AM Gold Extends Mineralization 200 Meters East and Confirms New Gold Zone at Red Mountain
12 September 2011 - 3:33PM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce the first assay results of the
2011 exploration program at Red Mountain, Yukon Territory Canada.
To date, a total of approximately 7,850 meters of core has been cut
from 23 holes drilled east, west and north of the resource area.
Assay results have been returned from the first 5 holes of the
program, with partial results for Drill Hole ICE11045.
Drill Hole ICE11040 was collared approximately 100m
south-southeast of ICE10039 (results previously announced November
22, 2010) and was drilled north-northeast at minus 50 degrees to
test the extension of mineralization at the northern fringe of the
Jethro Structure. Drill Hole ICE11041 was collared approximately
170m southeast of ICE10039 and was drilled north-northeast at minus
50 degrees, also at the northern fringe and away from the trend of
mineralization along the Jethro Structure. Drill Hole ICE11042 was
collared approximately 120m south of ICE10038 (results previously
announced November 22, 2010) and was drilled to the north-northeast
at minus 50 degrees to test mineralization south of the resource
area. Drill Hole ICE11044 was collared approximately 170m east of
ICE10039 and was drilled north-northeast at minus 55 degrees as an
overshot to ICE11041 to test ground even further north of the
Jethro structure. ICE11040, ICE11041 and ICE11042 indicate the
extension of mineralization to a distance of approximately 200m
beyond the east end of the resource area along the Jethro Trend and
have quantified the extent and tenor of the dissemination of
mineralization north and south of the trend. Hole ICE11044 was
drilled to a distance several hundred meters north and off the
strength of the trend with low grade mineralization over the entire
length of the hole.
Drill Hole ICE11043 was collared approximately 250m northwest of
ICE10028 (results previously announced September 28, 2010) and was
drilled east at minus 50 degrees to test the new zone of
mineralization discovered by ICE10037 (announced November 30, 2010)
north of the Jethro Trend at the conclusion of the 2010 drill
campaign. Hole ICE11045 was collard at the west end of the resource
area approximately 90m west-northwest of ICE10028 and was drilled
north-northeast at minus 50 degrees to extend the mineralization
north and away from the Jethro Trend and to test the new zone of
mineralization at depth. Assay results from the bottom 161m of
ICE11045 are pending.
Assay results from the first 258m of ICE11045 have significantly
extended gold mineralization to the north at the west end of the
resource area. Assay results from Hole ICE11043 support last year's
results from ICE10037 and the occurrence of a second zone of
mineralization separate and distinct from the Jethro Zone. Several
additional holes have subsequently been drilled north of the
resource area with assay results expected over the coming
weeks.
"We are very pleased to have extended mineralization at the east
end of the resource with the first four holes of the program and
look forward to later results on the eastward projection of the
zone" said Vice President of Exploration, Neil Downey.
"Confirmation of the discovery of a new zone north of the resource
area has added great potential to the entire property
position."
Assay results for Drill Holes ICE11040, ICE11041, ICE11042,
ICE11043, ICE11044 and partial results for ICE11045 are summarized
in the table below:
------------------------------------------------------------
Hole From To Width Gold
Number (m) (m) (m) (g/t)
------------------------------------------------------------
ICE11040 60.5 157.5 97.0 0.41
------------------------------------------------------------
Including 62.5 83.5 21.0 0.67
------------------------------------------------------------
And 244.8 325.7 80.9 0.47
------------------------------------------------------------
Including 244.8 282.5 37.7 0.59
------------------------------------------------------------
------------------------------------------------------------
ICE11041 2.1 292.5 290.4 0.24
------------------------------------------------------------
Including 82.5 110.5 28.0 0.56
------------------------------------------------------------
------------------------------------------------------------
ICE11042 0.0 287.0 287.0 0.25
------------------------------------------------------------
Including 63.0 119.5 56.5 0.44
------------------------------------------------------------
Including 98.0 119.5 21.5 0.74
------------------------------------------------------------
------------------------------------------------------------
ICE11043 46.5 387.0 340.5 0.39
------------------------------------------------------------
Including 300.5 387.0 86.5 0.66
------------------------------------------------------------
Including 344.7 387.0 42.3 1.07
------------------------------------------------------------
------------------------------------------------------------
ICE11044 92.5 120.5 28.0 0.61
------------------------------------------------------------
Including 92.5 101.5 9.0 1.60
------------------------------------------------------------
------------------------------------------------------------
ICE11045 0.0 258.0 258.0 0.44
------------------------------------------------------------
Including 8.0 158.5 150.5 0.58
------------------------------------------------------------
Including 49.5 81.5 32.0 0.69
------------------------------------------------------------
And 258.0 419.4 161.4 Pending
------------------------------------------------------------
Note: Reported Widths Are Drilled Thicknesses. True Widths
Are Not Known
------------------------------------------------------------
All sample preparation and fire assaying work has been performed
by Eco Tech Laboratory Limited ("Eco Tech") in Kamloops, British
Columbia. Eco Tech is an ISO 9001:2008 accredited laboratory and
subsidiary of the Stewart Group of worldwide laboratories. Initial
fire assay with atomic adsorption finish is completed for all
samples. Those samples running greater than 1g/t Au are
automatically reran. Those samples assaying in excess of 3g/t Au
are reran using a gravimetric finish. In addition to the internal
laboratory controls, the Company inserts two revolving standards in
3% of the samples, inserts blanks in 4% of the samples, and a
duplicate sample is resplit every tenth sample. Results reported
herein have been checked and have undergone quality control
review.
About AM Gold Inc.
AM Gold Inc. is a publicly held resource company based in
Vancouver, Canada. The Company is listed on the TSX Venture
Exchange under the symbol "AMG" and is quoted on the Frankfurt
Exchange under the symbol "AMX". The Company is focused on creating
shareholder value through the development of the Company's gold and
gold-copper projects in the Yukon and Peru while building a
portfolio of quality pipeline projects in North and South America.
The Company's Red Mountain gold property is located in central
Yukon Territory approximately 55 kilometres northwest of the
community of Mayo in the Tintina Gold Belt. The Company's Red
Mountain gold property consists of approximately 3,600 hectares of
contiguous quartz claims. 52 of such quartz claims (1,168 hectares)
are held 80% by the Company with an option to acquire 100%
ownership and are subject to a net smelter returns royalty and 131
quartz claims (2,430 hectares) are held 100% by the Company. AM
Gold's Pinaya gold-copper project is located approximately 775
kilometres southeast of the city of Lima, Peru in the Tintaya Gold
Belt. The Company maintains 100% ownership of 35 mining concessions
covering the 19,200 hectare Pinaya land position. AM Gold's
corporate offices are located Suite 605 - 369 Terminal Avenue,
Vancouver, British Columbia, V6A 4C4 (phone: 604-646-0067).
Brian L. Cole, P. Geo., has reviewed the technical disclosure
contained in this news release and is a Qualified Person and is
independent of the Company within the meaning of National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
ON BEHALF OF AM GOLD INC.:
John Fiorino, CEO
AM GOLD INC.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond AM Gold's control.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
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.
Contacts: AM Gold Inc. Murray Caruth 1-604-646-0067
mcaruth@amgold.ca www.amgold.ca
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