MONTREAL, Nov. 4, 2003 (PRIMEZONE) -- James W. Hess, President Namex Explorations Inc. (TSX Venture Exchange:NME), is pleased to announce that the helicopter-borne "Time domain electromagnetic geophysical survey" undertaken by Geotech Limited on its Post Creek, Woods Creek and Golden Pine properties has been completed. Subsequent to data interpretation by Geotech Limited, ground verification and exploration of anomalies will begin. This includes geophysical surveys and diamond drilling. In all cases, Namex's Sudbury properties are on strike, abut or are contiguous to additional new PGM and nickel-copper discoveries announced by FNX, Ursa Major, Champion Bear and Wallbridge Mining.
On the west end of the Post Creek property a program of ground magnetometer surveys, prospecting, Mobile Metal Ions (MMI) geochemistry and overburden stripping has been completed over previously identified airborne magnetic and electromagnetic anomalies. Results to date indicate these geophysical anomalies are related to a north-trending zone of silicification developed within massive basalt and gabbro. These rocks contain 1-5% disseminated pyrrhotite and chalcopyrite at the northern end of the anomalous trend (North Anomaly) and 1-5% disseminated and veinlet chalcopyrite and sphalerite at the southern portion of the trend (South Anomaly). Samples representative of this mineralization ave been collected and submitted for assay. Results are pending. Up to 1% disseminated pyrrhotite is present along the entire 200-metre trend. Mobile Metal Ion soil geochemical survey results indicate the North Anomaly is characterized by anomalous gold, nickel, cobalt and palladium in overlying soil. It is the opinion of Namex's geological staff that the amount of sulphide mineralization exposed by overburden stripping is insufficient to account for the observed airborne magnetic and electromagnetic anomalies. The possibility of deeper-seated sulphide mineralization will be tested with deep-penetrating ground geophysical surveys. Targets will be drill tested.
The Post Creek property is flanked to the south by FNX's Norman property where significant Ni-Cu-PGM drill intersections have recently been announced. The FNX joint venture continues to prove the extension of its superb nickel, copper, PGM and gold Whistle Offset discovery that abuts the Post Creek property to the north. In addition, FNX has discovered a high-grade deposit 2000 feet below the original Whistle ore body, as well as a spectacular new surface exposure up plunge north from the 2000-foot level. In a recent news release (30/10/03) FNX Mining reports the results of their best drill hole in 2003. This hole intersects a 114.4 foot mineralization zone grading 13.8 per cent copper, 1 per cent nickel and 8.1 grams per tonne platinum + palladium + gold in an area not previously drill tested. This result underscores the significant residual exploration potential in the Whistle Mine environment. The fault that hosts the FNX mineralization has been referred to as the Whistle Offset structure and it has been demonstrated that it is continuous onto the Post Creek property. Diamond drill testing of geological, geophysical and MMI geochemical anomalies by Namex in 2002 along this structure intersected anomalous concentrations of nickel, copper, gold and platinum group elements in association with a brecciated and silicified sequence of coarse breccias and sedimentary and volcanic rocks. Subsequent to this exploration Namex has identified 16 ground electromagnetic anomalies in association with the Whistle Offset structure that are scheduled for drill testing.
Post Creek is flanked to the north by Champion Bear's Halcyon property. A recent news release (22/10/03) describes the results of an extensive exploration program at this property that also contains the along-strike extension of the important Whistle Offset structure. Champion Bear reports significant nickel, copper, zinc, gold, cobalt, platinum and palladium MMI responses in association with a zone of high magnetism that was detected just west of the Whistle Offset structure. Additional exploration targets were identified on the Halcyon property in association with geophysical targets, structures, lithologies and MMI anomalies analogous to those defined on the Post Creek property. Similarities in the geological setting and geophysical and geochemical survey results between the Post Creek and Halcyon properties, including the extension of the Whistle Offset structure and related geophysical and MMI geochemical anomalies, have provided the impetus for Namex to aggressively pursue its exploration programs.
Namex is a Canadian junior which actively explores for platinum metals, nickel, copper, gold, silver, zinc and lead exclusively in North America. For further information, see Namex's due diligence site: www.namex-explorations.com
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