Business
Amex Exploration Inc. to acquire gold property in northwestern Quebec
Amex Exploration Inc. to acquire gold property in northwestern Quebec.
About this update from Amex Exploration Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Oct. 29 /CNW Telbec/ - AMEX Exploration Inc. ("Amex")\n(TSXV: AMX) is pleased to announce the acquisition of the Cameron 2006 gold\nproperty located approximately 26 km to the north of the town of\nLebel-sur-Quevillon in northwestern Quebec.\n\n\nThe company is earning 100% interest in the 13 cells by paying $5,000 and\nissuing 200,000 shares of the company to two prospectors. The sale agreement\nincluded a 2% NSR royalty payable to the vendors witch half (1% NSR) could be\npurchase for the sum of $1,000,000.\n\n\nThe property, comprising 13 contiguous cells covering 730.8 hectares, is\nunderlain by volcanosedimentary rocks of the Abitibi Subprovince and is\nstrategically located at the intersection of two major regional structures in\nthe Northern Volcanic Zone, the Chieftain corridor of the Cameron deformation\nzone and the Wedding fault. The Cameron deformation zone is associated with\nimportant gold mineralization, including the Discovery, Flordin and Cartwright\nprojects to the northwest of the Cameron 2006 property.\n\n\nThe property was acquired by Amex Exploration for its gold potential.\nTrenching by one of the previous owners, SOQUEM, revealed the presence of\ngold-bearing quartz-eye rhyolite near the contact with a sheared mafic unit.\nSeveral samples were analyzed for gold and a few returned highly anomalous\nvalues from 1 to 7.3 g/t Au. The property also hosts previously-discovered\nIP anomalies, one of which is associated with the gold-bearing trench.\n\n\nAmex Exploration intends to test the underexplored surface gold showing\nand the IP anomalies with a program of stripping and diamond drilling, as well\nas evaluate the gold-bearing potential of the structures on the property.\n\n\nAmex Exploration Inc. is a junior mining exploration company listed of\nthe TSX Venture Exchange whose primary objective is to develop and bring into\nproduction viable gold and base metal deposits.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this press release.\n\n\n","length":2127,"tagName":"div"}]