MONTREAL, Canada March 7th 2011- Amex Exploration Inc. (AMX: TSX-V) is pleased to announce the results of drilling that confirms a new gold bearing structure 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 that just being complited, consisted of 4 drill holes totalling about 927 meters that has tested 4 different IP anomalies (high chargeability and high resistivity) located within an area of about 1 km by 700 meters, one of which was targeting the new discovered gold-bearing zone as reported in the January 6st 2011 press release.
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’.
Therefore, one of the drill hole that was planned to test this surface gold bearing structure, hole CA-11-P2 and has intersected it with success returning a section grading 1,10 g/t Au over 7.5 meters, including 4,1 g/t Au over 1.5 meter. It is important to mentioned that, although the intersect is located very close to surface, this hole intersected a much wider zone has it was previously known from surface trenching. This has a major significance as to evaluate the overall potential, both in terms of width and strike length, of this new gold-bearing structure that is still open in all directions. The program consisted also of 3 additional drill holes (CA-11-P1, P3 and P4), all located in different specific areas defined by geophysics targets, and have returned no significant gold values. Therefore, the main conclusion of this first phase of drilling is that any future work will be concentrated on the potential of this new gold structure intersected by hole CA-11-P2.
Considering that 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, more work is definitely recommended to further evaluate its gold potential. 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.).
Following these very interesting results, Amex is now proceeding with a new work program to be implement in the next coming weeks that will consists of additional drilling focussed on this new discovery.
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