Dr. Jacques Trottier reports

AMEX EXPANDS TEAM ZONE WITH HIGH GRADE GOLD DRILL INTERCEPTS OF UP TO 26.88 G/T AU OVER 6.40 M AND 12.71 G/T AU OVER 9.00 M

Amex Exploration Inc. has released assay results from new follow-up and expansion drill holes on the Team zone on the Perron project in the Abitibi region of Quebec. The Team zone occurs approximately 600 metres to the northeast of the high-grade zone (HGZ). The Team zone is currently outlined over 400 metres by 200 metres laterally and from surface to a depth of approximately 400 metres. See the attached table for a list of today's drill results.

Highlight drill results include:

• PE-23-633: 26.88 grams per tonne gold over 6.40 metres, including 325.39 grams per tonne gold over 0.50 metre, at a vertical depth of approximately 205 metres;
• PE-23-634: 12.71 grams per tonne gold over 9.00 metres, including 78.38 grams per tonne gold over 1.40 metres, at a vertical depth of approximately 35 metres and 4.29 grams per tonne gold over 5.10 metres, at a vertical depth of approximately 195 metres;
• PE-23-641: 4.67 grams per tonne gold over 7.10 metres, including 60.91 grams per tonne gold over 0.50 metre, at a vertical depth of approximately 250 metres, and 20.39 grams per tonne gold over 2.50 metres at a vertical depth of approximately 325 metres.

Dr. Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "Today's results are largely focused on the expansion and definition of the Team zone to the southeast, following the general northwest-southeast trend of the system. The system is clearly plunging to the southeast, following the overall trend of anomalous mineralization. This indicates the possibility of multiple ore shoots within the overall mineralized envelope and presents the opportunity for a larger system along the southern contact of the Normetal fault. The grades seem to be improving to the southeast and this is very promising for continued high-grade mineralization at depth, where we will look to tighten up our intercepts and evaluate the Team zone for underground-type vein sets. Today's results are showing that the potential for that is quite strong, with high grades over thick potentially minable intervals. We look forward to continued success as we drill off the Team zone at 50-metre centres from surface to approximately 450 metres vertically."

The Team zone sits within the Beaupre rhyolite, host to all significant gold occurrences at Perron, at the contact of the Normetal fault and approximately 600 metres north of the high-grade zone. Gold mineralization occurs within a relatively massive and silicified rhyolite host rock, within quartz-carbonate veins/veinlets containing sphalerite, pyrite, molybdenite and visible gold. Gold mineralization is also disseminated within the rhyolite host rock, in contrast with several other zones identified on the project to date. Recently completed structural interpretation by Laurentia Exploration, geological consultant to Amex, has identified several distinct trends to gold-bearing veins in the Team zone. Visible-gold-bearing quartz-sulphide veins occur on north-northwest, northeast and north-south trends. Gold-bearing (but not visible) quartz-sulphide veins occur on east-west, northwest and north-south trends. Drilling has been optimized to intercept as many as possible of these vein sets with each hole. Amex is currently conducting 50-metre-spaced (three dimensionally) definition drill of this system from surface to a depth of approximately 450 metres vertically.

Dr. Trottier continued: "On another note, the forest fires that have been affecting communities and exploration/mining throughout much of Northern Quebec have largely been diminished in the Normetal area. To date, none of our facilities nor equipment have been damaged. We will resume core cutting next week and are eager to commence drilling once we are cleared to do so by governmental authorities. We thank the firefighters and agencies that have worked diligently to control the fires and keep the community of Normetal safe."

Qualified person

Dr. Jerome Augustin, PGeo, PhD, OGQ No. 2134, an independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Dr. Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocols include the insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate and standard samples accredited by Laboratoire Expert during the analytical process. For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over three parts per million gold are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc. of Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90 per cent less than two millimetres prior to pulverization in order to homogenize samples that may contain coarse gold. The Qualified Person has not completed sufficient work to verify the historic information on the Property or neighbouring projects, particularly in regard to historical drill results. However, the qualified person believes that drilling and analytical results were completed to industry-standard practices. The information provides an indication of the exploration potential of the property but may not be representative of expected results.

About Amex Exploration Inc.

Amex Exploration has made significant gold discoveries on its 100-per-cent-owned high-grade Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que., consisting of 117 contiguous claims covering 4,518 hectares. The project is well serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normetal (approximately eight kilometres). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project host both bulk-tonnage and high-grade-gold-style mineralization. Since January, 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS (volcanogenic massive sulphide) zones.

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