MONTREAL, QUEBEC--(Marketwire - Dec 5, 2012) - BOWMORE Exploration Ltd. (TSX VENTURE:BOW)("The Company") is pleased to announce that it has acquired its 50% interest in the Chivas gold property (the "Property") in the State of Sonora, Mexico, from the Amex Exploration Inc. (TSX VENTURE:AMX)("Amex") subsidiary, "Minerales X-Ore de S.A. de C.V.", a Mexican mining corporation.
The Company recently completed a 2065 meter drill program in June, 2012 (see news release dated September 20, 2012) whereby drilling outlined a new hydrothermal mineralized breccia structure at Mesa Blanca, and also extended laterally and at depth the Piedra Rodante high grade low-sulfidation structure. The drill program intersected high grade gold-silver veins at the Piedra Rodante zone, hosting up to 12.85 g/t Au and 444.0 g/t Ag over 1.5 meters.
The Company has elected to exercise its right to acquire an additional 20% interest in the property pursuant to the Option Agreement between the Company and Amex (see News Release dated April 8, 2011). Bowmore will become the operator.
ABOUT NATORA-SOUTH PROPERTY
The Chivas Property is composed of 2 exploration titles covering over 24,841 hectares and is located within the Sierra Madre Occidental Gold Belt ("SMO"). The SMO is known to host reserves of more than 40 Million ounces of gold and 2 Billion ounces of silver. The Chivas property is 15 kilometers to the west of the Dolores Mine previously owned by Minfinders Corporation Ltd. and now Pan American silver Corp.
The main mineralization discovered to date, located on the Chivas property, is the Piedra Rodante zone. Here the mineralization is emplaced in a N15E - N15W fault with a 65°dip toward the East, is known in outcrops and in various drill holes over a strike length of about 1,000 meters and to a depth of 200 meters, and is still open below this level.
The mineralized structure presents a low grade envelope, 10 to 20 meter wide, of greater than 1.0 g/t Au and greater than 100.0 g/t Ag that include 1.5 to 6 meter wide intervals with greater than 8.0 g/t Au and greater than 350.0 g/t Ag.
Down dip, the Piedra Rodante vein is marked by a low grade mineralized envelop that surrounds the high-grade vein-breccia zone. Within the low grade mineralized envelop there is a high grade zone that continues within the 200 meter known vertical section, including 3 to 6 meter intervals with Au equivalent values between 5.0 g/t and 10.0 g/t. The best-mineralized interval was intersected in the deepest drill hole with 6 meters of 10.0 g/t Au eq., including 1.5 meters of 20.0 g/t Au eq. The Ag:Au ratios do not present a clear vertical zoning, with values varying between 40 and 140.
Mr. Paul A. Dumas President and CEO of Bowmore says: "We have decided to exercise our option to earn a 70% interest in this property. This decision was made clear following the recent results of the first phase drill program that successfully demonstrated the extensions of the mineralization laterally and at depth, obtaining higher grades at depth on the Piedra Rodante zone, as well as a new discovery at Mesa Blanca which is approximately 1.5 kilometers south of the Piedra Rodante zone. Additional drilling at depth of these hydrothermal low-sulfidation structures should demonstrate any economic potential."
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW".
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.