MONTREAL, June 1, 2004 (PRIMEZONE) -- Clarification: June 1, 2004 Sudbury Drilling to begin first week of June 2004. Two More Properties Optioned. (TSX Venture Exchange:NME)
This clarification of Namex's May 20, 2004 news release is being issued at the request of the TSX Venture Exchange.
Ground geophysics (magnetics, ionization potential and electromagnetics) is currently underway on Namex's Sudbury properties. These surveys will verify and provide ground control for drill testing anomalies defined by an earlier helicopter-borne geophysical survey and to assess other areas of the property with indicated mineral potential. Drilling will begin during the first week of June on the Post Creek property. This property abuts FNX/Inco/Dynatec's Norman North joint venture project and also contains the extension of the Norman North mineralized structure. Subsequent drilling will target high-grade gold mineralization on the Golden Pine property. A single diamond drill hole by Longold Resources in 1988 on this gold target intersected 0.44 ounce per ton over 2.04 metres.
Namex Explorations Inc. ("Namex"), in keeping with its policy of discovering new mineral resources based on thorough geoscientific surveys, has optioned two additional properties. The new properties are the Burnish Creek nickel-copper-PGM-gold property and the Wilder silver-cobalt property.
Prospecting activity undertaken in August of 2003 on the Burnish Creek property has identified nickel-copper-platinum group metal-gold mineralization in boulders found in glacial outwash and till some distance from the Sudbury Igneous Complex. A total of 13 samples representing composite chips of mineralized cobbles were collected from a creek bed. Assays and multi-element analysis of individual cobbles are summarized in Table 1. Results indicate maximum observed values of 1.13% nickel (22.6 lbs./ton), 5.61% copper (112.2 lbs./ton), 0.068% cobalt (1.36 lbs./ton), and 3.62 grams per tonne (0.105 ounces per ton) Pt + Pd + Ir + Au.
Table 1 Cu Ni Co Au Ir Pd Pt SAMPLE % % ppm ppb ppb ppb ppb BL-1 2.108 0.637 284 130 39 67 247 BL-2 0.508 0.729 248 8 50 41 75 BL-3 0.39 0.437 162 5 43 96 232 BL-4 1.683 0.48 208 94 20 446 916 BL-5 2.255 0.574 248 168 22 199 390 BL-6 2.987 0.191 110 582 -5 463 126 BL-7 0.105 0.427 210 14 34 564 149 BL-8 1.341 0.242 123 63 -5 287 542 BL-9 0.193 0.326 156 220 -5 635 1366 BL-10 1.597 0.304 125 98 21 75 115 BL-11 0.763 0.862 319 21 100 142 149 BL-12 5.611 1.13 685 63 39 1576 170 BL-13 1.929 0.496 203 140 63 110 246
Copper, nickel, platinum and palladium by fire assay; gold, cobalt and iridium by neutron activation.
Activation Laboratories Ltd. (Ancaster, Ontario), an ISO-accredited laboratory, undertook all analyses. Note: ppm=parts per million, ppb=parts per billion.
Namex retracts the gross metal values assigned to the assay results for the Burnish Creek samples and cautions investors regarding the use of these data for any purpose.
Detailed prospecting with the objective of tracing the extent and probable source of the mineralized boulders is now underway.
Based on a review of existing reports, assay certificates and government reports, Namex has optioned the Wilder property's 4 leased claims covering approximately 134 acres, and has completed the staking of 1680 additional acres. All claims are located in Donovan and Charters Twps., Ontario. Historical work on the Wilder property documents the high-grade silver and cobalt mineralization that exists on the property. A grab sample collected adjacent to the Wilder shaft by Claude Wilder, the former property owner, assayed 1407.6 ounces per ton silver (Report Number CB 2264, Ontario Ministry of Natural Resources, Temiskaming Testing Laboratories, Cobalt, Ontario, October, 1978). A grab sample collected from outcrop 350 feet northeast of the Wilder shaft assayed 6.55% cobalt (Report Number 002352, sample number 68633, INCO Geochemical Laboratory, Copper Cliff, Ontario, July, 1978).
Investors are cautioned that these grab samples likely represent highly mineralized rocks and may not be representative of all mineralization on the property.
Initial plans for reconnaissance prospecting include detailed examination of all showings as well as ground geophysical surveys combined with appropriate geochemical sampling. The results of this prospecting will provide the basis for effective follow-up exploration.
Evaluation of all data indicates that the application of leading edge exploration technology could spark the renaissance of a new silver era in this rich silver-cobalt region. Combined production from the Cobalt silver camp, discovered in 1903, and the subsequently discovered Gowganda camp including Silver Centre, was approximately 550 million ounces of silver and 30 million pounds of cobalt (cf. Ministry of Northern Development and Mines, Kirkland Lake District).
Namex retracts the gross metal value assigned to the assay results for the historical production from the Cobalt-Gowganda-Silver Centre mining camp and cautions investors regarding the use of these data for any purpose.
The Qualified Person responsible for the technical content of this press release is Mark Fedikow, Ph.D., P.Eng., P.Geo., and Vice President of Exploration, Namex Explorations Inc.
Namex is a Canadian junior that actively explores for platinum group metals, nickel, copper, gold, silver, zinc and lead exclusively in North America. For further information, see Namex's due diligence site: www.namex-explorations.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This release was prepared by the Company's management who takes full responsibility for its contents. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. The Company disclaims any obligation to update forward-looking statements.