NAMEX EXPLORATIONS INC. ("NME-V")
SLAM EXPLORATION LTD. ("SXL-V")
November 29, 2011
Namex Explorations Completes Fieldwork for Qualifying Transaction
Gold Zone Now Extended for over a Kilometer, Second Parallel Gold Zone Identified.
Namex Explorations Inc., an exploration company currently undergoing reorganization to regain trading status on the TSX Venture Exchange, is pleased to announce that it has successfully completed geophysical and geochemical field programs on its Keezhik Creek property, located in the Fort Hope area of NW Ontario. Soil surveys have traced the gold mineralization at Keezhik Creek for over a kilometer.
Namex has now expended in excess of $120,000 to qualify this �property of merit," stated Chairman Arild Stockinger. "We have not only taken the next step towards re-enlistment but have also successfully increased the strike length of the gold target at Keezhik Creek to over a kilometre."
The Keezhik Creek property forms part of the 28 claim, 5,184 hectare Miminiska property all of which is under option from Slam Exploration Ltd. (TSX.V: SXL). The property lies in the Uchi Geological Subprovince which forms a newly recognized eastern extension of the same greenstone belt hosting the Red Lake gold deposit of Goldcorp. Historic drill and trenching programs identified an 11 g/t Au gold occurrence in a northeast trending shear zone. In 2010 Slam Exploration Ltd drilled one hole to test a humus anomaly approximately 100m north of the trench. The core assayed 9.47 g/t Au over 7.2m including 64 g/t Au over 1m. (Slam Explorations Ltd., press release, July 14, 2010).
In 2011 Namex contracted Geotech Ltd to undertake a 100m spaced low level helicopter borne magnetic survey over the northern part of the claim block. This airborne survey identified a prominent regional shear zone and the axial trace of large folds coincident with the historic gold mineralization.
Namex undertook a MMI geochemical soil survey to evaluate the area to the west of the 2010 drill intersection. The survey results show a gold (and other metals) anomaly extending from the vicinity of the Slam drill hole westwards for 1 km to the end of the survey grid. In addition, the survey results show a second and parallel anomaly that also extends for 1 km along strike and several other shorter length anomalies. The Ontario government assessment files show that historic drilling encountered a 12m thick arsenopyrite-bearing quartz vein directly beneath one of the short strike length MMI gold anomalies. No assay data accompanied these assessment files. In general, anomalous gold values occur over a zone that has a westerly trend of over 1 km and a north south width of approximately 300m.
The combined 2011 magnetic and geochemical surveys have identified a minimum of five drill targets within a 1,000 by 300 m area. Management is currently seeking funds to test these high potential gold targets.
Due Diligence:
All samples reported were shipped to SGS Laboratories, an ISO accredited facility, of Toronto, Ontario for analysis. Soil samples were analyzed by mobile metal ion geochemistry. Dr. George Gale, P. Eng., President of the Company, is the Qualified Person under the guidelines of NI 43-101 for the technical aspects of this news release.
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 sector in line with management's experience and expertise. For additional information, please visit us at www.namex-explorations.com.
Company Contacts:
Namex Explorations Inc.
Website: www.namex-explorations.com
George Gale
President and CEO
Tel: 204-663-2254 or 514-932-7712
E-mail: info@namex-explorations.com
Grayme Anthony, P. Geo., MBA
CFO
Tel: 705-523-3689
E-mail: info@namex-explorations.com
Forward-looking Statements: This release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.
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