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Amex Exploration Inc (2)
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Amex Exploration drills 9.85 m of 2.29% CuEq at Perron

2023-03-15 07:08 ET - News Release

Mr. Victor Cantore reports


Amex Exploration Inc. has provided assay results from new follow-up and expansion drill holes on the copper-rich volcanogenic massive sulphide (VMS) QF zone. The QF zone occurs along the Normetal mine horizon which is a kilometric tuffaceous unit that hosts the nearby past-producing Normetal mine.

Highlights include:

  • PEX-22-131: 2.29 per cent copper equivalent comprising 1.53 per cent copper, 1.33 per cent zinc, 0.20 gram per tonne gold and 12.65 g/t silver over 9.85 metres (core length) including 4.88 per cent CuEq comprising 3.98 per cent Cu, 0.90 per cent Zn, 0.50 g/t Au and 27.27 g/t Ag over 2.55 m (core length) at a vertical depth of approximately 700 m.
  • PEX-22-128 intersected 2.43 per cent CuEq comprising 1.89 per cent Cu, 0.35 per cent Zn, 0.42 g/t Au and 15.64 g/t Ag over 5.15 m (core length), including 5.18 per cent CuEq comprising 3.55 per cent Cu, 2.67 per cent Zn, 0.60 g/t Au and 22.25 g/t Ag over 3.55 m (core length) at a vertical depth of approximately 500 m.

The QF zone grades and widths compare favourably with the neighbouring Normetal mine which produced approximately 10.1 million tonnes grading 2.24 per cent Cu, 5.41 per cent Zn, 0.53 g/t Au, and 44.45 g/t Ag 1937 to 1975, with development down to a depth of approximately 2.40 kilometres (SIGEOM -- Mine Normetal).

Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: "Today's results include extensions both along strike to the east (hole PEX-22-128) and at depth (hole PEX-22-131), both of which delivered strong copper-dominant polymetallic grades over attractive widths. The zone shows remarkable consistency in its metal content, dominated by copper, with lesser but always present zinc, gold and silver. This is a comparable metal assemblage to the neighbouring Normetal mine's metal tenor at depth. We have now drilled over 25 holes into the QF zone and have determined that it is a robust zone of VMS [volcanogenic massive sulphide] mineralization. Amex plans to conduct another round of borehole electromagnetics (EM) on hole PEX-22-131 which should provide additional expansion targets at depth. We look forward to the receipt of that data and continuing to expand upon the QF zone."

                                        ASSAY RESULTS FROM THE QF ZONE AT PERRON

                    From         To         Core       Est. true       CuEq         Cu         Zn         Au         Ag
Hole ID               (m)        (m)   length (m)   thickness (m)        (%)        (%)        (%)      (g/t)      (g/t)

PEX-22-128        586.85        592         5.15            3.98       2.43       1.89       0.35       0.42      15.64
Including         586.85      590.4         3.55            2.66       5.18       3.55       2.67        0.6      22.25
Including         587.35      587.9         0.55            0.44       5.11       0.55       8.39       1.01       72.5
PEX-22-131           796     805.85         9.85            7.24       2.29       1.53       1.33        0.2      12.65
Including          797.7     800.25         2.55            1.87       4.88       3.98        0.9        0.5      27.27
PEX-22-111         686.6        694          7.4            6.01       0.72       0.33       0.84      0.044       3.78
PEX-22-111W1       652.6        660          7.4            6.22       0.37       0.25       0.13      0.063       3.55

Note: Estimated true thickness is calculated using a N300/minus 81 plane.

Formula: CuEq (per cent) is equal to Cu (per cent) plus [(Zn (per cent) multiplied by Zn price (pound) divided by Cu 
         price (lb)] plus [(Ag (parts per million) multiplied by (Ag price (lb) divided by Cu price (lb) divided by 
         10,000] plus [(Au (ppm) multiplied by (Au price (lb) divided by Cu price (lb)) divided by 10,000)].

Assuming 100-per-cent recovery of all metals.

June 17, 2022, metal price of $4.02 (U.S.)/lb Cu, $1.59 (U.S.)/lb Zn, $1,837 (U.S.)/oz Au and $21.60 (U.S.)/oz Ag.

Qualified person

Jerome Augustin, PGeo, PhD (OGQ 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 Mr. Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol includes insertion of one blank, one standard and one duplicate every 10 samples, in addition to the regular insertion of blank, duplicate and standard samples accredited by ALS Canada Ltd. during the analytical process. Additionally, sample weight is taken prior shipment to validate sample identity. Gold values are estimated by fire assay with finish by atomic absorption. Zinc, copper and silver values are estimated by four-acid digestion multielement inductively coupled plasma -- atomic emission spectroscopy (ICP-AES), ME-ICP61. Zinc values over 1 per cent, copper values over 1 per cent and silver values over 100 g/t are estimated by four-acid digestion ICP-AES, OG63. 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 is a junior mining exploration company, the primary objective of which is to acquire, explore and develop viable gold projects in the mining-friendly jurisdiction of Quebec. 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. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and elsewhere in the province.

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