MONTREAL, Oct. 29 /CNW Telbec/ - AMEX Exploration Inc. ("Amex") (TSXV: AMX) is pleased to announce the acquisition of the Cameron 2006 gold property located approximately 26 km to the north of the town of Lebel-sur-Quevillon in northwestern Quebec.
The company is earning 100% interest in the 13 cells by paying $5,000 and issuing 200,000 shares of the company to two prospectors. The sale agreement included a 2% NSR royalty payable to the vendors witch half (1% NSR) could be purchase for the sum of $1,000,000.
The property, comprising 13 contiguous cells covering 730.8 hectares, is underlain by volcanosedimentary rocks of the Abitibi Subprovince and is strategically located at the intersection of two major regional structures in the Northern Volcanic Zone, the Chieftain corridor of the Cameron deformation zone and the Wedding fault. The Cameron deformation zone is associated with important gold mineralization, including the Discovery, Flordin and Cartwright projects to the northwest of the Cameron 2006 property.
The property was acquired by Amex Exploration for its gold potential. Trenching by one of the previous owners, SOQUEM, revealed the presence of gold-bearing quartz-eye rhyolite near the contact with a sheared mafic unit. Several samples were analyzed for gold and a few returned highly anomalous values from 1 to 7.3 g/t Au. The property also hosts previously-discovered IP anomalies, one of which is associated with the gold-bearing trench.
Amex Exploration intends to test the underexplored surface gold showing and the IP anomalies with a program of stripping and diamond drilling, as well as evaluate the gold-bearing potential of the structures on the property.
Amex Exploration Inc. is a junior mining exploration company listed of the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.