Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, April 19, 2012
Wed, April 18, 2012 Amerix Announces Contract for Drilling at Limao Gold Property, Brazil
April 18, 2012 09:00 ET
Amerix Announces Contract for Drilling at Limao Gold Property, Brazil
TORONTO, CANADA--(Marketwire - April 18, 2012) - Amerix Precious Metals Corporation (TSX VENTURE:APM)(FRANKFURT:NJGN) ("Amerix" or the "Company") reports that it has signed a contract with Energold Perfurações Ltda, of Brazil to complete a drill program at the Company's 100% owned Limão Gold Property ("Limão"), located in the Tapajós Gold Province, Pará State, Brazil. Drilling is expected to begin over the next 30 days.
The Company has spent the past season at Limão completing mapping, rock sampling, and ground geochemical surveys that consisted of manual and power auger sampling over four extensive grids. The grids were targeted on historical garimpeiro workings as well as prospective areas identified from an airborne magnetic and radiometric geophysical survey. Recently, an IP survey (3D Induced Polarization/Resistivity geophysical survey) was completed over the principal targets that have been developed by the Company's exploration programs (Amerix News Release NR 2012-04).
At Limão, Amerix's geologists have outlined three target areas for drilling. These consist of the Limão Pit area on the Central Grid where historic, non 43-101 compliant drilling was reported to have intersected significant gold in pyritic syenite. A second target has been outlined on the South Grid where high grade gold has been reported in quartz-sulphide veins hosted along a sheared contact between quartz diorite, diabase and granite (Amerix News Release NR 2012-03). A third target has been identified as the Jambu Zone, a geochemical gold anomaly that is located on a ridge, 800 metres northwest of the Limão Pit on the Northern Grid (Amerix News Release NR 2012-04). Amerix's drill program anticipates testing all three targets with conventional core drilling methods, using qualified assay laboratories to assay the drill core samples and utilizing standard quality assurance and control (QA/QC) practices under the supervision of the Company's geologists.
Amerix's 2011 and early 2012 exploration programs at Limão have delineated multiple, anomalous gold geochemical zones, however, only the three zones described above will be tested in this first drill campaign. To date, only a small portion of the 11,500 hectare Limão property has been methodically explored. Results of the drilling will be a guide to the further exploration at Limão and in the area. The Tocantinzinho trend that hosts the Limão Gold Property extends northwesterly through the Tapajós Gold Province for several hundred kilometers and hosts gold deposits and resources as reported by Eldorado Gold Corporation (Tocantinzinho), Magellan Minerals Ltd (Coringa and Cuiu Cuiu), Brazilian Gold Corporation (São Jorge) and others.
Mr. Ryan Grywul, P. Geo., Vice President, Corporate Development for Amerix, and a qualified person as defined in National Policy 43-101 is responsible for all technical information contained in this news release.
Amerix is well funded to complete its first drill campaign at Limão, and is excited by the potential of the Limão Gold Property, located in the historically gold rich Tapajós district of Brazil.
About Amerix Precious Metals Corporation
Amerix Precious Metals Corporation is an Ontario company, managed by an experienced team, exploring for precious metals in Brazil. Amerix's objective is to create value for shareholders through the delineation and expansion of bedrock gold resources, and realization of value from placer and tailings gold resources at the Company's properties. Brazil has significant gold potential and is a proven mining-friendly country. Amerix will continue to seek exploration properties of merit via staking, acquisition or merger. The Company's shares trade on the TSX Venture Exchange under the symbol "APM" and at the Frankfurt Stock Exchange under the symbol "NJGN".
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and, among others, the Ontario Securities Commission as well as under the heading "Risk Factors" in the Management Discussion and Analysis.
Neither the 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 release.
