TSXV: AMX

Market Price: $1.64
Change Percent: 0.00%

OTC: AMXEF

Market Price: $1.22
Change Percent: 0.00%

Montreal, Quebec--(Newsfile Corp. - June 12, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce a new gold discovery in a never-before-seen lithology within the Beaupré Block of the Perron project in the Abitibi region of Quebec. The new zone, named the JT Zone, was found within a felsic to intermediate dike with various levels of sulfide mineralization containing gold grades. The JT Zone is located approximately 750 m to the north-northwest of the High Grade Zone and approximately 600 m to northwest of the Team Zone (see Figure 1). The JT dike is oriented WNW-ESE with a strike length to date of 275 m, plunging to the east, and a thickness of 60 m (see Figure 2). The mineralized dike remains open to both the west and the east, as well as at depth (see Figure 3).

The felsic to intermediate dike that defines the JT Zone contains varying levels of sulfide mineralization, being mainly pyrrhotite and pyrite with occasional traces of sphalerite (See Figure 4). Mineralogy of the dike consists of feldspar, quartz, amphibole, chlorite and biotite. Studies will be completed to better understand the relationship between the percentage of sulfide mineralization and gold grades.

In addition, the JT Zone also comprises gold bearing quartz-carbonate veins that are hosted in the aphanitic rhyolite of the Beaupré Block, highlighting the zone's potential for multiple styles of mineralization (see Figure 4). For a full list of today's drill results and collar locations, please see Tables 1 and 2 below.

Drill Highlights Include:

  • PEX-24-222 returned 70.50 m of 0.91 g/t Au, including 10.50 m of 2.83 g/t Au at a vertical depth of ~20 to 70 m in the JT Zone

  • PEX-24-213 returned 49.50 m of 0.86 g/t Au, including 5.90 m of 2.39 g/t Au at a vertical depth of ~210 to 250 m in the JT Zone

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "The Beaupré Block has yet again delivered Amex another gold discovery, this time in a lithology never previously encountered across the Perron property. The sulfide rich dike does not outcrop on surface and was found northwest of the Team Zone while conducting follow up drilling on mineralized extensional veins similar in nature to that of the Team Zone. We have initiated studies regarding the mineralization style in this new zone to get a better grasp on the nature of the gold emplacement, I look forward to analyzing the thin sections under microscope once in hand. The Amex team believes this mineralized dike could potentially add some significant low-grade, bulk tonnage ounces to the existing resources at Perron. There are also higher-grade ounces to be found within the quartz-carbonate veins in the aphanitic rhyolite. The team is excited to continue drilling in this area and grow our latest discovery."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_002.jpg

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the new JT Zone discovery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_002full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_003.jpg

Figure 2: Geological map of the new JT Zone discovery, showing gold mineralization greater than 0.50 g/t Au. Thick low-grade mineralization is hosted in a felsic to intermediate dike situated within the Beaupré Block. Some high-grade results can also be observed that are found within quartz veining hosted in the aphanitic rhyolite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_004.jpg

Figure 3: Longitudinal section of the JT Zone looking to the south with the location of today's released drill holes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_004full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_005.jpg

Figure 4: Highlight photos displaying the two different mineralization styles observed in the JT Zone. Gold bearing quartz-carbonate-sulfide veins with visible gold are hosted within the aphanitic Beaupré rhyolite (holes PE-23-704 and PEX-24-223). Within the felsic to intermediate JT Dike (PEX-24-213), gold mineralization is associated with disseminated sulfides (pyrite and pyrrhotite). Abbreviations: VG: Visible Gold; Py: Pyrite; Po: Pyrrhotite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/212654_48187daea41c5852_005full.jpg

Table 1: Assay results from the JT Zone at Perron.

Hole IDFrom (m)To (m)Length (m)Au (g/t)Ag (g/t)Vertical Depth (m) Metal Factor* (g/t Au*m)
PE-23-704165.00168.203.201.330.26~1154.24
and193.00194.501.5017.624.10~13026.43
PE-23-704EXT260.00268.008.000.480.28~1703.85
PEX-24-21357.5058.901.402.470.10~503.46
and115.50116.000.505.900.70~952.95
and137.50138.000.509.822.00~1104.91
and244.00249.505.500.890.13~1954.91
and264.00313.5049.500.860.16~210 to 25042.41
including283.50289.405.902.390.1014.07
including295.90305.109.201.000.239.22
and345.00350.005.000.590.12~2752.97
PEX-24-215128.00128.500.501.330.10~950.67
and214.70215.200.502.920.80~1601.46
PEX-24-216119.00119.500.503.260.10~901.63
and219.00303.0084.000.220.11~160 to 22018.40
PEX-24-216EXT303.00316.5013.500.180.10~2202.46
PEX-24-21736.0040.504.500.640.50~202.88
and55.5057.001.500.910.10~351.36
and73.6074.200.601.240.10~500.74
and101.70102.200.501.040.10~650.52
and156.00156.500.500.690.10~1050.35
and181.00201.5020.500.650.18~12513.30
and218.50225.006.500.580.21~1503.79
PEX-24-218203.35204.000.652.050.10~1601.33
and212.70213.801.101.520.20~1701.67
and297.50389.4091.900.310.10~240 to 31028.44
including297.50349.3551.850.320.1016.77
including354.00367.9513.950.500.107.06
including374.40388.9014.500.290.104.17
PEX-24-21936.00138.00102.000.320.11~35 to 13533.05
Including105.00106.501.508.300.3012.45
and190.50195.004.500.970.50~1904.37
and291.00292.501.500.500.20~2900.75
PEX-24-22050.0052.502.500.920.10~352.30
and57.0059.502.503.470.56~408.68
and64.5068.003.500.710.10~502.49
and97.5099.001.501.760.10~702.64
PEX-24-22147.0048.001.000.560.10~300.56
and57.0057.500.500.980.30~400.49
and100.50103.503.001.920.20~705.75
PEX-24-22229.0099.5070.500.910.49~20 to 7064.44
Including48.0057.009.001.530.1813.77
Including82.5093.0010.502.830.1829.69
Including82.5084.001.509.700.5014.55
Including89.0090.001.009.700.109.70
PEX-24-22390.4091.200.807.611.90~856.09
and368.10368.600.502.440.10~3351.22

 

*Metal Factor is defined as gold grade multiplied by core length.

Table 2: Drillhole coordinates for today's results.

Hole IDAzimuth (°)Dip (°)From (m)To (m)Length (m)Easting (m)Northing (m)Elevation (m)
PE-23-70410-4502052056144445431280346
PE-23-704EXT10-45205300956144445431280346
PEX-24-2137-5604624626144515431266346
PEX-24-21518-5002912916144505431267346
PEX-24-216355-4903033036144505431267346
PEX-24-216EXT355-49303383806144505431267346
PEX-24-217190-5003003006143595431503346
PEX-24-21830-5503993996144455431280346
PEX-24-21980-8003903906143665431412346
PEX-24-22020-4501501506143665431411346
PEX-24-221170-4502042046143665431408346
PEX-24-222345-4502972976142975431307344
PEX-24-2237-6704904906144515431265346

 

Qualified Person and QA&QC

Jérôme 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 Jérôme 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 Normétal (~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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212654