Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

May 17, 2012 09:50 ET

Update on AMEX-Bowmore Ongoing Drilling at Chivas Property, Mexico

MONTRÉAL, QUÉBEC--(Marketwire - May 17, 2012) - AMEX Exploration Ltd. (TSX VENTURE:AMX) ("Amex") would like to inform its shareholders that drill campaign at the "Chivas property" is well underway and that three holes have now been completed. The initial drill program experienced some delays due to the technical difficulties encountered by the previous drilling contractor. Therefore a second drill company was contracted and the drilling campaigned is now executed by internationally known Major Drilling. Samples of these three first holes have been sent to ALS Chemex lab in Hermosillo, Mexico and the results should be available in the following weeks.

The Chivas Property is composed of 2 claims covering over 24,841 hectares and is located within the Sierra Madre Occidental gold belt ("SMO"). The SMO is known to host reserves of more than 40 Million ounces of gold and 2 Billion ounces of silver. The Chivas property, optioned to Bowmore Exploration Ltd (TSX VENTURE:BOW) ("Bowmore") with Amex being the operator, is 15 kilometers to the west of the Dolores Mine previously owned by Minfinders Corporation Ltd. and now Pan American silver Corp. The earn-in option provides Bowmore the right to acquire up to 70% interest in the property (see news release dated April 8, 2010).

As announced previously (see Bowmore news release dated February 22, 2012), this first phase diamond drilling of approximately 2500 meters consists of 6 to 8 holes. The drilling objectives are to:

  • Test the IP geophysical anomalies on the Silica Cap zone, (see Bowmore news release dated November 22, 2011). These IP anomalies identified moderate to strong chargeability values over large volume of rock extending SSE-NNW over these zones and;

  • Test the areas of the Mesa Blanca zone where high resistivity anomalies at the sub-surface were found, indicating the presence of anomalous silica content associated with disseminated sulphide. It also corresponds to previous surface sampling and identification of high silicification and a large area with presence of anomalous buddingtonite from the TerraSpec sampling program done in early 2011.

  • Follow up on the previously drilled Piedra Rodante gold-silver zone and to test possible extensions of the mineralization to the south and at depth, where historical values returned up to 1.26 g/t Au and 182 g/t Ag over 15 meters.(See Amex Exploration Jacques Marchand (QP) NI 43-101 report March 1, 2010.)

These significant targets have been defined by previous exploration work conducted in 2010 and 2011 that identified a large low sulphidation epithermal system covering an area of approximately 5.2 km² (see Bowmore news release October 26, 2010, news release July 14, 2011 and news release November 22, 2011).

Amex and Bowmore managements are very enthusiastic to see the results of this first drilling campaign on the property located in the prolific Sierra Madre gold belt.

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

  • AMEX Exploration Ltd.
    Mr. Jacques Trottier
    President and Chief Executive Officer
    (514) 866-8209