historic non 43-101 compliant resource estimate has been published on the property.

This non 43-101 compliant resource estimate was based on diamond drilling completed during the 1980's and the historical probable and possible reserve reported as a result of this work was a resource containing 125,725 tonnes grading 5.37 g/t-Au.

Hole #Depth (m)Width(m)Au-(g/t)
JM-85-0145.72-49.073.353.85
JM-85-0724.90-26.371.478.50
JM-85-1857.15-58.551.47.50
JM-85-4329.20-30.421.227.59
JM-85-45193.67-198.735.062.89

The company instituted a quality control and quality assurance program supervised onsite at its Malartic property by M. Roger Moar (P.Geo.), which included a series of blank samples being included with the drill core samples as part if its initial diamond drill program.

Luciano Vendittelli, P. Geo. (Quebec) and Roger Moar, P. Geo. (Quebec), the consulting geologists on the Malartic property, are Qualified Persons under National Instrument NI-43-101.

Luciano Vendittelli, P. Geo. (Quebec), is responsible for the preparation of this press release.

Forward Looking Statements

This news release may contain certain forward looking statements within the meaning of the Canadian securities legislation. These forward looking statements relate to the company's future exploration plans, activities and expenditures with regards to the property. The forward looking statements within this news release represent the company's management best knowledge and judgment based on the current facts available at the time of this news release. Forward looking statements involve a certain amount of known and unknown risks and factors which may cause the actual results and achievements of the company to be materially different from the company's expectations, objectives and projections.

We seek safe harbor

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.

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