�
AM
Gold Inc. (TSX-V: AMG; Frankfurt: AMX) (�AM Gold� or the �Company�) is pleased to announce
assay results for hole ICE10037, the 12th hole of the 2010 drill campaign at
its wholly owned Red Mountain Property in central Yukon Territory, Canada.
The first 11 holes of the program were focused on the expansion of the
resource area at depth and along strike of the Jethro
Trend. ICE10037 was targeted on the quartz monzonite
intrusive, north and away from the Jethro Trend to
expand the area of gold mineralization beyond the structural influences
associated with the trend.
Hole ICE10037 was collared approximately 270 m northeast of Hole ICE10028
(previously announced September 28 and October 5, 2010) and drilled on a
north-northwest azimuth at minus 55 degrees to a depth of approximately 253 m
to explore an area of the property previously untested by drilling.
�
Detailed
assay results for ICE10037 are summarized in the table below:
�
Hole
Number
|
�
From
(m)
|
�
To
(m)
|
�
Width
(m)
|
�
Gold
(g/t)
|
�
ICE10037
|
�
20.00
|
�
61.00
|
�
41.00
|
�
0.70
|
�
Including
|
�
52.00
|
�
61.00
|
�
9.00
|
�
1.44
|
�
And
|
�
188.50
|
�
252.98
|
�
64.48
|
�
0.45
|
�
Including
|
�
247.50
|
�
252.98
|
�
5.48
|
�
0.83
|
�
Note: Reported Widths Are Drilled Thicknesses.
True Widths Are Not Known
|
�
All
sample preparation and fire assaying work has been performed by Eco Tech
Laboratory Limited in Kamloops, British Columbia. Eco Tech is an
ISO 9001:2008 accredited laboratory and subsidiary of the Stewart Group of
worldwide laboratories.
�
The
previously disclosed Inferred Resource of 542,000 troy ounces (23.6 million tonnes grading 0.7 g/t gold) announced on June 16, 2010
lies in an area of structural complexity, namely at the intersection of the
northwest to west-northwest trending Jethro
Structure and east-northeast to northeast trending structural
discontinuities. Those structures are been believed to have played a role in
the focusing of gold mineralization and were the basis for targeting the
first 11 holes of the 2010 drill campaign, which has extended the
mineralization to a distance exceeding 650 m along strike of the Jethro Structure.
�
ICE10037
was collared at distance approximately 90m north of the northern fringe of
the Jethro Structure where alteration and
mineralization were discovered this summer in the course of mapping felsenmeer. The hole was drilled away from the known
trend of the mineralization toward the center of the porphyry intrusive
indicated by magnetic and EM data. ICE10037 is the first hole of the program
drilled north of the resource area and the first to cut consistent gold
mineralization away from the trend. Poor weather conditions at the end of the
season forced the early termination of ICE10037 with 0.83 g/t gold over 5.48m
at the bottom of the hole.
�
"We
are excited to see such promising results from our first hole drilled off the
trend this season," stated VP of Exploration Neil Downey. "Based on
the large step-out to the north, ICE10037 intersected mineralization separate
and distinct from the gold mineralization focused along strike of the Jethro Structure."
�
The
2010 drill program at Red Mountain has been concluded with the mineralization
in and around the inferred resource area open in all directions laterally and
at depth. Work on an updated resource estimate commenced before the last of
the drill hole assay results were returned from Eco
Tech's laboratory and is expected to be completed and announced within the
next week.
�
The
Company is also pleased to announce that AM Gold has become the eighth member
company of the Yukon Gold Mining Alliance (YGMA). The YGMA is a marketing
consortium of qualified Yukon exploration, development & mining companies
committed to increasing awareness of the Yukon and its member companies in
the capital market.
�
Current
YGMA member companies include:
�
AM Gold
Inc.
Alexco Resource Corp.
Capstone Mining Corp.
Copper Ridge Explorations Inc.
Golden Predator Corp.
Northern Freegold Resources Ltd.
Victoria Gold Corp.
Western Copper Corp.
�
AM Gold
is excited by the opportunity to collaborate with established companies
committed to mineral exploration and development in the Yukon to
promote investment in both the YGMA member companies and the Yukon
Territory.
Brian L Cole, P. Geo.,
has reviewed the technical disclosure contained in this news release and is a
Qualified Person within the meaning of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects.
�
This
news release was prepared on behalf of the Board of Directors, which accepts
full responsibility for its contents.
�
On
behalf of the Board:
�
�John Fiorino�
___________________
John Fiorino
CEO
AM GOLD INC.
�
For further information on the
Company, please contact David Yeager at Progressive IR Consultants
Corporation at 604-689-2881 or by email at david@AMGold.ca, or visit our
website http://www.amgold.ca
�
This
news release has been prepared by management. The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of this release.
This document contains certain forward looking statements which involve known
and unknown risks, delays, and uncertainties not under the Company�s control
which may cause actual results, performance or achievements of the Company to
be materially different from the results, performance or achievements implied
by these forward looking statements. We seek safe harbor.