Jan 6 2011
Amex Exploration Inc. (TSX VENTURE:AMX) has announced the beginning of a first phase of drilling on a new gold bearing structure outlined during last year trenching and sampling work (see press release of June, 15th, 2010) on its 100% owned Cameron property located in Northern Québec.
The property is located at about 25 kilometres to the NE of Lebel-sur-Quévillon in the north-western part of Quebec, and consists of 13 claims for a total area of 731 hectares. This first phase of drilling consists of 4 drill holes totalling about 600 meters that will test 4 IP anomalies (high chargeability and high resistivity) covering an area of about 1 km by 700 meters, one of which is associated with the new discovered gold-bearing zone.
In fact, follow up trenching, based on new geophysics surveys done last summer by Amex, combined with compilation data from previous trenching and grab sampling done by SOQUEM in the early 90's, as led to the identification of a gold-bearing structure that returned an intersect of 1,17 g/t Au over 2,9 meters by channel sampling across the mineralized structure. This structure is characterized by an altered sheared quartz-feldspar-pyrite-sericite unit that is oriented more or less NE-SW and seems to be related to the regional 'Wedding Fault Zone'. More specifically, the 4 IP anomalies that will be tested by this first phase of drilling seem to be associated with the Wedding Fault Zone or its subsidiaries.
Geologically, the property is covered by volcano sedimentary rocks of the Abitibi Sub province which consists mostly of basaltic to andesitic rocks with five felsic horizons present in the trench area. The property is strategically located near the intersection of the Cameron and Chieftain regional deformation corridors and is cut by the regional NE trending Franquet and Wedding faults. To the northwest, shear-related gold mineralization has been discovered along the NW-SE Cameron deformation corridor at the Flordin deposit with reserves of 815 500T @ 5.1 g/t Au, at the Cartwright deposit with 83 000T @ 10.4 g/t Au and at the Lake Cameron Sud deposit with values of 5.1 g/t over 0.8 meter and 1.3 g/t Au over 13 meters (ref Roy et al. ET-97-02, 1997, 27 p.).
Amex management is very enthusiastic about the initiation of this first phase of drilling at Cameron and is looking forward for the results that should be available by the end of next month. In the mean time, Amex is also planning a new phase of exploration work in Mexico on its 100% own Natora-Norte property for 2011. The details of this new program will be announced in the next coming days.
Source: Amex Exploration Inc.