SAMEX (TSX VENTURE: SXG)(OTCBB: SMXMF) announces that early results
from its multi-faceted exploration programs at Los Zorros are
strongly encouraging and demonstrate important advancements on
several projects. A Titan-24 geophysical survey,which was completed
subsequent to the drilling reported below, has provided key
insights into many of the project targets.
Program highlights include:
-- Breakthrough in target definition at the Cinchado project (see graphics
plates at www.samex.com).
-- Titan-24 geophysical survey reveals numerous additional targets while
refining existing ones.
-- A 900-meter step-out drill hole at the Milagro project intersects
multiple auriferous (gold-bearing) stratigraphic intervals, favorable
for hosting gold deposits.
-- Deep drilling at Milagro Pampa intersects a long interval of stock-work
veined, variable mineralized, porphyry intrusion, which Titan-24 shows
may be the halo to a large IP anomaly centered 400 meters to the east.
SAMEX President, Jeff Dahl says; "The Titan-24 geophysical
survey, in conjunction with our detailed geologic mapping and
drilling, has proven successful in assisting us with understanding
the mineral potential at Los Zorros. It's been effective in
refining and advancing our existing project targets while outlining
important new ones. I expect that we will be utilizing this
exploration tool again shortly."
SAMEX management is pleased with the exploration progress and is
confident that the persistent application of quality exploration
practices and technologies upon the geologically complex and
well-mineralized Los Zorros gold-copper-silver district holds the
strong promise of multiple mineral discoveries. The Company has a
strong treasury of nearly CDN $10 million (gold, silver and cash)
and is well positioned to aggressively advance its high-priority
projects at Cinchado, the Milagros, and Nora while bringing forward
numerous additional targets.
Cinchado Gold Project - Exploration core drilling was designed
to test both beneath and the westward down-dip projected
continuation of a prospective zone of strong jasperoid-barite
vein/mantos alterations features. Such features at the south end of
Cerro Cinchado can be traced down into the gold-mineralized breccia
(3 grams/tonne gold average grade) at the San Pedro mine. The
iron-oxide character of the matrix to the mined breccia suggests
that the clasts were cemented by considerable copper- and
iron-sulfide. The three drill holes, DDH-CC-10-01, -02, & -03,
did not intersect the target, but instead found that a +250-meter
thick diorite sill had been emplaced,
post-mineralization/alteration, cutting through the target
interval. This resulted in the target being displaced laterally and
decoupled (separated) from the capping jasperoid-barite alteration
features by the thickness of the sill.
Titan-24 geophysical survey Line 1, which was run over Cerro
Cinchado crossing in the vicinity of the drill holes, subsequently
identified the position of the displaced target as a significant IP
anomaly situated beneath the diorite sill and 200 to 400 meters
west of the drillplatform locations. The character of the IP
anomaly in profile (+35 milliradianes chargeability/less than 10
ohm meters resistivity) indicates a steeply oriented,
sulfide-mineralized body with great depth extent, and perhaps a
width of 100 to over 200 meters. The 1,200-meter lateral extent of
the surface alteration features suggests the target might have a
significant strike length dimension. Testing this IP target will be
a high priority for the exploration drilling campaign. See
www.samex.com for accompanying graphics plates: Interpretive
Geologic Model, Interpretive Geologic Model On Titan-24 Sections,
Cross-section C3-C3' through San Pedro and L6 Mines, and
Geochemical Plots 1 and 2.
Titan 24 DC-IP & MT Geophysical Survey - The Titan-24 survey
identified 47 interpreted geophysical anomalies, of which 19
anomalies are considered first priority anomalous zones for follow
up with potential for sulphide and gold mineralization from near
surface to greater than 500m depth.The remaining 28 anomalies are
second priority targets that represent small area anomalies,
generally with weak to moderate responses near surface.
Approximately 14 of the 47 anomalies coincide with known areas
of mineralization determined by surface workings, surface sampling
or drilling, including 7 first priority anomalous zones and 7
second priority targets. The known target areas which have
coincident anomalies are: (Cinchado, Cinchado East, Nora North -
L100N), (Nora Central, Lora Southeast - L200N), (Milagro Pampa -
L300N) and (Milagro Mine - L400N). The additional 12 first priority
zones and numerous second priority targets, represent new shallow
and/or deep target areas worthy of exploration by mapping, sampling
and drilling, and will be systematically followed up as they are
evaluated and prioritized.
Milagro Gold Project - Two drill holes (DDH-MM-10-01 and -02)
were completed as a follow up to test the eastward, down-dip
projected continuation of a highly prospective gold-mineralized
mantos intercepted in the 2004 program (DDH-MM-04-01 encountered
97.3 meters averaging 0.302 g/t gold, including 2.579 g/t gold over
4.7 meters and previously reported in news release No. 1-05,
January 21, 2005).
The first hole DDH-MM-10-01 was sited 140 meters east of
DDH-ML-04-01 and aimed inclined westward with the intention of
making a relatively shallow intercept of the gold-mineralized
mantos layer and underlying altered volcanic debris-flow breccia
which too was found to be highly anomalous in gold averaging 0.167
g/t over 71 meters (from 31.7 to 102.7 meters). The target interval
was found, in the vicinity of the new drill site, to be displaced
by a steeply westward dipping normal fault intersected between
depths of 37 to 53 meters. As a result, the hole penetrated through
the fault gap and beneath the target interval intended to be drill
tested. However, the footwall (54 - 60 meters) to the fault zone
was a strongly pyritized/silicified volcaniclastic debris flow
breccia with high anomalous gold content (averaging 0.364 g/t).
Strongly altered quartz-sericite-pyrite altered volcaniclastic
sediments and interlayered debris flow breccia intervals continued
to a depth of 369 meters where the hole was stopped after
penetrating well into weakly altered porphyritic diorite sill (354
- 369 meters). This entire long interval (53 to 369 meters)
continuously contains elevated detectible gold values (greater than
0.010 to less than 0.100 g/t) with numerous subintervals of
anomalous gold (0.108 to 0.807 g/t). One interval (268.0 to 270.0
meters) comprised of strong pyritization and silicification
associated with a narrow fault zone contains 11.8 g/t gold.
The second drill hole (DDH-MM-10-02) was sited 900 meters
east-southeast of DDH-ML-04-01. This long step-out and location
were chosen to test again the projected southeastward down-dip
continuation of the gold-mineralized mantos layer and within a
structural block that is largely intact without significant fault
disruptions. This hole was aimed inclined northwestward and, below
an altered mafic sill, entered into a thick interval (from 228 to
517 meters) of prospective-looking, quartz-sericite-pyrite altered
volcaniclastic debris-flow breccia units. Geochemical analyses show
that the interval from 261.5 to 373.0 meters continuously contains
elevated detectible (less than 0.010 to less than 0.100 g/t)
amounts of gold. Within this interval, three prominent intervals of
significantly anomalous gold (greater than 0.100 to 2.14 g/t) were
intersected: 261.5 to 278.0 meters, 313.0 to 332.0 meters, and
350.0 to 373.0 meters. The hole was stopped at a depth of 517.0
meters within a silicified/pyritized carbonaceous black shale
sedimentary unit where subsequent assaying shows low-level
anomalous gold values (0.105 to 0.151 g/t) begin to reappear.
The results of the Milagro project reconnaissance drilling are
encouraging and show widespread low-level to anomalous values of
gold spread over great thicknesses of quartz-sericite-pyrite
altered volcaniclastic sedimentary rock. The extent and style of
alteration, and anomalous gold are indicative of large-scale
mineralizing processes, and possibly comprise a halo to areas of
significant gold mineralization. Titan-24 Line 4, which runs
through the Milagro project area and in close vicinity to the drill
holes, shows that DDH-MM-10-02 was drilling down into, but not
through, a very strong IP chargeability anomaly; and over top of,
thus missing, a strong resistivity anomaly. The latter resistivity
anomaly outlines a target highly prospective for a
gold-mineralized, silicified body positioned along the range front.
This resistivity anomaly was also observed on Titan-24 Line 3, so,
is known to extend for at least 700 meters from the Milagro project
area northward across the east part of the Milagro Pampa project
area (open-ended to the north and south).
Further west and south of the Milagro drilling, 46 samples were
collected on shallow, exposed barite veins, fault zones, narrow
breccias and minor jasperoid occurrences observed during
prospecting traverses over a 1,300 x 800 meter area. The 46 samples
range from less than 0.005 to 20.2 g/t gold including 10 samples
returning greater than 1.0 g/t gold, with four of these ranging
from 4.26 to 5.56 g/t gold. Underlying this sampled area, a second
sizeable IP anomaly characterized by high chargeability and high
resistivity lies at relatively shallow depth was identified by
Titan-24 Line 4. The character of this anomaly is that of a
thick/extensive, strongly silicified/pyritiferous mantos interval
and which is known to be positioned adjacent/proximal to a shallow
concealed altered porphyry intrusion (gravity low). In light of the
geologic environment of favorable sedimentary host rocks and
widespread, low-level to anomalous gold, this IP anomaly represents
another exciting drill target for the Milagro project.
Milagro Pampa Project - One exploration core hole (DDH-MP-10-01)
was drilled westward inclined to a depth of 869.4 meters. This hole
tested down across anhydrite and quartz stock work veinlets and
sheeted vein swarm within a sericite-quartz-pyrite altered
porphyritic intrusion. These bedrock features are concealed beneath
12 meters of gravel cover. The hole proceeded downward through
intense veinleting and pyritiferous sericite-altered porphyritic
intrusion, which appears to comprise an extensive phyllic
alteration halo. The west margin of the intrusion was intersected
at 657 meters depth where pyritized hornfelsed and calc-silicate
skarnoid metasedimentary rocks were intersected.
Geochemical results on continuous sampling show, from 150 to 500
meters depth, overall increasing levels of variably anomalous
copper (greater than 100 to 905 ppm) copper and elevated detectible
to anomalous gold (greater than 0.050 to 0.332 g/t). Below
approximately 500 meters, the hole encountered a series of
prominent vein and brecciated intervals from 0.3 to 1.2 meters
thickness with greater than 1% copper, and 0.475 to 6.08 g/t gold.
A 1.9-meter (true width) vein/fault interval assayed 13.0 g/t gold
including 0.75 meters (true width) at 29.4 g/t gold. The interval,
692.0 to 738.6 meters (23.3 meters true width), averaged 1.51 g/t
Au, 2.15 g/t Ag and 0.27% Cu with strongly anomalous mercury and
arsenic. The dominant orientation of veins and veinlets intersected
in core indicated that the drill hole was cutting down at an acute
angle to the vein dip direction and that perhaps was also drilling
westward and away from the "heart" of the mineralizing system.
Titan-24 Line 3, which crosses through the area of the drill
hole, indeed shows that a sizeable and very strong IP chargeability
anomaly (to +40 milliradianes) lies centered 400 meters to the
east. On the profile, hole DDH-MP-10-01 can be seen to be located
at the very west edge of the large IP anomaly. The target at
Milagro Pampa is a high-grade, gold-bearing; copper-sulfide
mineralized sheeted veins system perhaps of substantial size.
The Company continues to incorporate/evaluate exploration
results while planning additional drilling, sampling and
geophysical work programs for multiple projects at its large,
wholly owned Los Zorros property holdings in Chile. Although many
quality targets are advancing, the exploration breakthrough at
Cinchado provides an excellent opportunity for prodigious success
and will be an immediate priority in the days ahead.
The geologic technical information in this News Release was
prepared by Robert Kell, Vice-President Exploration for SAMEX
MINING CORP. and Philip Southam, Geologist. Mr. Kell and Mr.
Southam are "qualified persons" pursuant to Canadian Securities
National Instrument 43-101 concerning Standards Of Disclosure For
Mineral Projects.Geochemical analyses on samples were performed by
ALS Minerals, an internationally recognized and ISO certified
laboratory complying with international standards. Except where
otherwise noted, the analytical and test data underlying the
information disclosed herein was verified by or under the
supervision of Mr. Kell and Mr. Southam.
Robert E. Kell, Vice President - Exploration
This News Release includes certain "forward looking statements".
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of the Company are forward-looking statements that involve various
risks. Actual results could differ materially from those projected
as a result of the following factors, among others: risks inherent
in mineral exploration; risks associated with development,
construction and mining operations; the uncertainty of future
profitability and uncertainty of access to additional capital.
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: SAMEX Mining Corp. Jeffrey Dahl President (604)
870-9920 or Toll Free: 1-800-828-1488 (604) 870-9930 (FAX)
2samex@samex.com www.samex.com
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