SAMEX Exploration Update, Los Zorros Project, Chile
25 September 2012 - 10:25PM
Marketwired Canada
SAMEX (TSX VENTURE:SXG)(OTCQB:SMXMF) has been steadily advancing exploration at
its Los Zorros property in Chile. Nine deep core holes drilled in the Nora,
Milagro, Milagro Pampa, Colorina and West Florida project areas have provided
further insight into a strong hydrothermal copper-gold mineralizing system
centered beneath Milagro Pampa:
-- The hydrothermal mineralizing system is centered on an intrusive plug
that is likely related to a deeper-seated porphyry copper intrusion.
Please see PDF graphics plates at www.samex.com for map and section
views.
-- A prospective, stratigraphic (mantos) exploration target interval
related to the Milagro Pampa porphyry intrusion was found to be
comprised of limestone sedimentary units positioned just above and below
a prominent sedimentary anhydrite bed.
-- Drilling has outlined the spatial extent of mantos mineralization as an
area with a diameter of approximately 1500 meters. A portion of the
mantos target measuring approximately 800 meters by 300 meters is yet
untested for possible copper-gold sulfide mineralization.
-- Thicknesses of the mantos layers intersected typically are 5 to 6
meters, and range from less than a meter to 20 meters. Assay results of
the mantos intersections are listed below in Table 1. Interesting
gold/copper sulfide vein intersections were made in many of the drill
holes - the vein grades and widths are shown in Table 2.
-- Anomalous amounts of copper and gold were intersected in drill hole MP-
12-02 over a 583-meter interval (312 to 895 meters depth) averaging
0.157 g/t gold and 571 ppm copper. This intersection demonstrates the
widespread distribution of copper and gold common to the quartz-
sericite-pyrite alteration halo at Milagro Pampa.
Nine deep core drill holes were drilled in the Nora, Milagro, Milagro Pampa,
Colorina and West Florida project areas of the Los Zorros Property. Complete
geochemical analytical results are still awaited for several of these drill
holes and core from the most recent hole (MP-12-03) at Milagro Pampa is still
being logged and sampled. As a result, this news release represents a
comprehensive update - further reporting will be forthcoming when additional
analytical results are available. Most of the drill holes encountered minor
amounts of gold-copper sulfide mineralization hosted both in stratigraphic manto
layers and steep veins. From a geologic standpoint, when combined with
previously reported drill results for these areas, a coherent picture has
emerged of a hydrothermal copper-gold mineralizing system centered beneath
Milagro Pampa. The combined/comprehensive results from the Nora, Milagro,
Milagro Pampa, and West Florida areas are presented collectively in cross
section form on graphics plates 1 and 2 at www.samex.com and are summarized
below.
A strong hydrothermal mineralizing system was found by drilling to be centered
on an intrusive diorite porphyry plug at Milagro Pampa and likely is related to
a deeper (?) seated porphyry copper intrusion (Plate 1). Both mantos-style
copper-gold-sulfide and magnetite-specular hematite, and gold-copper sulfide
veins were generated by the hydrothermal mineralizing system. The hydrothermal
systems also produced well-developed, extensive alteration halos of pervasive
quartz-sericite-chlorite-pyrite, albite-quartz-pyrite, and skarn (epidote,
diopside-garnet) and concentric zones of anhydrite and
quartz-pyrite+/-chalcopyrite stockwork veining. Drill hole MP-12-03 found that
the quartz-sericite-pyrite alteration and quartz-pyrite+/-chalcopyrite veining
affecting the diorite porphyry plug at Milagro Pampa extends to great depth
(+900 meters). Anomalous metal zoning is also well defined with distal anomalous
zinc-silver and proximal copper-gold. The drilling results also hint at the
possibility that two other similarly mineralized centers could be positioned to
the east of the Colorina project area, and to the west beneath La Florida.
A prospective, stratigraphic (mantos) exploration target interval was found to
be comprised of very fine-grained limey sediment (limestone) units positioned
just above and below a prominent sedimentary anhydrite bed. Locally, the limey
units inter-finger with the anhydrite. These limey units proved to be the most
favorable stratigraphic interval for mantos replacement by invading copper-gold
sulfide mineralizing solutions. Drilling results outline the spatial extent of
mantos mineralization as a sizeable area with a diameter of approximately 1500
meters. From north to south, four project areas at Los Zorros are positioned
with this prospective area and include: Nora, Milagro Pampa, Milagro Mine and
Milagro Southwest (see section C-C', Plate 1). The mantos interval also extends
westward to La Florida project area (see section A-A', Plate 1).
The iron-rich nature of the mantos intersections suggest that the recent
drilling has been mostly carried out in locations perhaps more distal from the
center of the hydrothermal mineralizing system; as this mineralization is
characterized by semi-massive to massive pyrite typically with considerable to
more dominant amounts of magnetite and specular hematite. Chalcopyrite is
present in variable amounts in many, but not all, of the intersections.
Thicknesses of the mantos layers intersected typically are 5 to 6 meters, and
range from less than a meter to 20 meters. Assay results of the mantos
intersections are listed in Table 1.
Table 1 - MANTOS DRILL INTERCEPTS MILAGRO-NORA, LOS ZORROS
----------------------------------------------------------------------------
Estimated
true
From To Width width Au Ag Cu
Drill hole (m) (m) (m) (m) ppm ppm ppm
----------------------------------------------------------------------------
N-12-05A(i) 484.30 484.80 0.50 0.39 0.154 3.7 36
----------------------------------------------------------------------------
493.15 494.00 0.85 0.68 0.93 2.8 283
----------------------------------------------------------------------------
512.20 517.20 5.00 3.99 0.54 2.51 3321
----------------------------------------------------------------------------
Incl. 516.55 517.2 0.65 0.52 1.985 6.5 23980
(2.4%)
----------------------------------------------------------------------------
N-12-06B 592.00 596.00 4.00 3.46 0.156 2.2 2145
----------------------------------------------------------------------------
636.60 640.60 4.00 3.46 0.241 0.67 1960
----------------------------------------------------------------------------
642.00 647.20 5.20 4.50 0.900 1.72 4337
----------------------------------------------------------------------------
MW-12-01A 378.40 386.30 7.90 6.84 0.049 1.63 4499
----------------------------------------------------------------------------
401.90 414.50 12.60 10.91 0.019 0.49 1218
----------------------------------------------------------------------------
MW-12-02 786.65 796.35 9.70 In process
----------------------------------------------------------------------------
835.50 857.60 2.10 In process
----------------------------------------------------------------------------
883.30 889.30 6.00 In process
----------------------------------------------------------------------------
MW-12-03 404.40 408.00 3.60 In process
----------------------------------------------------------------------------
413.00 419.00 6.00 In process
----------------------------------------------------------------------------
422.50 426.00 3.50 0.041 less than 1679
0.5
----------------------------------------------------------------------------
MW-12-04 123.50 131.40 7.90 0.594 6.27 282
----------------------------------------------------------------------------
140.00 146.00 6.00 0.023 1.0 554
----------------------------------------------------------------------------
146.00 147.50 1.50 0.008 0.9 197
----------------------------------------------------------------------------
ML-04-06(i) 150.85 153.85 3.00 2.6 0.446 6.15 693
----------------------------------------------------------------------------
220.70 223.30 2.60 2.25 0.001 1.73 136
----------------------------------------------------------------------------
237.05 241.75 4.70 4.07 0.456 3.63 208
----------------------------------------------------------------------------
F-04-02(i) 163.55 173.90 10.35 7.93 0.476 3.57 201
----------------------------------------------------------------------------
178.65 182.05 3.40 2.6 0.133 2.62 924
----------------------------------------------------------------------------
225.00 234.95 9.95 8.15 0.481 2.45 34
----------------------------------------------------------------------------
225.00 250.00 25.00 20.48 0.346 1.94 24
----------------------------------------------------------------------------
(i) previously reported
The hydrothermal mineralized center at Milagro Pampa is expressed as a subtle
gravity low nested within a strong gravity anomaly (Plate 2). The gravity low
reflects the extensive and pervasive quartz-sericite-pyrite altered diorite
porphyry. The cause(s) of the gravity high are not entirely understood, but may
reflect, in part, the contact metamorphic hornfelsing and calc-silcate skarnoid
and also in places albite-quartz-pyrite alteration. During 2011, three lines of
deep-looking IP survey were run across Nora, Milagro mine, and Milagro mine
southwest areas. Large and extensive chargeability high anomalies were
identified and the recent drilling now suggests that these anomalies can be
related to the strong alteration halos of quartz-sericite-pyrite,
albite-quartz-pyrite, and calc-silicate skarn-pyrite (see section A-A', Plate
2).
The remaining untested part of the mantos target area is, conspicuously from the
map and cross section views, to be more proximal on the south side of the
hydrothermal center underneath of Milagro Pampa. This part measures
approximately 800 meters by 300 meters and is yet untested for possible
copper-gold sulfide mineralization with better copper/gold grades and improved
thicknesses.
Interesting gold/copper sulfide vein intersections were made in many of these
drill holes and their grades and widths are shown in Table 2. Most of the drill
holes are oriented steeply inclined to test the stratigraphic mantos target
interval and were not optimally oriented to drill at a shallow angle across the
steeply dipping veins.
Table 2 - IMPORTANT VEIN DRILL INTERCEPTS MILAGRO-NORA, LOS ZORROS
----------------------------------------------------------------------------
Estimated
True
From To Width width Au Ag Cu Cu
Drill hole (m) (m) (m) (m) ppm ppm ppm %
----------------------------------------------------------------------------
MP-10-01(i) 473.00 476.00 3.00 1.67 2.26 1.4 54 0.005
----------------------------------------------------------------------------
507.30 508.70 1.40 0.78 2.137 11.2 23171 2.32
----------------------------------------------------------------------------
531.05 531.35 0.30 0.09 0.475 7.8 19800 1.98
----------------------------------------------------------------------------
558.25 559.55 1.30 0.29 2.32 27.7 15550 1.55
----------------------------------------------------------------------------
699.00 700.50 1.50 0.51 29.40 13.6 10700 1.07
----------------------------------------------------------------------------
711.00 712.00 1.00 0.19 6.08 4.2 2680 0.27
----------------------------------------------------------------------------
735.05 738.00 2.95 1.28 1.07 5.4 5070 0.51
----------------------------------------------------------------------------
ML-04-03(i) 295.00 297.75 2.75 1.55 0.185 10.1 18407 1.84
----------------------------------------------------------------------------
MM-10-01(i) 268.00 270.00 2.00 0.85 11.8 2.5 82 0.008
----------------------------------------------------------------------------
MP-12-02 499.00 501.00 2.00 7.28 1.4 1350 0.14
----------------------------------------------------------------------------
592.2 592.7 0.50 7.5 2.6 198 0.02
----------------------------------------------------------------------------
N-12-05A(i) 386.75 388.00 1.25 0.469 1.8 17070 1.71
----------------------------------------------------------------------------
390.35 395.75 5.40 1.61 1.326 4.2 11648 1.16
----------------------------------------------------------------------------
N-12-06A 209.00 221.10 12.10 3.42 1.389 5.0 11404 1.14
----------------------------------------------------------------------------
Incl. 209.00 209.90 0.90 0.25 1.56 10.3 32500 3.25
----------------------------------------------------------------------------
217.50 221.10 3.60 0.82 1.96 8.2 21723 2.17
----------------------------------------------------------------------------
224.25 224.85 0.60 0.23 2.197 12.8 54410 5.44
----------------------------------------------------------------------------
237.85 238.30 0.45 0.10 0.498 7.8 15730 1.57
----------------------------------------------------------------------------
N-12-06B 9.50 10.50 1.00 1.09 4.4 18130 1.81
----------------------------------------------------------------------------
417.30 419.70 2.40 1.84 2.6 7300 0.73
----------------------------------------------------------------------------
MW-12-01A 521.00 524.00 3.00 0.91 5.74 3.2 11186 1.12
----------------------------------------------------------------------------
534.10 540.00 5.90 3.38 3.47 7.2 2687 0.27
----------------------------------------------------------------------------
MSE-12-01 439.00 442.00 3.00 5.74 4.1 654 0.07
----------------------------------------------------------------------------
MW-12-04 83.00 88.00 5.00 3.38 2.05 27 0.003
----------------------------------------------------------------------------
(i) previously reported
SAMEX is in the process of a comprehensive compilation and evaluation of the
Milagro-Nora results and, when all the data has been received, will be able to
determine if further drilling can be recommended.
The Los Zorros Property is being explored for gold, silver and copper at
multiple project areas within the Company's extensive land holdings that now
cover more than 100 square kilometers. This round of drilling followed up
earlier exploration drilling and tested anomalies identified by the Titan-24
geophysical survey that was completed last year. The Los Zorros land holdings
also cover a 15 kilometer-strike of a prospective range front/anticline, yet to
be systematically explored by SAMEX, along which mineralization is exposed in
old-time piquenero underground workings, open cuts, trenches and pits.
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.
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.
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