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Message: Namex Explorations Options MacVicar Base Metal and
Gold Property in Manitoba
FSC / Press Release
Namex Explorations Options MacVicar Base Metal and Gold Property in Manitoba
Montreal, Quebec CANADA, December 15, 2011 /FSC/ - Namex Explorations Inc. (NME - TSX Venture), an exploration company currently undergoing reorganization to regain trading status on the TSX Venture Exchange, is pleased to announce that it has acquired a 100% option on the MacVicar property which is located in northeastern Manitoba. The property contains one of the largest untested hydrothermal alteration systems in Manitoba.
Namex has the right to earn a 100% interest in the property by paying the vendors $150,000 and 1,250,000 shares by December 30, 2014. Namex is committed to incurring $600,000 in exploration expenditures by December 30, 2015. The vendors retain a 2% Net Smelter return on the property.
"The addition of MacVicar property to the Namex portfolio is a major step forward for Namex," said President and CEO, Dr. George Gale. "The property contains the largest known alteration zone in northeastern Manitoba. It has all of the features one commonly finds in fertile hydrothermal systems containing gold, copper and zinc."
The 30,000 ha MacVicar Property covers a belt of mafic and felsic volcanic rocks that include one of the largest zones of hydrothermally altered rocks in Manitoba. The hydrothermal alteration underlies a zone of felsic volcanic rocks with minor amounts of disseminated pyrite and magnetite in a volcanic derived sedimentary unit that includes a unit of chert, garnet-rich rock and chlorite, which have been traced for approximately 10 km along strike.
Previous exploration has identified up to 4.8 g/t Au, 0.8% Cu and 0.25% Zn in grab samples. The chlorite-rich altered rocks are depleted in Sodium and enriched in Cu, Au and iron sulphides. In addition, a Manitoba Geological Survey 'Multi-Media Survey in 1996' identified pathfinder elements Arsenic and Mercury in the chemical sedimentary rocks. A 2004 exploration program for gold reports a positive Europium anomaly and interpreted the alteration as typical of that associated with volcanogenic massive sulphide deposits. A moderate magnetic anomaly occurs at the top of the alteration zone and is coincident with the felsic volcanic unit. No ground electromagnetic surveys have been done to date. A 1974 airborne electromagnetic survey detected a weak anomaly in the vicinity of the felsic volcanic unit. There is no record of previous drilling in the vicinity of the alteration zone or along strike.
The Company is actively seeking funding to advance exploration of the newly acquired MacVicar property as well as the Miminiska gold property.
About Namex Explorations Inc.
The Company currently holds six mineral claims with VMS-type mineralization in Clinton Township, Quebec and a 28 claim high potential gold property in the Miminiska Lake region of northwestern Ontario. Namex is focusing on Canadian opportunities in the gold and base metals sectors in line with management's experience and expertise. .
Namex Explorations Inc.
George Gale Grayme Anthony, P. Geo., MBA
President and CEO CFO
Tel: 204-663-2254 or 514-935-2445 Tel: 705-523-3689
E-mail: [email protected] E-mail: [email protected]
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