MONTREAL, Canada – SEPTEMBER 10, 2019 – Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to report, after announcing last week the Grey Cat Zone discovery, the results of six drill holes on the Eastern Gold Zone (“EGZ”) on its Perron property in northwestern Quebec, Canada (see figure 1 and 2). A complete list of results is provided in table 1.
All of the drill holes intersected the EGZ with gold intersects coming from both the High Grade Zone (“HGZ”) and the Low Grade Zone which has been renamed as the Denise Zone. See holes PE-19-76 and PE-19-83 in figures 3 and 4.
In the Denise Zone:
- Hole PE-19-83 intercepted 32.20 m grading 6.99 g/t Au including 1.20 m of 178.16 g/t Au at a vertical depth of ~500 m.
- New high-grade intersection in the Denise Zone shares several characteristics with the HGZ as it is hosted by quartz-carbonate-pyrite veins with free gold along the contact of a gabbro crosscutting the sodic rhyolite host rock.
In the High Grade Zone:
- Hole PE-19-76 intercepted 15.60 m grading 3.05 g/t Au including 0.50 m of 19.00 g/t Au and 0.85 m grading 32.05 g/t Au at a vertical depth of ~300 m.
- Hole PE-19-83, in the HGZ, returned 11.10 m grading 3.40 g/t Au including 0.60 m of 43.34 g/t Au and 0.90 m of 10.73 g/t Au at a vertical depth of ~360 m.
- Expanded the zone by more than 55 m at depth and 35 m westward (see figure 4).
- Both intercepts of holes PE-19-83 and PE-19-76 on the HGZ were typical of mineralization of the zone, which consists of two quartz-carbonate-pyrite-sphalerite veins with free gold along the border of a gabbro crosscutting the sodic rhyolite host rock.
Jacques Trottier, Ph.D., Executive Chairman of Amex Exploration commented, “The HGZ is continuing to deliver the high grade results that we have grown accustomed to seeing and is expanding at depth and laterally. We have extended the HGZ by over 55 meters to depth and over 35 meters to the west and we plan to continue drilling and expanding the extremely important Eastern Gold Zone during the upcoming fall and winter seasons.”
Trottier continued, “The new high-grade intercept on the Denise Zone of hole PE-19-83 coupled with some previously drilled high-grade intercepts in this zone has totally changed our vision of what we had previously named the low-grade zone. Similarities between this new intersection in the Denise Zone with the HGZ give us high expectations for high-grade follow-up targets at depth. ”
Kelly Malcolm, VP Exploration of Amex added, “Each of the three zones drilled in 2019 on our Perron Project (EGZ, Gratien, and the Grey Cat) have returned intersections with significant metal factors and visible gold. The abundance of gold mineralization identified in several zones along a 2.4 km long portion of the Beaupré block suggests high prospectivity for the western extension of the block that remains unexplored for several kilometers along strike. Regional exploration in the western part of the Beaupré block will be a significant component of our upcoming winter drilling program. ”
Table 1: Assay results from drill holes PE-19-64, 67, 76, 79, 81 & 83 on the EGZ
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Zone|
Figure 1: Perron Property with mineralized zones.
Figure 2: Location of the Gold Zones at Perron.
Figure 3: Cross Section on hole PE-19-83.
Figure 4: Longitudinal on High Grade Zone.
Maxime Bouchard M.Sc.A., P.Geo. (OGQ 1752) and Jérôme Augustin Ph.D., P.Geo. (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 has multiple highly prospective projects: the 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 116 contiguous claims covering 4,518 hectares; the 100% owned Eastmain River gold properties consisting of 135 claims covering 7,102 hectares and the 100% owned Cameron project located in Lebel-sur-Quévillon, Quebec, comprising 263 claims covering 14,743 hectares. In addition, Amex has an option agreement to acquire a 100% interest in the Gowan Property located near the Kidd Creek Mine.
For further information please contact:
President and Chief Executive Officer
Amex Exploration: 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.
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.