Another JV NewsEXMIN Stakes Polymetallic Drill Target With AmMex Gold
11/29/2007
VANCOUVER, BRITISH COLUMBIA, Nov 29, 2007 (MARKET WIRE via COMTEX News Network) --
EXMIN Resources Inc. (EXMIN) (TSX VENTURE: EXM) is pleased to announce that its wholly owned Mexican subsidiary has jointly acquired a mineral concession in the Melchor Ocampo district in conjunction with Minera Jeronimo S.A. de C.V., a wholly owned subsidiary of AmMex Gold Mining Corp. (AmMex) (OTCBB: AMXG). The approximately 8,000 hectare concession was obtained through staking and covers a near term exploration target that was previously identified. The area is situated in the Concepcion del Oro region of Zacatecas State, in a similar geologic environment as the world class Penasquito deposit of Goldcorp, located approximately 25 kilometres to the southeast.
EXMIN was approached by AmMex to stake an area with known potential for polymetallic mineralization in an area with intense exploration and mining activity. EXMIN has a larger infrastructure in Mexico, has concessions in the area, and was available to move quickly to acquire this ground that had been declared open for staking by the Mexican government. Under the agreement, EXMIN staked the concession based on geologic information provided by AmMex for a 30% interest, and AmMex will provide detailed data and fund a first round of exploration drilling for its 70% interest. EXMIN will be project operator for the initial phase of exploration, set to begin immediately. A ground magnetic survey will be conducted over a magnetic high identified in regional data obtained from the Mexican government. Magnetic anomalies typically indicate the presence of intrusions that are closely associated with mineralization in the region.
Craig Gibson, Executive Vice President, Exploration of EXMIN, stated, "We are pleased with this deal to explore a known target in the vicinity of the new Penasquito mine. First pass exploration drilling will be paid for by AmMex and there is virtually no risk to EXMIN. We have several other exploration targets on our 100% owned concessions in the district, and this provides and additional exploration target."
The Target
Mineralization in the Concepcion del Oro region is characterized by carbonate replacement deposits related to intermediate intrusions, and includes several mines and historical producers at Concepcion del Oro, Terminal de Providencia, Salaverna, Santa Rosa, Noche Buena, Melchor Ocampo, and Penasquito. Several companies have explored in the Melchor Ocampo district over the last 15 years, but most left during the low metals prices at the end of the 1990's.
The concession staked by EXMIN covers a 7 km by 2 km magnetic anomaly in a valley near outcropping mineralization with several small mines and prospects that were exploited in the past. The majority of the mines in the region are located in areas near similar magnetic anomalies. The geologic environment is very similar to that of the Penasquito deposit and provides an excellent and easily accessible exploration target.
The area of the magnetic anomaly was previously explored by an international mining company. Stream sediment and soil samples taken in the area show anomalous metal values, and seven samples of loose rock fragments, or "float", collected in the valley fill material in the region of the anomaly averaged 0.435 grams per metric ton (g/t) gold, and 5 g/t silver, with one sample yielding 1 g/t gold and 229 g/t silver; one sample also reported 1.46% lead. EXMIN has planned a ground magnetic survey over the regional magnetic anomaly to better define the shape of the anomaly to aid in orientation of drill holes. The ground survey is now underway.