NEWS RELEASE
| Trading Symbol: SXG-V | No. 22-00 |
November 30, 2000 |
ESKAPA OPTION/JV AGREEMENT APPROVED - EXPLORATION PROGRAM COMMENCED
The Eskapa Property Option / Joint Venture Agreement between SAMEX Mining Corp. ("SAMEX") and International Chalice Resources Inc. ("Chalice") has been accepted for filing by the Canadian Venture Exchange. SAMEX and Chalice are exploring precious metal and oxide copper targets on the Eskapa property situated in the southwestern part of Bolivia. Pursuant to the option agreement, SAMEX grants Chalice the right to earn up to a 40% joint venture interest in mineral operations on the property by making option payments to SAMEX totaling US $500,000. Under the two stage option Chalice can earn:
a 25% interest by paying US $250,000 by May 15, 2001 (upon earning a 25% joint venture interest, Chalice will have the right to elect to revert to a 10% net profits interest without further commitments); and
n additional 15% interest (for a total of 40%) by paying a further US $250,000 by November 15, 2003.
Under the Agreement, SAMEX is entitled to receive a royalty of 2% Net Smelter Return (the "SAMEX Royalty") from all production on the property. Chalice can cancel the SAMEX Royalty by making a payment of US $3,000,000 to SAMEX at any time before the fifth anniversary of production on the property and thereafter by payments increasing by increments of US $3,000,000 for each additional five year period.
Two separate targets are being explored on the Eskapa property:
Precious Metal/Breccia Body Target
- Measuring over 1,200 meters long by 600 meters wide, this hydrothermal breccia pipe could be the main feeder of the high-sulfidation/acid-sulfate mineralizing system situated within the eroded Eskapa stratovolcano. Rock chip samples collected over the pipe are strongly anomalous in mercury, arsenic, antimony, zinc and thallium which are typical pathfinder metals found above gold-silver mineralization. Alteration of the breccia pipe includes strong clay (argillic) and silicification - locally vuggy with native sulfur crystals and areas of supergene iron oxide minerals. The breccia is mostly concealed by a capping of agglomerate ejected from the pipe and by younger mafic lava flows. The preservation of ejecta above the pipe indicates very little erosion has affected the breccia body. The anomalous pathfinder metals in surface samples, the nature of the hypogene alteration, and the limited erosion, suggest the breccia body could host precious-metal mineralization preserved intact at depth.Oxide-Copper/Pebble Breccia Target
- Oxide-copper mineralization is hosted in irregular pebble breccia dikes/bodies which occur along a 1,000+ meter strike of a major fault structure which also bounds the east side of the Breccia Body situated two kilometers away. Since this type of copper pebble breccias can result from the late-stage degassing of a porphyry copper intrusion, this target will be explored for a porphyry copper deposit.
Chalice has advanced a portion of the first option payment and a SAMEX/Chalice exploration program is now underway at the Eskapa property. The program includes additional geologic mapping, bulldozer trenching, road-building and 14 line-kilometers of IP geophysical surveys. Information gleaned from this program will be used to select drill sites on both target areas for a drilling program which is expected to begin in January 2001.
Investors are encouraged to visit "THE CORESHACK" at www.samex.com to see photographs related to the Company’s exploration activities.
Jeffrey P. Dahl
Vice Chairman
The Canadian Venture Exchange has neither approved nor disapproved of the information contained herein.