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Amex Exploration Inc (2)
Symbol AMX
Shares Issued 103,584,806
Close 2024-03-27 C$ 1.61
Market Cap C$ 166,771,538
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Amex Exploration drills 3.4 m of 76.69 g/t Au at Perron

2024-03-28 10:54 ET - News Release

Mr. Victor Cantore reports


Amex Exploration Inc. has intersected the highest-grade gold composite to date on the Gratien zone on the Perron project in the Abitibi region of Quebec. The near-surface intercept of 76.69 g/t Au over 3.50 m was found in the western extension of the Gratien orebodies, in follow up drilling to the previously announced results in the February 20, 2024 press release.

With a metal factor of 268.42, this intercept represents Amex's highest-grade composite outside of the High-Grade Zone. The Gratien Gold Zone has become a current focus for Amex Exploration to add significant value to the project. See Figure 1 for a plan view of the geology of the Perron Project, Figure 2 for a plan view of the Gratien Gold Zone, Figure 3 for a longitudinal of Gratien, Figure 4 for images of gold mineralization in Gratien, Table 1 for assay results, and Table 2 for drillhole coordinates.

Highlights include:

Western Extension Gratien Zone

PEG-24-742 returned 3.50 m of 76.69 g/t Au, including 0.60 m of 431.72 g/t Au at a vertical depth of ~130 m in the Gratien Gold Zone;

PEG-24-738 returned 7.30 m of 8.16 g/t Au, including 0.50 m of 98.17 g/t Au at a vertical depth of ~160 m in the Gratien Gold Zone;

Results from PEG-24-742 represent the highest-grade intercept seen to date in the entirety of the Gratien Zone and is also now the highest metal factor composite outside of the High-Grade Zone. This newly discovered western extension of the Gratien Zone is rapidly expanding with the current drill program. By referring to the longitudinal of Gratien in Figure 3, it can be observed that these heavily mineralized centimetric quartz-carbonate veins were found in a previously untested portion of Gratien West and appear to be an at-depth extension of the existing zone. Gold mineralization is hosted in quartz-carbonate veins parallel to iron formations and straddling mafic intrusions within the Normetal South Block. Multiple mineralized lenses exist in the Gratien Zone (see Figure 2). The Upper Gratien is found within the rhyolite of the Beaupre Block, while several other kilometric mineralized lenses of the main Gratien are found within the andesite of the Normetal South Block. To date, this is the highest-grade mineralization that Amex has found situated outside of the Beaupre Block and opens up the entire Normetal South Block for additional discoveries (see Figure 1). Many additional drill holes have been planned to further define this new high-grade extension.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "The Gratien Zone is open in all directions and is kilometric in strike. This previously untested western extension of the Gratien Zone is providing some of the best mineralization we have encountered across the Perron property. The results have opened up a large new area for rapid expansion and we have deployed three drills to this target. The amount of visible gold mineralization observed in hole PEG-24-742 is similar to what we typically see in the High-Grade Zone (HGZ)."

The Company also wishes to provide an update on the upcoming NI 43-101 resource estimate which it is now targeting to release in early to mid Q2 2024.

Qualified Person and QA&QC

Jerome Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 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 Jerome Augustin. Core logging and sampling were completed by Laurentia Exploration. 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 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. The Qualified Person has not completed sufficient work to verify the historical information on the Property or neighbouring projects, particularly in regards 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

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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