Vancouver – Drilling by Amerix Precious Metals (APM-V, APMFF-O) on its Ouro Roxo project in the Tapajs gold district of Par State, Brazil looks to be demonstrating continuity between the north and south zones as well as cutting into high-grade gold mineralization.
Seven out of latest batch of nine holes tapped gold values including hole AOR-43 that cored multiple mineralized intervals in the Ouro Roxo south zone with up to 4 metres (from 47 metres down hole depth) grading 37.5 grams gold per tonne.
The subsequent hole, AOR-44, cut 6 metres (from 51 metres depth) of 7.6 grams gold.
Sitting within Amerixs 670 sq. km Vilo Porto Rico property, Ouro Roxo is a gold occurrence traced over 3 km of strike on a north-south trending fault zone that is 1-to-2 km in width and extends for more than 25 km.
Inclusive of past drilling (from 1993-to-1997) by Rio Tinto (RTP-N, RIO-L), a total of 69 holes have been completed on Ouro Roxo leading to an inferred resource estimate of 1.34 million tonnes of oxidized and saprolitic material grading 5.8 grams gold for about 250,000 contained oz.
Amerix points out its resource is only based on 27 holes on two small areas of the Ouro Roxo North and South zones with at least 2 km of prospective strike between them.
The fault zone and mineralization occurs within a metamorphosed suite of Proterozoic-aged intrusives and sediments. Better grades are generally associated with quartz-sulphide vein systems within moderately easterly dipping sets of faults, shears and breccia zones.
Based on mapping, drill results and a number of surface gold workings, Amerix is confident the mineralizing structure is continuous between the two resource zones. It awaits results from five remaining drill holes and plans a new round of drilling to start in July.
The Vilo Porto Rico property contains extensive past gold workings with large areas that have undergone hydraulic, placer and hard rock mining. Besides Ouro Roxo, the company is also exploring the Carumb, Inferno Verde and Nova Brasilia projects on the land package.
Additionally, Amerix has tested portions of a large tailings pond on Ouro Roxo containing material from past high-grade operations. A 37-hole drill program conducted in 2006 identified significant sections of tailings averaging multiple grams of gold.
The company also holds 120 sq. km of mining rights in its Limo property located northeast of Vilo Porto Rico. Past drilling intersected a couple of high grade gold intervals that Amerix intends to follow up in its exploration effort.
Shares of Amerix rallied 54% on the high-grade gold values, gaining 14 to close at 40 apiece in May 1st trading. The company posts an $18-million market capitalization based on its 45.3-million shares outstanding with the stock having a 52-week trading range of 21-to-$1.36.
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