MONTREAL, QUEBEC, Aug. 19, 2010 (Marketwire) -- Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") wishes to announce that it has contracted the company Abitibi Geophysique based in Val d'Or, Quebec to begin a comprehensive ground geophysical survey on its Malartic 1 Property located within Malartic Township, Quebec (NTS-32D-01).The Malartic 1 property consists of twenty(20) contiguous mineral claims, covering a total surface area of 720 hectares. The Malartic 1 property is part of a Joint-Venture Agreement between Amseco Exploration Limited and Les Mines JAG Ltee. (TSX-V:"JML").
The property is located approximately 7 km north of the town of Malartic,Quebec and 30 km northwest of Val d'Or, QC. It has excellent infrastructure with great road access and is transected from east to west by highway 117. The property is located along the northern section of the Cadillac Tectonic Fault Structure. This structure hosts several major gold mines and deposits such as the Lapa, Goldex, Camflo and Osisko's Malartic deposits, which is forecast to be in production in mid-2011. Historical diamond drilling completed on the property during the period of the 1980's reported a non-43-101 compliant resource estimate of approximately 125,725 tons grading 5.37 g/t-Au in the probable and possible reserve category.
Amseco's exploration team conducted a comprehensive compilation of all existing geological and geophysical data available on the property. This compilation work allowed the Company to properly identify and guide its exploration program for the property. In 2007, Britannica Resources completed an EM geophysical survey which covered the northwest corner of the property. This EM survey identified two (2) EM anomalies on the property. There was no follow-up exploration work to explain the source of these anomalies.
The initial first phase of exploration work shall cover the entire property with 100 meter spaced cut grid lines with a northeast-southwest orientation which is perpendicular to the regional geology. This newly established grid shall provide the basis for the geophysical survey consisting of an Induced Polarisation/Resistivity survey (IP) and ground Total Fields Magnetics ("MAG").
The IP survey will be completed over a total distance of approximately 75 line-kilometres and utilize a 25m X 25m, dipole-dipole and N=6 configuration for optimal resolution at depth. The ground Magnetics (Total Field) survey to be completed shall cover a total distance of approximately 85 km across the entire property.
The company is pleased to move forward with the implementation of this initial phase of exploration work on the property. The survey will assist in the identification of a geophysical signature with regards to the known and historical gold mineralisation found on the property, highlight additional geophysical anomalies and define high priority exploration targets
The results from the surveys shall be integrated with all available historical data on the property. The analysis along with the interpretation of the combined data from these two sources shall form the basis of the next phase exploration work on the property.
Amseco has identified three high priority regions to focus its exploration activities. They are located in the Malartic and Barry-Urban areas of Quebec as well as in the Timmins area (Tisdale property) of Ontario. The Company recognizes the excellent mineral potential of both Quebec and Ontario as well as the great mineral investment climate present in Quebec. The Company is proud to be associated with Les Mines JAG and Beaufield Consolidated Resources as partners. Amseco is also actively evaluating all aspects of its other mineral properties within its portfolio in an effort to maximize their mineral potential.
Luciano Vendittelli, P. Geo. (Quebec), consultant geologist is the Qualified Person (under National Instrument NI-43-101) on the Malartic 1 Property and is responsible for the preparation of this news release.
Amendment - Amseco has also amended the total amount of the Private Placement announced May 19, 2010, for a total amount raised of $336,000 instead of $324,000 as previously disclosed. Amseco has filed the necessary documents with the regulatory authorities to reflect this change due to an administrative error.
We Seek Safe Harbour
Readers are cautioned that the term mineral resource within this news release are not economic mineral reserves and that their economic viability has not been established with regards to the terms of legislation under National Instrument NI-43-101.
Historical statements contained within the news release are provided on a best effort basis by the company based on a review of publically available documents relative to the property.
Forward Looking Statements
This news release may contain certain forward looking statements within the meaning of the Canadian securities legislation. These forward looking statements relate to the company's future exploration plans, activities and expenditures with regards to the property. The forward looking statements within this news release represent the company's management best knowledge and judgment based on the current facts available at the time of this news release. Forward looking statements involve a certain amount of known and unknown risks and factors which may cause the actual results and achievements of the company to be materially different from the company's expectations, objectives and projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and Director