High Grade Copper-Gold-Silver Mineralisation Discovered At Bluebell

Transcription

1 14 th November 2012 ASX Release By e-lodgement High Grade Copper-Gold-Silver Mineralisation Discovered At Bluebell Highlights Initial exploration program returns wide zones of mineralisation including: o 1.2% copper, 0.51g/t gold and 22.9g/t silver o 0.45% copper and 2.9g/t silver o 0.86% copper and 4.6g/t silver Mineralisation includes significant high grade intersections including: o 1.1% copper, 1.47g/t gold and 28.4g/t silver o 1.9% copper, 0.36g/t gold and 27.0g/t silver o 5.6% copper, 0.86g/t gold and 104.6g/t silver Channel sampling results validates geological rationale and exploration target New gold/silver mineralisation discovered De Soto project waste dump samples grade >1% copper Australian-American Mining Corporation Limited ( AusAmerican or the Company ) (ASX: AIW, OTCQX: OZAMY) is pleased to announce the initial exploration program at the Bluebell project in Arizona has returned wide zones of copper/gold/silver mineralisation which include high grade sections. The Company believes the results returned to date validate the exploration model of a lower grade stock work mineralisation surrounding higher grade massive sulphide lenses and support the recently published exploration target for the project (see announcement dated 13 th August, 2012). During a 3 week mapping and sampling campaign conducted during September and October, 440 samples were taken. The samples were submitted for analysis at ALS Reno, Nevada. Surface rock chip samples were collected throughout the Bluebell project area and locations of individual channel sampling lines are shown in Figure 1. Locations of channel sampling lines were dictated by available rock exposure and therefore systematic coverage was not achievable.

2 The focus of the program was to determine the geochemical characteristics of the Yavapai schist, the host rock of the known VMS mineralisation and to identify the surface expression of the stock work mineralisation. The information gained will aid in planning the drill holes for the upcoming (Q1 2013) drill program which will be focussed on identifying a resource amenable to open pit extraction. Figure 1: Channel sample locations and results at Bluebell copper/gold/silver project, Arizona.

3 Channel sampling results are as follows: Channel Sample From To Length Copper (%) Gold (g/t) Silver(g/t) 12BBTR01 No Significant Results 12BBTR02 No Significant Results 12BBTR03 No Significant Results 12BBTR Including BBTR nsa BBTR nsa 2.9 Including nsa nsa 12BBTR07 No Significant Results 12BBTR nsa nsa 12BBTR09 No Significant Results 12BBTR10 No Significant Results 12BBTR11 No Significant Results 12BBTR12 No Significant Results 12BBTR13 No Significant Results 12BBTR14 No Significant Results 12BBTR AusAmerican managing director Richard Holmes said the Company was extremely pleased with the results of the initial sampling program over the Bluebell project. Given that the almost all the historical mined lenses were under cover, we were surprised at the high grades in the surface mineralisation identified to date, he said. When Bluebell was mined nearly 80 years ago there was no assaying for precious metals in the stock work mineralisation. We were delighted to see the exceptional grades of gold and silver in the new zones of mineralisation and look forward to seeing if these results can be replicated in other parts of the project. We believe this bodes well for the further development of our open pit exploration target concept at Bluebell.

4 New Mineralised Horizon identified 14 rock chip samples were taken on an outcrop of jaspilitic chert (sample location 12BBTR04), located toward the north of the property. The samples returned an average grade of 2.7g/t gold and 38g/t silver, with individual gold assays ranging from 0.42g/t to 5.78g/t. This horizon represents a new exploration target and further work is required to understand the discovery. De Soto Project Waste Dump Samples 2 samples were taken from old waste dumps located at the De Soto project during a reconnaissance trip to the project. The samples returned: 1% copper, 2.9g/t gold and 61.2g/t silver; and 1.4% copper, 0.3g/t gold and 10.3g/t silver Further work is required to assess the De Soto project. An exploration target and work program will be published in late Sincerely, Richard Holmes Managing Director Competent Persons Statement The information in this document that relates to exploration results is based on information compiled by Richard Holmes, Managing Director, AusAmerican Mining who is a Member of the Australian Institute of Mining and Metallurgy. Mr Holmes is a full-time employee of AusAmerican Mining and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Holmes consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

5 About Australian American Mining Corporation AusAmerican is a multi-commodity international exploration company. All of its projects are currently located in the United States of America ( USA ). The company s copper/gold projects are: Bluebell (option to purchase 100%) - Arizona De Soto (option to purchase 100%) - Arizona San Marcos (100%) - Arizona Bernard (90%) - Arizona The company s uranium projects are: Rio Puerco (100%) - New Mexico Grants Ridge JV (earning 65%) - New Mexico Kit Carson (100%) - New Mexico Northern project (100%) - New Mexico Apex/Lowboy (100%) Nevada Lone Star JV (90%) Texas Apache Basin (100%) Arizona The company s REE/speciality metals projects: La Paz - Arizona. White Picacho Arizona ENDS Further information contact; Richard Holmes Managing Director rholmes@ausamerican.com