Mr. Victor Cantore reports

AMEX EXPLORATION ANNOUNCES METALLURGICAL RESULTS WITH GREATER THAN 95% GOLD RECOVERY FROM MAJOR GOLD ZONES AT PERRON

Amex Exploration Inc. has released the metallurgical test work from the Denise, Gratien, Grey Cat and Team gold zones. The overall gold recoveries achieved (gravity plus flotation plus leaching) tests showed excellent recovery greater than 95 per cent in all samples and greater than 98 per cent on high-grade samples.

As a reminder, on Nov. 11, 2020, Amex reported metallurgy results from high-grade zone (HGZ), where all three composites returned better than 99-per-cent gold recovery using a simple flowsheet. Both low- and high-grade composites were tested for all zones. Metallurgical work was completed by SGS Canada Inc., a leader in metallurgical and analytical studies.

Dr. Jacques Trottier, PhD, executive chairman of the board of Amex Exploration, commented: "This metallurgical work is important data for the upcoming preliminary economic assessment study that we plan to release in the coming months. I am pleased to see such incredibly high gold recoveries from each of our major gold zones defined to date. Better than 95-per-cent gold recovery means our ore is easily processable at virtually every mill in the Abitibi, providing us with additional production optionality as we consider various economic scenarios for mining at Perron."

The sections herein are extracts from the test work obtained from SGS Laboratories, which have been verified by authorized metallurgists.

Sample preparation

Thirteen composites' samples of half core were delivered. Three of the first samples (Grey Cat zone) were combined to have more material for the test program, then reducing the composites samples for tests to 11. Each sample was stage crushed with a combination of jaw, cone and roll crusher to 100 per cent passing six mesh. The sample was homogenized, and a 10-kilogram subsample was rotary split for bond ball mill work index testing (BWI) and the remainder was crushed to 100 per cent passing 10 mesh. The sample was homogenized, and rotary split into 10 kg test charges and a one kg head assay charge.

Head characterization

Gold analysis by screened metallics

The one kg charges from each sample were submitted for gold analysis using the screened metallics protocol. This method is recommended when the ore is suspected to contain coarse, gravity recoverable gold. The method involves several stages of pulverizing and screening the pulverized sample at 150 mesh (106 micrometres) until approximately 20 to 30 grams of material remains in the screen oversize. The screen oversize and duplicate samples of the final combined screen undersize are submitted for chemical analysis and the head assay of the sample calculated from the relative distribution of the screened fractions. The results shown herein indicate gold grades ranging from 0.46 gram per tonne to 11.7 g/t, and high gravity recoverable gold, greater than 15 per cent (favourable for gravimetric circuit) for all samples except one sample.

Comminution test work

Bond ball mill grindability test

The bond ball mill grindability test was completed on each of the 11 samples. A summary of the test results is presented herein. With bond work index (BWI) values ranging from 14.1 to 20 kilowatt-hours/tonne, the samples were found to be moderately hard to hard compared with the SGS database.

Metallurgical test work

Gravity separation

A single gravity separation test was completed on each composite, evaluating the potential for gravity recoverable gold and silver at a coarse primary grind size (P80 ranging from 184 to 416 micrometres) using a Knelson MD-3 concentrator. The Knelson concentrate was submitted for chemical analysis with the tailings subsampled for chemical analysis and flotation testing.

The Knelson concentrate represents the achievable gravity recovery and was able to recover 34 per cent to 72 per cent at gold concentrations of 381 g/t Au and 4711 g/t Au, showing that all samples were very amenable to the gravity separation process; except one sample with lowest grade showed 14 per cent recovery and 39 g/t Au.

Flotation

A single flotation test was completed on a two kg subsample of each of the gravity tailings to evaluate the potential for additional gold recovery. A simple reagent scheme of 40 g/t potassium amyl xanthate (PAX) as collector and 20 g/t methyl isobutyl carbinol (MIBC) as frother was used at natural pH. The total flotation time was 10 minutes. Subsamples of the rougher concentrate and rougher tailings were submitted for chemical analysis and half of the rougher tails were forwarded to cyanide leaching.

The flotation conditions used recovered 70.1 per cent to 93.1 per cent of the gold, which represents 15.9 per cent to 96 per cent of the sulphur. Although the recoveries are quite good, it is likely that the gold and silver recovered to the flotation concentrate would be recoverable through direct cyanidation of the gravity tails. The overall gold recoveries achieved (gravity plus flotation) tests showed excellent recovery in all the samples, ranging from 74.3 per cent to 95.5 per cent.

Cyanide leaching

A single cyanide leach test was completed on a subsample of each flotation tailing reground to a P80 of approximately 90 micrometres to evaluate the recovery of the remaining gold in the sample by bottle roll cyanide leaching. Each sample was leached at a density of 50 per cent solids, with 0.5 gram/litre cyanide and maintained for 48 hours at pH 10.5 to 11.

The cyanidation test conditions used gave excellent results, recovering 79 per cent to 96.7 per cent of the gold contained in the flotation tailings to the pregnant leach solution after 48 hours.

The overall gold recoveries achieved (gravity plus flotation plus leaching) tests showed excellent recovery greater than 95 per cent in all samples and greater than 98 per cent on high-grade samples.

*Caution -- results are preliminary in nature, with the final report expected in the following weeks. Results are not expected to change.

Qualified person and quality assurance/quality control

Dr. Jerome Augustin, PGeo, PhD (OGQ 2134), an independent qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, 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.

Metallurgical test work was completed by SGS Canada at its Quebec City testing centres. SGS is the world's leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 99,600 employees, SGS operates a network of over 2,600 offices and laboratories around the world.

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 a 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.

We seek Safe Harbor.