Montreal, Canada – October 26th, 2010 – AMEX EXPLORATION INC (AMX: TSX-V, “ The Company”) is pleased to announce the discovery of a previously unknown very important silica cap and to provide an update of the ongoing exploration activities on its Natora South (Chivas) Property, located in the State of Sonora, Mexico.
The Property, which is located in the Sierra Madre gold belt, covers over 24,841 hectares and was optioned to Bowmore Exploration ltd (BOW:(TSX-V) in may of 2010 (see PR of 12-07-10), Amex being the operator. Following(Bowmore exploration program consisting of) an airborne survey covering 75 square kilometres and a detailed stream survey (heavy mineral concentrate), several structures and target areas were identified by the joint Bowmore-Amex exploration team.
A total of 14 targets were established from the magnetic and radiometric survey and most of them have been investigated. Two of which (anomaly no. 3 & 6) correspond to the wide silicified zone (lithocap) reported by Bowmore’s September 24th, 2010 press release. This area of strong to intense epithermal alteration is situated WSW of the historical Piedra Rodante zone and has now been mapped over a strike length of 2,5 kilometers, remaining open toward the SSE and NNW, and can be interpreted to be at least 125 meters thick. This silica cap is in conformity with the general stratigraphy, i.e., striking NNW and shallow dipping toward the WSW. It is hosted by felsic tuffs and rhyodacites which are strongly silicified and/or brecciated and completely flooded by amorphous silica. Three heavy mineral samples collected at the bottom of the slope within a kilometer of the silicified zone returned anomalous gold values of up to 99 ppb Au. Complete assay results of various rock samples (grab & chip) returned arsenic, mercury and antimony anomalous results. Respectively up to 1,110 ppm As, 3 ppm Hg and 145 ppm Sb. The best gold assay returned 146 ppb Au, still indicating that this hydrothermal system that generated the silica cap was gold bearing, but went most probably under boiling leaving most of the gold at depth.
The alteration (micro crystalline silica) and textures (hydrothermal breccias & open space) and assay results are consistent with a “sinter zone” situated above a typical high grade Bonanza-type low sulphidation epithermal mineralizing system (Au/Ag). Locally minor pyrite and hematite is also present. Further observations indicate that the silica cap is thicker toward the north and argilic alteration is also present toward the south-end, which indicate a possible source area for the silica and mineralization. This area coincides with a interpreted discordant NE-SW structure (‘deep seated fault?”). The exploration field work will concentrate in the near future in this target area in order to establish priority drilling target location.
Jacques Trottier, PhD, President and CEO of Amex Exploration inc comments that ‘The discovery of such a huge silica cap that extends for more than 2.5km long with a thickness of more than 100 meters clearly indicates a very important long lasting mineralized hydrothermal event in this area . I am more than enthusiastic to focus additional work on this impressive target. This discovery also shows that working with a good partner such as Bowmore, not only allows us to ‘share the risk’ on an exploration ‘grass-root’ project but also allows us to benefit of the synergy of having two teams of professionals that are organizing and executing the field work.’
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
For additional information, contact:
Mr. Jacques Trottier
President and Chief Executive Officer
Tel.: (514) 866-8209
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