-Near-surface results up to 4.54 g/t Au over 10.30 m in PEG-20-150 and 1.22 g/t Au over 39.00 m in PEG-20-143
MONTREAL, CANADA – MARCH 25, 2020 – Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to report multiple high grade drill results from the Gratien Gold Zone (GGZ) and the Grey Cat Zone (GCZ) on its 100% owned Perron property in northwestern Quebec, Canada (see figure 1). A select list of results is provided in Table 1. Amex provides all drill data on its website at http://www.amexexploration.com/perron/drill-data-room/. The drill results include intersections from the Grey Cat Zone (GCZ) and Gratien Gold Zone (GGZ).
Figure 1: Perron Property with mineralized zones
Amex is pleased to report numerous intervals of near-surface gold mineralization on its two western zones, GCZ and GGZ, affirming the open pit mining potential of Grey Cat. At Grey Cat, these results are from holes aimed at defining the near-surface portion (surface to ~150 metres vertical depth) of the zone at approximately 25 metre spacings, confirming continuity of gold mineralization. Significant intercepts include 1.22 g/t Au over 39.00 metres in hole PEG-20-143 at a vertical depth of approximately 80 metres as well as 4.54 g/t Au over 10.30 metres in hole PEG-20-150 at a vertical depth of approximately 70 metres. Mineralization is very planar and occurs in a single lens easily identifiable in three dimensions and simple to target.
Figures 2 and 3 are Long Sections of the Grey Cat and Gratien Gold Zones illustrating the holes reported in today’s press release as well as metal factor contouring of the gold zones and is inclusive of significant mineralized holes reported to date. Metal factor is the grade multiplied by the length of the interval. A higher metal factor is indicative of either higher grade or interval length or both.
Figure 2: Grey Cat Zone Long Section
At Gratien, results include numerous intervals from the Gratien Main and Lower Gratien zones. These results are all very close to surface, i.e. less than ~110 vertical metres, and re-affirm the potential for open-pit type mining methods. In hole PEG-20-136, Amex intersected 1.18 g/t Au over 9.20 m at a vertical depth of ~ 80 metres. In hole PEG-20-138, Amex intersected 1.66 g/t Au over 3.30 m at a vertical depth of ~ 15 metres and 0.72 g/t Au over 19.50 m at a vertical depth of ~ 45 metres.
Figure 3: Gratien Zone Long Section
Dr. Jacques Trottier, Executive Chairman of Amex Exploration said, “These results indicate the continual expansion of the Grey Cat & Gratien. We have been very successful in expanding and defining these near surface zones to date. Going forward, we plan to continue to define a near-surface deposit at Gratien to approximately 250 metres vertical depth and will begin to test the Grey Cat to a depth of approximately 500 metres vertically. The Grey Cat appears to have a high-grade core that dips at approximately 60 degrees to the East, similar to the Eastern Gold Zone which in our experience bodes very well for the depth potential of this target.”
Table 1: Assay Results from the Grey Cat Zone and the Gratien Gold Zone on the Perron Project
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Zone|
|PEG-20-139||58.00||86.00||28.00||0.79||Grey Cat Zone|
|PEG-20-140||56.35||57.10||0.75||1.48||Grey Cat Zone|
|PEG-20-141||61.00||77.50||16.50||0.92||Grey Cat Zone|
|PEG-20-142||74.00||76.00||2.00||5.23||Grey Cat Zone|
|PEG-20-143||107.80||146.80||39.00||1.22||Grey Cat Zone|
|PEG-20-145||65.05||66.50||1.45||1.45||Grey Cat Zone|
|PEG-20-146||98.20||100.00||1.80||1.29||Grey Cat Zone|
|PEG-20-147||151.40||153.30||1.90||5.34||Grey Cat Zone|
|PEG-20-148||141.80||142.40||0.60||13.86||Grey Cat Zone|
|PEG-20-149||107.50||143.90||36.40||0.57||Grey Cat Zone|
|PEG-20-150||110.70||121.00||10.30||4.54||Grey Cat Zone|
* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be 70 to 75% in Gratien Upper, 75 to 90% in Gratien Main, 45 to 75% in EGZ, and 70 to 75% in Grey Cat of the presented widths. NSR = No Significant Results
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. 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.
The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to the historical drill results. However, the Qualified Persons believe 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.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100% owned Perron gold project located 110 kilometers 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 Ontario.
For further information please contact:
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209
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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 LGZ, 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.