MONTREAL, QC / ACCESSWIRE / June 19, 2020 / Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(OTCQX:AMXEF)(FRA:MX0) is very pleased to announce the addition of 2 diamond drill rigs to the Perron property, bringing the total drills on site to 6 rigs. These two additional drill rigs will be mobilized and operating on the project by July 15th. Following the $15.75 million financing announced on June 17, Amex is increasing its fully-funded drill program from 100,000 metres to 200,000 metres.
Four drills are currently operating on the Eastern Gold Zone (EGZ). Two of these drills are testing the depth extension of the High Grade Zone (HGZ). One is currently testing the near-surface potential of the Denise Zone, while the fourth is completing large diameter (PQ size) holes for the purpose of metallurgical testing. The fifth drill rig will also be deployed to test the HGZ at depth, while the sixth will resume exploration at the Grey Cat and Gratien Zones, now that the ground has dried sufficiently to allow access to the western portion of the property.
Jacques Trottier, Executive Chairman of Amex, commented, "With the recently announced closing of our $15.75 million financing, Amex has elected to significantly increase the pace and size of its exploration program. We have had great successes this year on drilling the depth and strike extension of the HGZ and look forward to continuing the rapid advancement of this very attractive gold system. We are also excited to resume drilling on Gratien and Grey Cat, where we have been intersecting robust grades over significant widths. In addition, we intend to test the potential of connecting the gold zones at Perron. We will be exploring for additional zones both along strike of the known 2.7-kilometre corridor of gold mineralization as well as in between the known zones of mineralization."
Current exploration will target:
1. Exploration along strike of the known 2.7 km Perron gold corridor, as well as focused exploration between known zones of mineralization, as shown in Figure 1, with the objective of possibly linking up these known gold zones and generating a bulk tonnage target coupled with the high-grade underground-type targets like the Eastern Gold Zone and potentially the Grey Cat Zone.
Figure 1: Longitudinal (A) and Plan View (B) of the overall 400 metre wide mineralized gold trend at Perron, showing individual downhole assays greater than 0.50 g/t Au and highlighting the individual zones located to date.
2. Continued expansion and definition of the Eastern Gold Zone, with a focus on exploration and expansion at depth of the High Grade Zone to the East of a cross-cutting late diabase dyke (Figure 2), as well as expanding the southern Denise zone towards surface.
3. Metallurgical testing of the High Grade Zone (Figure 2) of the EGZ, utilizing large diameter (PQ-sized) drilling to simulate a bulk sample and also test the effect of larger diameter drilling on expected grade in known areas of gold mineralization.
4. Continued expansion and definition of the Grey Cat (Figure 3) and Gratien Gold Zones (Figure 4), with a focus on defining the near-surface portion of mineralization as well as exploring for high-grade mineralization at depth.
Figure 2: Longitudinal of the High Grade Zone (HGZ) of the Eastern Gold Zone showing metal factor.
Figure 3: Longitudinal of the Grey Cat Zone showing metal factor.
Figure 4: Longitudinal of the Gratien Gold Zone showing metal factor.
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.
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 jurisdiction of Quebec. 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 other properties focused on gold and base metals in Quebec.
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.
SOURCE: Amex Exploration Inc.