Anybody following this stock. Heres some info to kick things off
samex.com
Corporate Office
1100-675 West Hastings St.
Vancouver, BC V6B 1N2
TEL: (604) 688-6080
FAX: (604) 688-6090
South American Office
Av. 20 de Octubre No. 2001
Casilla 474 La Paz - Bolivia
TEL: (5912) 372235
FAX: (5912) 372237
NEWS RELEASE
Trading Symbol: SXG No. 14-96 August 15, 1996
PRIVATE PLACEMENT
SAMEX has arranged a private placement of 1,050,000 units comprised of one share and one warrant at a price of $2.00 per unit for gross proceeds of
$2,100,000. The two year warrant will entitle the holder to purchase an additional share at a price of $2.25 if exercised during the first year, and $2.50 if exercised
during the second year. The proceeds of the private placement will be used for ongoing exploration and drilling on the Company's mineral projects in Bolivia and for
general working capital. SAMEX has agreed to pay a 7% finder's fee on a $1,900,000 portion of the private placement.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jeffrey Dahl - Vice Chairman
Subject:
NEWSMINE - Samex - Aug14/96
Date:
Fri, 16 Aug 1996 10:06:30 -0700
To:
Multiple recipients of list <newsmine@info-mine.com>
> SAMEX
>
> CORPORATE OFFICE SOUTH AMERICAN OFFICE
> 1100 - 675 W. Hastings St. Calle 21 #8365 (Calacoto)
> Vancouver, B.C. V6B 1N2 Canada Casilla 474
> Tel: (604) 688-6080 - Fax: (604) La Paz - Bolivia
> 688-6090 Tel: (5912) 790433
> Toll Free: 800-828-1488 Fax: (5912) 790434
> ----------------------------------------------------------------------
> PRESS RELEASE
>
> August 14, 1996 Trading Symbol: SXG
>
> * SANTA ISABEL UPDATE & CONTINUING DRILL PROGRAM
>
> SAMEX Mining Corp. (SAMEX) is pleased to announce the compilation and
> interpretation of the first seven holes from the reconnaissance drill
> program being conducted at the Santa Isabel mineralized porphyry in
> southwestern Bolivia. The drill results are consistent with the
> expectation that Santa Isabel hosts a large polymetallic porphyry
> system similar to the porphyry deposit at Butte, Montana. Santa Isabel
> is the largest mineralized intrusive system of its kind in Bolivia
> with sulfide mineralization broadly disseminated over 8 square
> kilometers within more than 10 square kilometers of propylitic
> alteration. Ten drill pads have already been prepared for the
> continuation of the reconnaissance drill program which will resume in
> several weeks.
>
> The seven core (HQ) holes were completed from the south to north
> across a 1.5 km portion of the large intrusive complex. Five holes
> encountered intervals of mineralized porphry hosting a diversity of
> metals including copper, lead, zinc, silver, gold, arsenic, antimony,
> molybdenum and other minor metals. Assay results for Holes 4, 5, 6 and
> 7 are details in the table below along with previously reported
> results for Holes 1, 2 and 3.
>
> Drill Interval Width Cu Pb Zn Ag Au As Sb Mo $ Value
> Hole meters meters ppm % % g/t g/t ppm ppm ppm per ton
> 0 - 339.5 $24.64
> Hole 1Including 55 0.35 1.64 18.0 <0.029 896 64.6 <1
> 86.1 - $32.78
> 317.3 339.5
> Including 74 0.47 2.27 24.4 <0.038 1123 77.6 <1.1 $39.73
> 126.7 - 173.4
> 300.1 87 0.54 2.70 27.1 <0.044 1294 79 <1.1 $279.84
> Including 11.9
> 339.5 256 2.72 11.76 132.9 0.10 4072 245.6 <1
> Sludge 126.7 - 304 0.68 3.12 29.5 0.058 1569 90.7 1
> 138.6
> 0 - 339.5
> Hole 2 54.27 -
> 109.00
> 176.55 - 54.73 22 0.37 1.04 21.9 <0.024 2292 49.3 <1
> 315.00 138.45 107 0.09 0.97 15.8 <0.038 1948 80.2 <1 $19.02
> SludgeIncluding $13.14
> 176.55 - 41.45 113 0.06 1.77 14.3 0.054 >4182 114.1 <1
> 218.00 170.0 200 0.56 1.78 25.3 0.030 2290 95.8 <1 $21.44
> 0 - 170.0 170.0 152 0.188 1.72 25.6 0.043 3450 110.0 <1
> 170.0 -
> 342.0
> Hole 30 - 97.80
> 97.80 -
> 140.0 97.80 38 0.09 0.22 6.4 <0.01 358 29.2 <1
> Sludge 140.0 - 42.20 23 0.20 0.49 9.9 0.01 1213 69.6 <1
> 278.95 138.95 9 0.57 0.136 3.4 <0.007 357 23.4 <1
> 0 - 96.0 96.0 98 0.14 0.412 8.8 0.10 666 47.0 <1
> 96.0 - 48.0 93 0.28 0.56 <0.005 2070 75.7 <1
> 144.0 134.95 144 0.10 0.30 6.5 0.007 1240 40.5 <1
> 144.0 -
> 278.95
> 0 -
> Hole 4 217.32 217.32 58 0.0230 0.0904 2.1 0.010 245 21.8 7
> Sludge 0 - 217.32 412 0.0387 0.1208 2.5 0.010 359 13.9 11
> 217.32
> 0 -
> Hole 5 265.79 265.79 65 0.0245 0.2014 3.0 0.035 355 19.2 10
> Sludge 0 - 265.79 615 0.0277 0.2236 2.9 0.018 467 21.8 11
> 265.79
> Hole 60 - 120.0
> Including
> 76.0 - 120.0 51 0.0924 0.8714 6.5 <0.025 1059 53.1 <10
> 100.0
> Sludge 120.0 - 24.0 129 0.2574 3.6385 174 0.092 3815 88.0 <3
> 254.0 134.0 8 0.0459 0.3412 2.6 0.012 480 14.6 <3
> 0 - 120.0 120.0 212 0.1357 0.900 7.7 0.030 1167 40.4 <1
> 120.0 - 130.0 84 0.0412 0.320 0.3 0.027 1140 22.1 <1
> 250.0
> 0 -
> Hole 7 214.58 214.58 6 0.0165 0.1956 1.5 <0.011 274 11.7 <1
> Including
> 74.0 -
> 59.0 8 0.0195 0.4545 2.0 <0.023 684 25.9 <1
> Sludge 133.0 214.58 71 0.0244 0.2400 2.3 0.007 368 13.4 1
> 0 -
> 214.58
>
> Centrally located Holes 4 and 5 drilled loosely consolidated in-fill
> debris and due to insufficient casing did no reach bedrock. This
> material is composed entirely of altered and sulfide-mineralized
> porphyry fragments containing highly anomalous values of zinc, lead,
> and silver. Of particular importance, the porphyry clasts also
> contained much elevated to anomalous amounts of copper, molybdenum and
> gold in comparison to mineralized porphyry encountered in adjacent
> holes. This suggest that the in-fill debris was derived from a part of
> the porphyry system closer to the copper-gold-molybdenum-rich portion
> of the porphyry.
>
> Further to the northeast, Hole 6 encountered coarse-grained porphyry
> intrusive bedrock at a shallow depth and made a long intersection
> through strong sericite-pyrite alteration along with several intervals
> of strong zinc-rich sulfide veining. The zinc-rich sericite/pyrite and
> clay altered nature of this intercept is similar in character to Holes
> 1, 2 and 3. Hole 7 was positioned at the northern edge of the
> pyrite-sericite zone and intersected late-altered breccias with
> cross-cut sericite-pyrite-altered vein mineralized porphyry.
>
> An important geologic picture has emerged as a result of the drilling.
> In most holes that penetrated bedrock, very anomalous to high-grade
> amounts of zinc, lead, silver, iron and arsenic were found to be
> consistently present from sample to sample, in veins, vein swarms, and
> the pervasively disseminated sulfide mineralization. These results are
> evidence of the strength and immense size of the alteration and base
> metal mineralization of the Santa Isabel intrusive system. Holes 1, 2
> and 6 intercepted long intervals containing metal values of zinc with
> subsidiary credits of lead and silver comparable to or exceeding the
> metal $ value of common copper porphyry ores.
>
> The drill holes at Santa Isabel appear to be situated within a
> zinc-silver-rich base metal portion of the Santa Isabel porphyry
> system. The nature of the mineralization is strikingly similar in
> strength and extent to the zinc-silver-rich base metal zones of the
> Butte, Montanta and Bingham, Utah porphyry deposits. The Santa Isabel,
> Butte and Bingham porphyries are geographically situated more inland
> (continent-ward) than the typical copper porphyries of the Cordillera.
> Unlike "Chilean sytle" copper porphyry deposits which typcially
> exhibit a halo of weakly anomalous base metals
> (lead-zinc-silver-arsenic) around a copper rich core, the Santa Isabel
> porphyry is more akin to the Butte and Bingham porphyry systems which
> have large, strongly mineralized polymetallic halos. At Butte the
> zinc-silver-rich base metal halo, including rich sulfide veins and
> disseminations, extends out for more than 2 kilometers beyond the
> copper rich portion of the porphyry system. Over the last 130 years,
> underground and open pit mining of the Butte porphyry system has
> produced a rich diversity of metals including more than 20 billion
> pounds of copper, 5 billion pounds of zinc, 3.7 billion pounds of
> manganese, 855 million pounds of lead, 800 million ounces of silver, 3
> million ounces of gold plus significant quantities of molybdenum and
> other metals. The presence of mineralized porphyry hosting copper,
> zinc, lead, silver, arsenic, antimony and molybdenum plus the size and
> character of the Santa Isabel porphyry system are strong indications
> of the property's similarity to the "Butte and Bingham style"
> polymetallic porphyry deposits.
>
> SAMEX's geological staff has completed a visit to the Butte porphyry
> deposit as part of a study to guide the reconnaissance drilling at
> Santa Isabel. The drilling to date has only tested a small portion of
> the Santa Isabel porphyry intrusive complex. Considerable
> reconnaissance drilling is required to further explore the porphyry
> system. The drilling program beginning shortly will test the central
> and east/southeast portions of the property. Several longer holes will
> also be drilled to depths of 500-600 meters to test deeper parts of
> the mineralized system. The impressive sulfide intercepts in Holes 1,
> 2 and 6 will be followed up with step-out drilling later in the
> program.
>
> ON BEHALF OF THE BOARD OF DIRECTORS
> "Jeffrey P. Dahl"
> Jeffrey P. Dahl - Senior Vice President
>
> The Vancouver Stock Exchange has neither approved nor disapproved of
> the information contained herein.
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