VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 27, 2013) - SAMEX Mining Corp. (TSX VENTURE:SXG)(SMXMF) is pleased to announce strong copper and gold assay results from its preliminary El Gringo drilling campaign located at the Los Zorros project in Chile. Hole No10 intersected 22 meters of .49% copper-equivalent mineralization (.24% copper plus .4 grams per tonne gold) beginning at surface within a strong leaching zone, while hole No5 intersected 7 meters of hydrothermal breccia with .92% copper mineralization at a depth of 117 meters. Both holes also show strongly anomalous copper and gold values disseminated throughout multiple other intervals. In light of these encouraging results, the Company has decided to further expand this phase of its El Gringo drill campaign by another 800 meters to 2000 total meters. A detailed drill map and images of these highlighted intercepts have been posted online in the Coreshack section of www.samex.com.
The copper and gold encountered thus far belongs to an extensive hydrothermal cluster system characterized by feldspar porphyry, andesitic intrusives, and hydrothermal breccias with a strong potassic halo alteration. This mineralization has shown to be characterized by strong stockwork, veinlets, and disseminated mineralization beyond two structural block fault-controlled zones. Drill-core inspection reveals a strong leached zone emplacement at a depth of roughly 80 meters beneath the paleosurface with copper oxide and disseminated gold content. It is believed that the mineralized intercepts highlighted above are cutting branches or limbs of a greater system. Drilling to depths of up to 300 meters will be now required to discover the possible mineralizing source of this hydrothermal system.
Pyrite, chalcopyrite, bornite, chalcocite, covellite, chrysocolla, and malachite are among the principal forms of copper mineralization found at El Gringo. The alteration is also typical of porphyry-type deposits considering the propylitic and kaolinitic-argillic-biotitic alteration associated with quartz-pyrite. Mineralized skarns and breccias have also been noted in this complex hydrothermal system that is subject to extreme structural dislocations.
"Taking our cue from these assay results, we have decided to focus the bulk of our drilling in this next phase on the southwest section of El Gringo. It is still too early to quantify the potential grade or tonnage of our target source, however we are very excited to follow up these early findings," notes SAMEX Chief Geologist Juan Carlos Toro Taylor.
Assays from multiple holes are still pending and will be announced in due course once received and properly analyzed.
|El Gringo Drill Hole Table|
|DDH Drill||Depth (m)||Status|
|EG-13-001||100||Complete - Anomalous Copper and Gold throughout|
|EG-13-002||202.80||Complete - Anomalous Copper and Gold throughout|
|EG-13-005||135.20||Complete - Refer to This Press Release|
|EG-13-007||TBD||Planned - Secondary Priority|
|EG-13-008||TBD||Planned - Secondary Priority|
|EG-13-010||120.20||Complete - Refer to This Press Release|
Juan Carlos Toro Taylor, M.Sc. Economic Geology, Chief Geologist of SAMEX Mining Corp., is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.
All assay information used in conjunction with this news release was provided by ALS Minerals, an independent, internationally recognized and ISO certified laboratory complying with the international standards ISO 9001:2000 and ISO 17025:1999.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, future prospects of the Company, 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 and grade of ore mined; risks associated with development, construction and mining operations; the uncertainty of future profitability and uncertainty of access to additional capital. Except as may be required by law, SAMEX undertakes no obligation to revise or update any forward-looking information as a result of new information, future events, or otherwise after the date hereof.