Nov. 2, 2009 (TheNewswire.ca) --
Amerix Precious Metals Corporation (TSX Venture: APM, Frankfurt: NJG) is pleased to announce initial sampling results from the Limão Gold Property located in the highly prospective Tapajós Gold Province in Central Brazil. Amerix has confirmed the presence of high grade gold mineralization hosted in syeno-granitic intrusive rocks with values up to 106.6 g/t Au or 3.76 oz/t Au. The initial due diligence consisted of 14 rock samples and 134 one-metre auger samples
The Limão Property is situated along the NW-SE Tocantinzinho Trend. This trend hosts notable gold properties such as Eldorado and Brazauro's Tocantinzinho Property and Magellan Mineral's Cuiu-Cuiu property. Between 1987 and 1990, Mineração Pompeia carried out systematic prospecting in the area which included geochemical and geophysical surveys followed by a small drill program in an area previously mined by locals. Holes drilled under an open pit returned promising results, such as 47 g/t Au over 13 metres and 18.7 g/t Au over 6.8 metres. During 1994 and 1995, Barrick Gold (NYSE:ABX) (TSX:ABX) conducted a review of the area and took fifteen samples of the syeno-granite in the pit area and returned values from 1.75 g/t Au to 25 g/t Au. Additional work conducted by Barrick Gold also identified several gold anomalies outside the area of the open pit. It must be noted that the previous exploration is historical. It cannot be relied on and is not 43-101 compliant.
The Company's review and due diligence of the area consisted initially of satellite/aerial photography and location of the artisanal workings. A crew was mobilized to the property and re-established the camp and airstrip. A small grid was established for sampling and mapping control over the pit area and other artisanal workings. A total of 11 float samples were taken from sulphide-rich syeno-granitic rocks located in the pit area. Results range from 2.37 g/t Au to 106.6 g/t Au with an average of 38.5 g/t Au or 1.12 oz/t Au. The Company believes these samples to be representative of bedrock mineralization at the bottom of the open pit which was previously mined by local miners. The open pit is now filled with water and is believed to be 20 metres deep.
A total of 134 one-metre auger samples were taken at 20 metre intervals along parallel north-south lines spaced at 100 metre intervals. Sample results from the geochemical survey taken from saprolite material range from 5 ppb Au to 638 ppb Au. Results taken in tailings or artisanal areas returned values as high as 5.13 g/t Au. Further follow up and infill lines are required to determine size and orientation of the anomalies.
The Company believes these results are significant and confirm the previous operators' surface results. Jeffrey Reeder CEO and President of Amerix states "Our initial results clearly show that the Limão property has the potential to host a high grade gold resource. (OTCBB:GORO) Our initial review has confirmed surface results of the previous exploration and more importantly have located the old drill sites. We intend to further define the gold anomalies and compile old and new data to define drill targets". The Company has the option to earn 100% interest in the Limão property by completing payments of approximately US$290,000 and issuing 400,000 shares. To date the Company has completed approximately US$109,000 in payments and issued 200,000 shares of the Company.
All rock and auger samples were prepared and analyzed at SGS Geosol Laboratories LTDA (a certified laboratory) in Brazil by fire assay (50 gram) method with atomic absorption finish. Jeffrey Reeder, P. Geo., President and CEO of Amerix Precious Metals, is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this news release.
About Amerix Precious Metals Corporation (TSXV:APM)
Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. Amerix's objective is to create value for shareholders through expansion of bedrock gold resources, and development of placer and tailings gold resources. Brazil has enormous gold potential and is a proven mining-friendly country. The Corporation's shares trade on the TSX Venture Exchange under the symbol "APM" and at the Frankfurt Stock Exchange under the symbol "NJG."
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 Corporation's expectations are disclosed in the Corporation'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.
For further information, please contact:
Amerix Precious Metals Corporation
Jeffrey Reeder, CEO and President
Chief Financial Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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