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Amex Exploration Inc (2)
Symbol AMX
Shares Issued 91,205,346
Close 2022-01-11 C$ 3.02
Recent Sedar Documents

Amex drills 13.85 m of 5.58 g/t Au at Perron

2022-01-11 06:03 ET - News Release

Mr. Victor Cantore reports

AMEX REPORTS ON REGIONAL EXPLORATION PROGRAM INCLUDING FOUR NEW GOLD ZONES

Amex Exploration Inc. has released results from a total of 58 drill holes focused on new areas of gold mineralization on the Perron project. See an image on the company's website for a plan view of the geology of Perron and all currently known mineralized zones.

Today's results are focused on a number of new discoveries of gold and copper as well as follow-up drilling on the previously announced 210 (Feb. 17, 2021) and Alizee (Jan. 25, 2021) gold zones. These results represent regional exploration drilling as well as mineralization identified uphole during definition and expansion drilling of known gold zones on the Perron project. A complete list of results is available in the associated tables and presented in images on the company's website. All drilling data for the Perron project, including collar, survey and individual assays, are available in the Amex data room at the company's website. In addition to the results presented, Amex also announces that drilling resumed on Jan. 3 with eight drills currently operating across the project with plans to expand to up to 11 drills during the winter months.

Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "The Perron project has historically shown a strong gold signature within the Beaupre rhyolite block. The results presented today further validate the gold potential of the entire Beaupre area and we are seeing gold mineralization occurring in a variety of orientation and mineralization styles. This further confirms our expectations that as we continue to advance our exploration of this strongly endowed gold system, we will continue to make additional gold discoveries and expand upon the known mineralized horizons."

Dr. Trottier continued: "The E2 gold zone is of great significance for Amex as it has the potential to add ounces per vertical metre in close proximity to the high-grade zone. As we have seen at the high-grade zone we are hopeful that the strike and grade will increase at E2 as we get deeper into the system. Our regional exploration program has been a complete success by any measure and the areas highlighted in this release all warrant follow-up work."

E2 gold zone

The E2 gold zone represents one of the most significant new discoveries on the Perron project since the discovery of the high-grade zone (HGZ) in 2018. The E2 zone was discovered by stepping out to the east along the same structure that hosts the bonanza mineralization of the HGZ. Mineralization identified to date is very similar to the HGZ, with a repetition of a mineralized hangingwall vein, a largely unmineralized narrow mafic sill and a mineralized footwall vein. Sulphide minerals are also very similar, with sphalerite being the most common sulphide associated with gold mineralization, along with lesser pyrite. Visible gold has been identified in several drill holes. Of particular importance is the projected plunge of the mineralization. The E2 zone is situated approximately 500 metres to the east of the HGZ, and the projected plunge of mineralization (based on drill holes to date) appears to be similar to that of the HGZ, plunging to the east-northeast at approximately 70 degrees. This is important as it represents a possible repeating ore shoot along the same structure as the HGZ. Expanding upon the E2 zone and testing its down-plunge grade and continuity are one of Amex's top priorities for the continuing winter drilling program.

                 ASSAY RESULTS FROM THE NEW E2 GOLD ZONE AT PERRON

Hole                From          To      Length          Au             Gold metal factor
                     (m)         (m)         (m)       (g/t)                       (g/t*m)

PEX-20-034        150.00      163.85       13.85        5.58                         77.28
including         151.40      151.95        0.55      136.02                         74.81
PEX-21-066        226.25      234.70        8.45        4.54                         38.34
including         228.30      228.80        0.50       70.00                         35.00
and                97.50       98.00        0.50       23.30                         11.65
PEX-21-062        295.45      297.55        2.10        5.08                         10.67
PEX-21-078         79.50       80.20        0.70       12.30                          8.61
PEX-21-061        148.50      157.30        8.80        0.77                          6.81
PEX-21-077         86.90       91.00        4.10        1.21                          4.96
PEX-21-079         56.95       58.40        1.45        3.38                          4.90
PEX-20-032        177.25      178.30        1.05        4.34                          4.55
PEX-20-031        169.40      169.90        0.50        5.01                          2.51
PEX-20-035        205.80      206.80        1.00        1.44                          1.44

* Note that drill results are presented uncapped and lengths represent core lengths. Metal 
factor is defined as gold grade multiplied by core length.

Gold-copper Donna zone

The gold-copper Donna zone discovery occurs immediately north of the HGZ at depth. It was discovered during deep expansion drilling of the HGZ. The mineralization identified, which is similar in each of the three holes reported, consists of highly chlorite-garnet-amphibole-altered rhyolite, which hosts centimetre-scale stringers of chalcopyrite-pyrrhotite. The correlation between gold and copper is quite strong. Amex has completed a borehole electromagnetic survey on this new discovery and is planning follow-up drilling to be completed in the coming months.

                ASSAY RESULTS FROM THE NEW GOLD-COPPER DONNA ZONE AT PERRON

Hole                From         To       Length        Au       Cu      Gold metal factor
                     (m)        (m)          (m)     (g/t)      (%)                (g/t*m)

PE-21-318W1     1,123.00   1,179.00        56.00      1.37     0.25                  76.72
including       1,141.50   1,156.20        14.70      3.59     0.72                  48.76
PE-21-318       1,164.50   1,193.70        29.15      0.79     0.24                  23.03
PE-21-318W2     1,153.50   1,169.50        16.00      0.89     0.20                  14.24

* Note that drill results are presented uncapped and lengths represent core lengths. Metal 
factor is defined as gold grade multiplied by core length.

Alizee gold zone

The Alizee gold zone was previously announced as a discovery by Amex on Jan. 25, 2021, with hole PEX-21-041 returning 22.44 g/t Au over 7.30 m. The results in the associated table are from follow-up drilling on the discovery hole. Gold mineralization at Alizee is associated with quartz veining, quartz-carbonate breccias, silica flooding and strong chlorite-carbonates-biotite alterations, along with sphalerite, pyrite, trace chalcopyrite and occasionally visible gold. Amex is reviewing the data and planning follow-up drilling to be completed in the coming months.

                ASSAY RESULTS FROM FOLLOW-UP DRILLING OF THE ALIZEE ZONE AT PERRON

Hole                     From                To            Length                Au      Gold metal factor
                          (m)               (m)               (m)             (g/t)                (g/t*m)

PEX-21-049             180.85            183.50              2.15              7.62                  16.38
PEX-21-045             286.00            287.50              1.50              2.05                   3.08
PEX-21-040             319.00            319.60              0.60              1.71                   1.03

* Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is 
defined as gold grade multiplied by core length.

E3 gold zone

The E3 gold zone was discovered during regional drilling to the east of the HGZ, similar to the E2 zone. Amex completed systematic stepout drilling along the structural corridor that hosts the Eastern gold zone, which resulted in the discovery of the E3 zone, which is approximately 800 metres east of the HGZ. Gold mineralization is typical to that of Perron. Gold is hosted within quartz veins and veinlets in the altered Beaupre rhyolite and associated with red sphalerite and pyrite mineralization.

           ASSAY RESULTS FROM THE NEW E3 GOLD ZONE AT PERRON

Hole               From        To     Length          Au     Gold metal factor
                    (m)       (m)        (m)       (g/t)               (g/t*m)

PEX-20-003        76.00    109.80      33.80        0.75                 25.35
including        108.30    109.80       1.50       12.51                 18.77
PEX-20-024       176.00    176.50       0.50       10.47                  5.24

* Note that drill results are presented uncapped and lengths represent core 
lengths. Metal factor is defined as gold grade multiplied by core length.

210 gold zone

The 210 gold zone is located proximal to and south of the northern Normetal fault zone, which is one of two kilometric thrust faults located on the Perron project. The 210 zone was originally announced as a discovery on Feb. 17, 2017, with hole PE-20-210 returning 58.25 g/t Au over 3.90 m. The announced holes in the associated table represent follow-up drilling to this discovery hole. The identified mineralization is located approximately 650 m northeast of the HGZ in an area that has seen limited exploration. Conveniently, Amex is able to test the near-surface portion of the 210 zone during deep definition drilling of the HGZ owing to its location. Gold mineralization is hosted within quartz veining in sodic rhyolite of the Beaupre block.

               ASSAY RESULTS FROM FOLLOW-UP DRILLING OF THE 210 GOLD ZONE AT PERRON

Hole                   From              To          Length              Au       Gold metal factor
                        (m)             (m)             (m)           (g/t)                 (g/t*m)

PE-20-229             95.90          115.40           19.50            1.12                   21.84
including             95.90           96.65            0.75           12.13                    9.10
PE-21-280             88.50           97.50            9.00            2.39                   21.51
including             96.25           97.50            1.25           14.28                   17.85
PE-21-301             69.00           84.00           15.00            0.82                   12.30
PE-21-272A            67.15           67.65            0.50           18.45                    9.23
PE-20-219            106.50          108.00            1.50            4.29                    6.44

* Note that drill results are presented uncapped and lengths represent core lengths. Metal factor 
is defined as gold grade multiplied by core length.

Upper high-grade zone

The Upper high-grade zone (UHGZ) is situated approximately 200 metres north of the HGZ. Of interest is the orientation of the UHGZ, which trends to the west-northwest, at an angle of approximately 30 degrees away from the orientation of the HGZ. The UHGZ is often hosted by or proximal to a swarm of narrow mafic sills/dikes, and mineralization is associated with quartz veining, pyrrhotite, pyrite, sphalerite and visible gold mineralization. Owing to its location and proximity to the HGZ, Amex is able to continue testing the UHGZ through its definition and expansion drilling program on the HGZ.

                ASSAY RESULTS FROM THE NEW UPPER HIGH-GRADE GOLD ZONE AT PERRON

Hole                    From            To        Length            Au       Gold metal factor
                         (m)           (m)           (m)         (g/t)                 (g/t*m)

PE-20-207W1           643.75        644.80          1.05         18.79                   19.73
PE-20-190             625.00        642.20         17.20          1.01                   17.37
including             626.00        626.50          0.50         12.94                    6.47
and including         641.70        642.20          0.50         14.81                    7.41
PE-21-347             777.65        778.15          0.50         31.33                   15.67
PE-20-186             116.80        120.00          3.20          4.41                   14.12
including             117.30        117.80          0.50         26.02                   13.01
PE-21-386W1           603.80        604.30          0.50         27.87                   13.94
PE-20-186A            105.30        108.80          3.50          4.08                   14.28
including             106.80        107.30          0.50         24.65                   12.33
PE-21-287             972.90        989.50         16.60          0.82                   13.61
including             972.90        973.50          0.60         13.32                    7.99
PE-21-347W1           822.80        823.40          0.60         20.37                   12.22
PE-21-287W1           960.25        980.60         20.35          0.57                   11.60
including             960.25        960.75          0.50         10.97                    5.49
PE-21-301W2           808.50        815.10          6.60          1.64                   10.82
including             809.35        809.85          0.50         15.43                    7.72
PE-20-178             521.65        522.15          0.50         21.10                   10.55
PE-20-197             875.25        891.70         16.45          0.53                    8.72
PE-20-224W2           519.15        520.15          1.00          7.84                    7.84
PE-21-347W2           773.50        774.00          0.50         13.84                    6.92
and                   823.50        824.00          0.50         13.03                    6.52
PE-21-404             827.00        831.50          4.50          1.27                    5.72
PE-21-300             558.50        559.00          0.50         11.00                    5.50
PE-20-226             103.50        106.00          2.50          2.12                    5.30
PE-21-272             731.20        731.70          0.50          9.99                    5.00
PE-21-294             387.10        587.60          0.50          9.35                    4.68
PE-21-301W1           810.55        811.20          0.65          7.11                    4.62
and                   844.20        844.70          0.50          6.51                    3.26
PE-20-171             452.00        452.50          0.50          9.21                    4.61
PE-20-190W1           610.70        611.20          0.50          6.45                    3.23
PE-20-185             768.50        769.00          0.50          6.44                    3.22
PE-20-197W2           809.45        812.50          3.05          1.05                    3.20
PE-20-207W2           583.50        584.00          0.50          5.45                    2.73
PE-21-434             914.90        915.40          0.50          4.51                    2.26
PE-21-417             394.90        395.45          0.55          3.33                    1.83
PE-20-231              38.85         39.60          0.75          2.38                    1.79
PE-21-404W1           828.20        828.70          0.50          3.40                    1.70
PE-21-301             808.20        808.70          0.50          3.25                    1.63
and                   838.00        838.50          0.50          4.32                    2.16
PE-21-248W1           493.60        494.10          0.50          1.91                    0.96
PE-21-404W2           815.00        815.50          0.50          1.63                    0.82
  
* Note that drill results are presented uncapped and lengths represent core lengths. Metal 
factor is defined as gold grade multiplied by core length.

Regional drilling at Western Perron

Amex has identified several new areas of gold mineralization in the western portion of the Beaupre block, in which very limited drilling has occurred historically due to limited access. The results presented in the associated table indicate the gold potential in the western block, and Amex plans to follow up on these results as well as test additional gold targets.

              ASSAY RESULTS FROM THE REGIONAL DRILLING AT WESTERN PERRON

Hole                 From            To        Length            Au     Gold metal factor
                      (m)           (m)           (m)         (g/t)               (g/t*m)

PEX-21-054          94.00         98.50          4.50          3.18                 14.31
PEX-21-065          80.50         83.80          3.30          2.56                  8.45
PEX-20-011         200.10        201.80          1.70          3.09                  5.25
including          201.30        201.80          0.50          8.52                  4.26
 
* Note that drill results are presented uncapped and lengths 
represent core lengths. Metal factor is defined as gold grade 
multiplied by core length.

Qualified persons

Maxime Bouchard, PGeo, MScA (OGQ 1752), and Jerome Augustin, PGeo, PhD (OGQ 2134), independent qualified persons as defined by Canadian National Instrument 43-101 standards, have 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 Mr. Bouchard and Dr. Augustin. The quality assurance and quality control protocols include insertion of blank or standard 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. Gold values are estimated by fire assay with finish by atomic absorption and values over three parts per million Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert, 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. Core logging and sampling were completed by Laurentia Exploration. The qualified persons have not completed sufficient work to verify the historic information on the property, particularly in regard to historical drill results. However, the qualified persons believe 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 is a junior mining exploration company, the primary objective of which is to acquire, explore and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100-per-cent-owned Perron gold project located 110 kilometres north of Rouyn-Noranda, Que., consisting of 117 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern gold zone, the Gratien gold zone, the Grey Cat zone and the Central polymetallic zone.

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