AM GOLD INC. (TSX-V: AMG; Frankfurt: AMX) (“AM Gold”, or the “Company”) announces the completion of a modest 2015 exploration program at its Red Mountain gold property, Yukon Territory, Canada. The exploration program was partially funded by the Yukon Mineral Exploration Program (YMEP) which approved up to $40,000 in grant funding.
The geochemical program focused on under-explored areas over zones modeled to be favourable for additional gold mineralization following the recommendations of both Costantini (2010) and Cole (2012). Soil sampling, prospecting, and geological mapping was conducted to outline new areas of potential gold mineralization and provide new geophysical targets. It also conducted tighter spaced geochemical follow-up of previously determined gold anomalies. Prospecting and sampling of the dump piles from the old adit on the Treadwell vein was also initiated.
The 2015 exploration program on the Red Mountain gold property included 523 soil samples and 20 rock samples. Soil sampling used augers and mattocks along a defined survey grid. Sample intervals were 50 metres on line spacing of 150 metres. Five prospecting traverses were completed. Recent geophysical and geological analysis, incorporating both Government Surveys and the Company’s data sets, highlights the potential of areas beyond the historical soil grid.
The 2015 exploration program defined a new gold anomaly, centered approximately 1 kilometre west of the current inferred resource. This anomaly exhibits a footprint of over one square km and ranges in values from 99 ppb gold to 572.6 ppb gold. Another gold anomaly exceeding 99 ppb was defined in the southeastern portion of the 2015 geochemistry soil survey grid in the vicinity of the Treadwell vein.
The historic Treadwell dumps, located on the Red Mountain Gold Property, were sampled returning grab samples of 12.1 g/t Au and 9.0 g/t Au from the upper and lower dumps respectively. Historical information on the orientation of the Treadwell vein is limited, as only the dumps remain since the adit itself is buried under the talus slope.
The Company also announces that it staked, in two separate blocks, an additional 80 quartz mining claims. These blocks are contiguous to the existing Red Mountain gold property.
The information contained in this press release has been reviewed and approved by Stewart A Jackson, PhD, PGeo., a Qualified Person under National Instrument 43-101, and a Director of AM Gold.
About AM Gold Inc.
AM Gold Inc. is a publicly held resource company based in Vancouver, Canada. The company is listed on the TSX Venture Exchange under the symbol AMG and is quoted on the Frankfurt Exchange under the symbol AMX.
More information on AM Gold is available at amgold.ca.
ON BEHALF OF AM GOLD INC.
AM GOLD INC.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© Copyright AM Gold Inc. 2016