Amex Exploration Inc. (TSXV:AMX,FRA:MX0,OTCQX:AMXEF) is a junior resource company focused on building ounce and making high-grade gold discoveries at its 100%-owned Perron Gold property located in Canada’s premier mining jurisdictions such as Quebec and Ontario. The Perron property is located in the heart of Canada’s gold production in Quebec’s Abitibi Greenstone Belt. In addition to Perron, Amex’s portfolio includes three other properties focused on gold and base metals in the Abitibi region.
As the second-largest gold producer in Canada, Quebec consistently ranks as one of the most attractive mining jurisdictions in the world due in large part to its mining-friendly policies, ease in obtaining permits, high-quality infrastructure and extensive mineral wealth. The excellent mining infrastructure in Quebec and the Abitibi region where Amex operates helps to keep drilling costs low. The province is home to the country’s largest gold mine, the Canadian Malartic, which is one of more than 100 mines forged within the Abitibi. The belt is recognized as one of the world’s largest and most productive mineral repositories, having produced more than 180 million ounces of gold.
At Perron, Amex Exploration discovered three high-grade gold zones in 2019, now known as the Eastern Gold zone, the Gratien Gold zone, and the Grey Cat zone. The discoveries in these zones were significant in grade, with the Eastern gold zone giving up notable assays of 56.75 g/t gold over 8.5 meters, 29.44 g/t gold over 8.50 meters, 269.33 g/t gold over 1.35 meters and 393 g/t gold over 1.7 meters. These three active exploration zones remain open at depth and along strike allowing for plenty of exploration upside and opportunities to build ounces in known gold zones.
Amex Exploration is in the middle of a fully-funded 100,000-meter drill program with approximately 40,000 meters of drilling completed in 2019 and another 60,000 meters planned for 2020. While the main focus will be on defining and expanding the three main zones of known mineralization, 20,000 meters of planned drilling will be aimed at numerous regional targets that share similar geological features to the known gold zones. The current exploration program aims to provide the basis for a maiden NI 43-101 resource estimate on the project. Amex’s end goal for Perron is to build up ounces quickly in order to become a potential acquisition target.
At the helm of Amex Exploration is a team of proven mine finders and capital market professionals. Executive Chairman of the Board Dr. Jacques Trottier has more than 30 years of experience in mining exploration including time as CEO of Sulliden Exploration where he grew the Shahuindo mines in Peru into a 3 million ounce gold asset. Sulliden merged with Rio Alto, transforming Rio Alto into a mid-tier producer which later merged with Tahoe Resources. President and CEO Victor Cantore has more than 20 years of advisory and leadership experience as an investment advisor with management roles at both public and private companies. During his career, Cantore has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Victor was instrumental in securing recent financings that enable Amex recent drilling success. Vice President Exploration Kelly Malcolm is a professional geologist with extensive precious metals exploration experience. He was recently involved in the discovery and delineation of Detour Gold’s high-grade 58N gold deposit.
Amex Exploration Company Highlights
- Large 100-percent-owned land position in mining-friendly Quebec.
- More than 15 kilometers of prospective faults in an underexplored section of the Abitibi greenstone belt.
- Regional geology and drilling suggest there is an opportunity to host multiple deposits of various types, including orogenic gold and gold-rich polymetallic VMS systems on the property.
- Current exploration program aims to provide a basis for maiden NI 43-101 resource estimate.
- An experienced management team of proven mine finders.
- Tight capital structure that is well-capitalized; Eric Sprott is the largest strategic shareholder with 12 percent of shares; management holds a combined 13 percent of shares.
- One of the top-performing TSX stocks of 2019.
Amex Exploration’s Perron Project, Quebec
The Perron gold property is located approximately 110 kilometers north of the town of Rouyn-Noranda in the Abitibi region of northwestern Quebec. The 4,517-hectare property is fully road accessible all year round and is fully serviced by power and water.
Perron hosts 15 kilometers of faults to explore including the Perron and the Normetal fault. The regional northwest-southeast trending Normetal fault delineates a major structural corridor associated with massive sulfide deposits. This fault has given rise to notable ore bodies such as the nearby past-producing Normetal copper–zinc-gold-silver mine and the Normetmar zinc deposit as well as a few gold-bearing vein showings.
Perron was originally explored for base metals in the mid-1990s. Since acquiring the property in 1996, Amex has conducted a series of successful exploration programs aimed at the Beaupre Block, a highly prospective wedge that is known to host gold at the Perron property. Over the years this exploration work has led to several gold and base metal discoveries, including three high-grade gold zones: Eastern Gold, Gratien Gold and Grey Cat. The underexplored property also hosts several compelling regional drill targets.
The Beaupre Block hosts a 3.2-kilometer-long corridor of known gold mineralization from the Eastern Gold zone to the Gratien Gold zone.
The Eastern Gold zone was first discovered in late 2017 with the identification of two areas of near-surface mineralization, now known as the High Grade zone and the Denise zone. Mineralization identified to date in this zone appears to share similarities with other Archean orogenic vein-hosted gold deposits found in the Abitibi and around the world. Results from follow-up drilling in 2018 included 269.23 g/t gold over 1.35 meters in the High Grade zone and 0.74 g/t gold over 20.75 meters in the Denise zone. These results prompted further targeted exploration drilling in early 2019, with assays from the High Grade zone returning grades of 393.33 g/t gold over 1.7 meters, 30.98 g/t gold over 8.50 m, 11.05 g/t gold over 10.30 m, and 32.22 g/t gold over 5.90 m.
In early 2020, Amex reported very high-grade gold returns from the deepest holes to date on the High Grade zone, significantly extending the gold mineralization at depth by 150 meters down to a vertical depth of 570 meters as well as along strike by 75 meters. Results included:
- 29.44 g/t gold over 8.50m
- 11.68 g/t gold over 5.50m
Gratien Gold Zone
Recent exploration work at the Gratien Gold zone has identified a 400-meter strike length of high-grade gold mineralization on a newly-defined high-grade lens. There are a number of stacked vertically-dipping lenses of gold mineralization within two areas of the Gratien Gold zone: the Gratien Main and Upper Gratien.
In early 2020, Amex continues to expand and define these multiple stacked zones. To date, the Gratien system has been defined over one kilometer of strike, with individual lenses ranging between 150 and 400 meters in strike length. The system remains open at depth and has mostly been tested to a maximum depth of 200 meters. Gratien Main results include 19.63 g/t gold over 2.25 meters including 86.35 g/t gold over 0.50 meters at a vertical depth of approximately 75 meters. In the Upper Gratien zone, results include 9.81 g/t gold over 1.30 meters including 17.90 g/t gold over 0.70 meters.
Grey Cat Zone
The Grey Cat zone is characterized by widespread gold through broad panels of the host rock. Near-surface mineralization over 20 meters wide has been identified with the potential for open-pit mining methods. (eg. 2.19 g/t gold over 23.60 metres) Mineralization is defined from 14 meters vertically below the surface down to the depth of 425 meters over a strike length of a minimum of 450 meters.
Amex believes the Grey Cat zone is a bulk tonnage target and the company’s current drilling is aimed at building near-surface ounces. Drilling in early 2020 has identified high-grade mineralization within the overall Grey Cat system.
Regional Targets on the Beaupre Block
Amex has dedicated 20,000 meters of drilling to its 2020 regional exploration program. The company has already identified numerous cryptic faults which may be associated with gold mineralization. The western portion of the Beaupre Block targets are analogous to known gold zones.
Amex Exploration Management Team
Victor Cantore — President, CEO and Director
Victor Cantore is a seasoned capital markets professional specializing in the resource and hi tech sectors. He has more than 20 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. During his career he has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Cantore serves on the boards of various companies both private and public.
Jacques Trottier — Executive Chairman of the Board
Jacques. Trottier holds a PhD in economic geology from École Polytechnique of Montréal and has more than 30 years experience in mining exploration and has held senior positions with a number of public mining companies. He was most recently the CEO of Sulliden Exploration where he bought the Shahuindo Mines in Peru and grew the asset to approximately 3M ounces of gold. This transaction led to the merger between Sulliden and Rio Alto, transforming Rio Alto into a mid-tier producer which later merged with Tahoe Resources.
Pierre Carrier — Chief Operating Officer and Director
Pierre Carrier was President of Opsens (OPS:TSX-V) until January, 2013, a position that he held for almost 10 years. Carrier obtained a Bachelor’s degree in Geology from Université du Québec in May 1979. Previously, he was President and Chief Executive Officer of Roctest Ltd, a company whose shares were traded on the Toronto Stock Exchange. He has carried out several financing and acquisitions in his career.
Martin Nicoletti — CFO
Martin Nicoletti has been CFO since 2011. He is a certified general accountant with 23 years of experience. He graduated from the Quebec University in Trois-Rivières in 1987 with a bachelor degree in business administration. He joined Price Waterhouse where he spent the next 4 years serving several clients in the mining industry. He spent the next 11 years with companies as a controller or chief accountant. Since 2004, he has been involved with public junior mining companies carrying exploration activities worldwide, with responsibilities in financial controls and financial reporting.
Kelly Malcolm— Vice President Exploration
Kelly Malcolm is a Professional Geologist with extensive exploration experience focused on precious metal exploration. He specializes in the integration and interpretation of geological, geochemical, and geophysical data to guide exploration and development activities. He was recently involved in the discovery and delineation of Detour Gold’s high grade 58N gold deposit, and has acted as director, advisor, or management for several public and private mineral exploration companies. He holds a Bachelor of Science Honours in geology and a Bachelor of Arts in economics, both from Laurentian University.
André Shareck — Director
From 1996 to 2013, André Shareck was owner/partner with the Redbourne Group. Since 2015. Shareck has acted as VP Finance for Société de Developpement Angus. From 1987 to 1996, he was senior manager, Real Estate financing for National Bank of Canada. Shareck holds a Bachelors degree in geology as well as a Masters degree in geochemistry from the Université du Québec à Montréal since 1980 and 1983. In 1985, he completed a Master in Business Administration (MBA) in Finance, from HEC-Montreal.
Yvon Gélinas — Director
Yvon Gélinas is a Chartered Professional Accountant (Quebec, Canada) and Certified Public Accountant (Michigan, USA) specializing in both Canadian and American accounting practices. He is the managing partner of the accounting firm, Boily, Handfield CPA Inc. Gélinas’ expertise covers the corporate auditing, financial reporting, mergers and acquisitions and corporate restructuring. He has facilitated the closings of several successful business transactions between Asian companies and their North-American counterparts.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Amex Exploration Inc. and seek advice from a qualified investment advisor.
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