AM Gold Inc.: Announces Red Mountain Exploration Program
17 Marzo 2011 - 5:16PM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce its 2011 Spring - Summer
exploration program at Red Mountain.
AM Gold has contracted with Kluane Drilling of Whitehorse, Yukon
Territory to conduct a 6000m diamond drill core program at Red
Mountain. Through an agreement reached at the conclusion of the
2010 season, two of Kluane's KD1000 skid-mounted, all-hydraulic
drill rigs were winterized and left on the property to facilitate
an early start for the 2011 campaign. Mobilization of the camp is
planned for early-May with the resumption of drilling operations
anticipated between May 15 and June 1, depending on weather
conditions.
The drill program has been planned with primary focus on
expanding the inferred 1.32 million ounce gold resource (79.3
million tonnes grading 0.52 g/t gold) that was previously announced
on December 2, 2010. The updated NI 43-101 report was prepared
utilizing the results from twenty-four inclined drill holes with a
cumulative total of 6,609m in the resource estimation. To date,
drilling in and around the inferred resource area has not closed
gold mineralization in any direction laterally or at depth, with
the strongest mineralization open to extension at the east and west
ends of the inferred resource along strike of the Jethro Structure
and at depth.
In addition to resource extension, the Company intends to drill
other areas of interest on the property identified by previous
programs. At the conclusion of the 2011 drill program, Hole
ICE10037 (previously announced November 30, 2010) was drilled well
north and away from the resource area situated along Jethro Trend.
Mineralization in the order of 233m grading 0.36 g/t Au in porphyry
intrusive rock was intersected, with 0.83 g/t gold over 5.48m
intersected at the bottom of the hole. ICE10037 was not included in
the resource estimate as the hole could not be incorporated within
the current geological model due to the distance between the collar
of the hole and the current resource area. ICE10037 is located in
an area of the property previously untested by drilling and will be
a high priority for the 2011 campaign.
A detailed and comprehensive reconnaissance mapping and rock
sampling program will also be launched this season to investigate
the remainder of the property for additional drill targets. These
activities will be supplemented by high definition Satellite
imagery and DEM which will aid in the interpretations.
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 flagship
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. AM Gold holds an
80% interest in Red Mountain with an option to acquire 100%
ownership of the 52 contiguous claims that constitute the property
and cover approximately 1,168 hectares. 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 305 - 369 Terminal Avenue, Vancouver,
British Columbia, V6A 4C4 (phone: 604-646-0067).
On behalf of the Board:
John Fiorino, CEO
AM GOLD INC.
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
1-604-692-0117 (FAX) mcaruth@amgold.ca www.amgold.ca
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