Amseco Exploration Ltd.
TSX VENTURE : AEL

Amseco Exploration Ltd.

December 07, 2010 14:02 ET

Amseco Starts Its Barry-Urban Exploration Program to Be Followed by Diamond Drilling Early 2011

MONTRÉAL, QUÉBEC--(Marketwire - Dec. 7, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces the start of its Fall 2010 exploration program in the Barry-Urban Mining Camp. The planning and the preparation of this advanced exploration program follows a period during which Amseco completed an exhaustive compilation. The analysis of the historical data going back almost 30 yearsd was completed by Amseco's team of geologists.

These efforts will initially be concentrated in two (2) sectors :  

  • Lac Rouleau where historical drilling done in the area known as Zone 18 identified a number of drill sections with excellent grades, and

  • Lac Barry area where BonTerra ("BTR" :TSX-V) recently announced spectacular results in its two first drill holes (BA10-01 : 17.06 g/t Au / 13.50 m; BA10-02 : 21.24 g/t Au / 7.73 m, announced on November 9, 2010).

Current work :

Lac Rouleau- A test grid of a total length of 9 km: a 2.5 km base line and six (6) one km perpendicular lines at 50m intervals. This will be followed by an IP (Induced Polarisation) survey over the grid. This survey covers an area where no IP survey has been done and will be the first complete IP done over Zone 18. The Company seeks to optimize the IP parameters along these test lines to try to identify an IP profile that could help in improving the chances of getting successful drilling results.

In January 2011, a drilling program is planned. More will be announced on this topic once the final specifications and the final locations have been identified. The four objectives it seeks to reach are: 1) drill the Zone 18 extensions and increase the identified Gold resources; 2) Test the extensions and the geological environment of other mineralized showings; 3) Drill the IP anomalies that could be caused by auriferous pyrite zones, 4) validate a hypothesis from the geologists whereby Zone 18 could possibly extend under Lac Rouleau.

Lac Barry, Amseco's exploration work consisting in geophysical surveys will partly be dictated by Bonterra's results and the completion of the compilation of historical data. Already a team is on the ground relocating past grid lines and previous work. A figure attached to Xemac's April 18, 1997, press release shows that their IP survey had covered Bonterra's property and that in the northern part of the property the IP anomalies extend onto the Amseco-Beaufield ground.

Location:

The Barry-Urban area is located approximately 200 km NW of Val d'Or (QC). Access is relatively easy using a series of forestry operations roads from the Town of Quevillon, QC. This region is currently the site of intensive exploration and mining activities. Metanor (MTO :TSX-V) with its Barry IV production stage deposit (http://www.metanor.ca) and Eagle Hill (EAG :TSX-V) with its Windfall Lake development stage property (http://www.eaglehillexploration.com) indicate that this region has all the needed assets to confirm its status as a mining camp.

Amseco is strategically located in this area. It controls ten (10) mining claim blocks, for a total 847 claims covering 18,373 hectares. Three of these are in partnership with (50 :50) Beaufield Resources a long time player in this area.

The Barry IV deposit and the Windfall Lake projects are respectively located less than one and three kms from various Amseco-Beaufield claim blocks. BonTerra's first two drill holes are less than 400 m to the south and the east of the Lac Rouleau claim block and less than 900 m from the Lac Barry block.

Geology:

In the Lac Rouleau area, volcanic mafic (basalts) and felsic (rhyolitic tufs) dominate. These are locally injected with gabbro. The dominating geological fault corresponds to the Lac Rouleau Fault. This structure is ENE, with a sub-vertical dip and is indicated over a length of more than 2 km. The Lac Rouleau faults host three gold showings of which the Zone 18 is the most significant. Zone 18 is approximately 700 m east of Lac Rouleau. The mineralization consists of visible Gold and auriferous pyrite disseminated in a silicified rock. Zone 18 does not outcrop on surface. It is covered with between 0.5 to 3 m of loose overburden. In the historical drill holes completed near surface Zone 18 is indicated over a length of about 200 m. At depth certain drill holes intersected the Zone at a depth of 400 m over a length of 350 meters. The thickness of the Zone varies between 1 m to 5 m with an average of 1.75 m. The average drill hole grades are between 1 g/t to 27 g/t Au. The average Zone 18 grade is estimated at 6 g/t Au. In addition to Zone 18, nine other significant Gold showings have been identified during previous work. These showings are accompanied by alteration minerals common to gold deposits of the various gold mining camps of the Abitibi area of North-Western Quebec.

The Lac Barry area is dominated by basalts and a few ENE shear zones have been identified. Four gold showings have been reported in historical works, two of which are located on the Amseco-Beaufield ground while the other two are on the Bonterra property, which is currently completing a drilling campaign covering the former Xemac Resources Inc. (delisted) claims which are part of the Option agreement betwen Abitex and Bonterra. Bonterra has reported some spectacular results from its two first holes (November 9, 2010, press release).

Strategy :

Amseco is strategically positioned in the Barry-Urban mining camp. There is currently three drill campaign being carried it in Barry-Urban: Metanor ("MTO":TSX-V), Eagle Hill ("EAG":TSX-V) and Bonterra ( "BTR":TSX-V) as well as geophysical surveys. The region has created enormous interest with investors.

In addition to its activities in the area, Amseco is actively exploring properties in the Malartic Gold Mining Camp and the Lower James Bay area on its Yasinski property.

This press release has been prepared by, Jean-Pierre Cloutier, P. Geo. He is a Qualified Person under National Instrument NI-43-101. He is a Director of Amseco Exploration and currently leads the company's exploration efforts in the Barry-Urban area.

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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