MONTREAL, CANADA / ACCESSWIRE / September 14, 2020 / Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is very pleased to announce its intention to add four more diamond drill rigs to the Perron property, bringing the total drills on site to 10 rigs. Following the $11.7 million financing which closed on September 10, 2020, Amex is increasing its fully-funded and planned drill program from 200,000 metres to 300,000 metres. The additional 4 drills will be delivered to site by the end of 2020, with 2 expected to arrive by mid-October.
Of the 10 drills, the Company intends to assign 6 drill rigs to the Eastern Gold Zone (EGZ), of which 4 drill rigs will continue to define the depth extension of the High Grade Zone (HGZ), targeting mineralization down to depths of 1.5 km vertically, while 2 drill rigs are allocated to the Denise Zone, which is a wide shear-zone hosted system located approximately 50 to 100 m south of the HGZ. The Denise drilling will be targeting mineralization near surface with a goal of defining a bulk tonnage gold deposit. These drill rigs will also test the Denise Zone at depth to define the extent of the gold-bearing mineralized envelope as well as continuing to identify high-grade lenses within the overall Denise system. In addition, 2 drill rigs will be dedicated to the Grey Cat and Gratien Gold Zones to continue to define near-surface mineralization identified to date. Finally, 2 drill rigs will be dedicated to exploration, of which 1 will be conducting regional wildcat drilling, while the other will test areas within the Perron Gold Corridor to identify additional lenses within the 3+ km system already identified. Drilling will take place year-round with small breaks in the spring and fall seasons for the winter break-up and Quebec hunting season.
Kelly Malcolm, VP Exploration at Amex, commented, "The Company is very well capitalized and staffed to expand and manage one of the largest drill programs currently running in Canada by a junior exploration company. Our core logging and processing facilities are very large and can easily accommodate a drill program of this size. Our goal is to define the known gold zones at Perron (Eastern Gold Zone, Grey Cat and Gratien Gold Zone) while at the same time drill in between these zones along strike in the 3+ kilometre Perron gold corridor. Every hole that we have drilled into the Perron gold corridor has reported gold mineralization from anomalous (>0.1 g/t Au) to multiple ounces per tonne gold over variable widths. Drilling on this corridor will aim to connect the known gold zones as well as continue to expand it along strike. Finally, our regional exploration program has intersected some notable results and structures and we will be following up on that as well as testing newly generated targets which have yet to see a drill bit along the +15 km of combined Normetal and Perron faults on the property."
Current exploration will target:
- 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, as well as expanding the southern Denise zone towards surface.
- Exploration along strike of the known 3+ km Perron gold corridor, as well as between known zones of mineralization, with the objective of 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.
- Continued expansion and definition of the Grey Cat and Gratien Gold Zones, with a focus on defining the near-surface portion of mineralization as well as exploring for high-grade mineralization at depth.
- Regional exploration with a focus on gold mineralization within the Beaupre Rhyolite block as well as gold-rich VMS exploration within the southern andesitic volcanic domain.
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 117 contiguous claims covering 4,560 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: +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.
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.