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Amex Exploration Inc (2)
Symbol AMX
Shares Issued 103,243,001
Close 2022-09-27 C$ 1.77
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Amex Exploration drills 9.5 m of 10.05 g/t Au at Perron

2022-09-27 09:35 ET - News Release

Mr. Victor Cantore reports


Amex Exploration Inc. has made a new gold zone discovery called the Team zone on the Perron project in the Abitibi region of Quebec. The near-surface Team zone occurs approximately 600 metres to the northeast of the High Grade zone and approximately 300 metres northeast of the E2 gold zone. To date, Amex has intercepted visible gold mineralization in 14 of 20 holes targeting the Team zone over an area of approximately 200 metres by 100 metres.

Owing to a significant delay at the assay lab, the partial results below represent only the samples in each hole that were sent for screen metallic assays (this assay method is selected when gold mineralization is anticipated owing to visible gold, significant veining and/or significant sulphides). When the fire assay results for the balance of the reported holes are received, Amex will issue updated results. See the attached table for a list of the partial results.

Kelly Malcolm, vice-president of Amex Exploration, will present an overview of the company's progress to date, including the new Team zone, in an interactive 3-D and 360-degree virtual tour using the Vrify platform. A webinar presentation will be aired live on Wednesday, Sept. 28, 2022, at 10 a.m. EST. Please register for the webinar on-line.

The Vrify platform integrates all aspects of the Perron project, including drone footage of the location, infrastructure and multiple discoveries, and then transitions underground revealing the mineralization using the drilling and assay results reported to date. The 3-D Vrify presentation can also be found on Amex's website after the webinar.

Dr. Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "We are very excited by the amount of visible gold in the core of almost every hole drilled into the Team zone. While we have been working to understand the size and geometry of this system, drilling has exceeded expectations. We have intercepted several panels of gold mineralization across a significant area of the northeastern portion of the Beaupre block. The Team zone is delivering both high-grade gold in tension-type veins as well as nice wider composites of lower-grade mineralization. We look forward to the receipt of the fire assay results for the balance of today's reported holes as well as all assays for the balance of the unreleased drill holes in order to get a fulsome understanding of this very interesting new discovery. This zone is an important new discovery as it represents potentially a new deposit with its own gold resources that could be adding to the other known zones on the still underexplored Perron property. Consequently, we have decided to assign a drill to continue exploration on the Team zone while the other drills are still dedicated to the EGZ, including the HGZ and Denise definition and expansion, and regional exploration."

The Team zone is situated within the Beaupre rhyolite block, which is the host to the majority of gold identified to date on the Perron project. Gold mineralization is associated with quartz-carbonate veins and tension veinlets, which are at times folded and/or brecciated. The gold-bearing quartz veins are found in both rhyolite and mafic intrusive bodies, unlike many of the other gold zones at Perron, which are lithologically controlled. The mineral assemblage, however, comprising pyrite/pyrrhotite plus or minus sphalerite plus or minus chalcopyrite plus or minus visible gold, is similar to the Eastern gold zone mineralization. Amex has drilled the Team zone at multiple orientations in order to identify the geometry of the system. As additional assay results are received and additional drill holes are completed, the three-dimensional shape and size potential of the Team zone will be revealed.

Qualified persons

Maxime Bouchard, PGeo, MScA (OGQ No. 1752), and Dr. Jerome Augustin, PGeo, PhD (OGQ No. 2134), independent qualified persons as defined by National Instrument 43-101 standards, have reviewed and approved the geological information reported. 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 samples every 10 samples on average, in addition to the regular insertion of blank, duplicate and standard samples accredited by Laboratoire Expert or ALS Canada Ltd. during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, 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% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

For analyses targeting VMS mineralization, zinc, copper and silver values are estimated by four acid digestion multi-elements Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES), ME-ICP61 at ALS Canada Ltd. Zinc values over 1%, copper values over 1%, and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Gold values are estimated by fire assay with atomic absorption finish.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, 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 (~8 km). 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 zones.

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