Precious Metals

Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is pleased to report a number of drill results focused on definition drilling of the High Grade Zone ("HGZ") of the Eastern Gold Zone ("EGZ") on the Perron Gold Project, Quebec. See Figure 1 for a plan view of the geology of the EGZ and the mineralized zones

Today's results are focused on definition drilling of the High Grade Zone as the Company works towards its maiden resource on the Perron Project. Highlights are detailed below, and a complete list of results is available in Table 1 and presented in Figure 2. In addition to the results detailed below, Amex is awaiting results on over 21,000 samples at two labs from holes targeting the HGZ, Denise, and Grey Cat Zone, as well as regional exploration drilling.

Highlights:

  • High Grade Zone - near surface
    • 70.92 g/t Au over 3.90 metres, including 367.50 g/t Au over 0.60 metres, at a vertical depth of approximately 160 metres in hole PE-21-313.
    • 24.71 g/t Au over 2.45 metres, including 100.26 g/t Au over 0.50 metres, at a vertical depth of approximately 190 metres in hole PE-21-306.
    • 20.84 g/t Au over 3.40 metres, including 131.37 g/t Au over 0.50 metres, at a vertical depth of approximately 155 metres in hole PE-21-299.
    • 4.77 g/t Au over 12.00 metres at a vertical depth of approximately 195 metres in hole PE-21-309.
    • 3.80 g/t Au over 8.95 metres at a vertical depth of approximately 190 metres in hole PE-21-316.
  • High Grade Zone - at depth
    • 25.12 g/t Au over 4.95 metres, including 104.49 g/t Au over 0.80 metres, at a vertical depth of approximately 1,055 metres in hole PE-21-287W1.

Jacques Trottier, PhD Executive Chairman of Amex said, "Today's results are largely focused on definition drilling of the upper portion of the High Grade Zone. We continue to intercept very high grade gold mineralization over favourable widths at shallow depths, which both confirm and exceed upon our internal geological and mineralization model (Figure 3). We also continue to intercept high grade gold at depth as evidenced by hole PE-21-287W1 which intercepted 25.12 g/t Au over 4.95 m at a depth of over one kilometre vertically."

Figure 1: Plan Map of the Eastern Gold Zone that encompasses Denise and HGZ.

Figure 2: Longitudinal section of the High Grade Zone looking South, with today's results labelled in green.

Figure 3: Photos of Visible Gold (VG) from holes of the High Grade Zone

Table 1: Assay Results from the High Grade Zone at Perron

HGZ Results

Hole ID

From (m)

To (m)

Length (m)

Au (g/t)

Zone

Vertical depth (m)

PE-20-217W1

597.00

609.00

12.00

0.51

HGZ

~540

PE-21-248W1

804.60

807.90

3.30

2.62

HGZ

~720

Including

804.60

805.10

0.50

13.68

PE-21-276

329.90

355.00

25.10

1.64

HGZ

~290

Including

330.40

331.00

0.60

17.34

Including

350.00

350.50

0.50

15.95

PE-21-287W1

1167.90

1172.85

4.95

25.12

HGZ

~1055

Including

1167.90

1168.70

0.80

104.49

Including

1172.15

1172.85

0.70

49.17

PE-21-299

170.60

174.00

3.40

20.84

HGZ

~155

Including

171.90

172.40

0.50

131.37

PE-21-302

159.50

172.00

12.50

0.56

HGZ

~150

Including

161.05

161.70

0.65

3.70

Including

169.25

169.95

0.70

2.99

PE-21-306

206.55

209.00

2.45

24.71

HGZ

~190

Including

207.20

207.70

0.50

100.26

PE-21-309

205.00

217.00

12.00

4.77

HGZ

~195

Including

214.70

217.00

2.30

24.17

PE-21-313

180.00

183.90

3.90

70.92

HGZ

~160

Including

182.15

183.90

1.75

157.25

Including

183.30

183.90

0.60

367.50

PE-21-316

203.00

211.95

8.95

3.80

HGZ

~190

Including

211.40

211.95

0.55

40.81

*Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be ~70-80% in HGZ.

Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 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 Maxime Bouchard and Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol 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 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. Core logging and sampling were completed by Laurentia Exploration.

About Amex

Amex Exploration Inc. 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% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 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.

For further information please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

SOURCE:Amex Exploration Inc.



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Amex Exploration Inc

Amex Exploration Inc

Overview

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.

amex exploration abitibi greenstone belt
Abitibi Greenstone Belt

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 copperzinc-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.

amex exploration perron property geology
Perron Property Geology

The Beaupre Block hosts a 3.2-kilometer-long corridor of known gold mineralization from the Eastern Gold zone to the Gratien Gold zone.

amex exploration beaupre block
3.2 KM Defined Gold Corridor on Beaupre Block
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