With no major discovery to report, Amex Exploration (AMX-V) took what significance it could from recent drilling at the Normetal copper-silver property in the Abitibi region of Quebec.
The company just finished the second phase of drilling on the volcanic massive sulphide deposit where the best intercept was 1.15 metres grading 0.72% copper and 4 grams silver per tonne, including 15 cm grading 1.83% copper and 7.6 grams silver per tonne.
Amex shares were down about 20% today, or 12, to 46 on a trading volume of about 46,000 shares.
Although major accumulation of base metal massive sulphide has not yet been encountered, significant progress and results have been obtained, Amex said in a statement.
Amexs combined analysis of a downhole geophysical survey and drilling has led it to believe that the most conductive zone is still slightly down dip of the latest drill holes. The company is hopeful it has much more to discover with future drilling.
The second phase of drilling on the property was to verify the off-hole anomalies discovered during the first phase, which was completed last December.
For the first phase, the company drilled three holes 1,100 metres. The company targeted an untested off-hole conductor found by Falconbridge during the 1990s that was also detected by a recent airborne MEGATEM survey.
No mineralization was found but two holes cut a chert horizon underlain by a copper-bearing stockwork zone, which may represent a lull in the volcanic activity during which time massive sulphide mineralization could have accumulated.
Three holes were drilled over nearly 700 metres in the second phase. The drilling confirmed the existence of chert horizons, which appear to be stratigraphically consistent along strike.
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