Ambrex Raises Additional $1 Million; Accelerates Exploration At Aripuana.TORONTO--(BUSINESS WIRE)--June 11, 1996--AMBREX MINING CORP. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : AMBX ) today announced that it has received $1 million following exercise of two million warrants at $0.50 per warrant by St. Genevieve Resources Ltd., of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. . In addition, the Company reported that one drilling rig at the Company's Aripuana gold exploration project in Mato Grosso Mato Grosso (mä`t  grô`s) [Port.,=thick forest], state (1996 pop. State,
Brazil, is now operating two shifts per day.
Drill No. 1 has been on site for some 10 days and the drill is now approaching the target structure beneath a former high grade open pit gold mine. A second drill will arrive on site and will begin drilling on a two-shift basis this week. Drill No. 2 will be sited some 500 meters to the northwest of drill No. 1, about halfway toward the property boundary, near which a major multinational mining company (Anglo American) is in its third drilling season and currently using three rigs. They have drilled four holes on 50 meter spacings immediately adjacent to the Ambrex property. The Ambrex property at Aripuana features a shear zone that is some three kilometers long and has a central core which has returned grades of 11.87 grams per tonne over six meters. The structure displays parallel gold mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones within a 100 meter width. A ninety meter trench below this main shear zone was driven into fresh hardrock. This was sampled at one meter intervals and every sample carried gold, ranging from 0.06 to 6.65 grams per tonne, thus demonstrating the potential for substantial tonnage. Prior to drilling, the Company conducted extensive geochemistry, magnetic and Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is surveys over a two kilometer strike length surrounding gold deposits worked earlier by hand miners. First assay results are expected within a month. Ambrex Mining Corporation focuses on exploration and development of gold and gemstone gemstone Any of various minerals prized for beauty, durability, and rarity. A few noncrystalline materials of organic origin (e.g., pearl, red coral, and amber) also are classified as gemstones. properties in Brazil. Common shares of Ambrex trade on the Canadian Dealing Network (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) under the symbol AMBX. CONTACT: Ambrex Mining Corporation William Fisher, 416/865-9300 Gary Last, 416/865-9300 or Hume, Kieran Inc., Jon W. Kieran, 416/868-1079 Olav Svela, 416/868-1079 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion