MONTREAL, Canada – SEPTEMBER 4, 2019 – Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to report the results of three drill holes from a new discovery known as the Grey Cat Zone (GCZ) on its Perron property in northwestern Quebec, Canada.
The GCZ is about 650 meters from the Gratien Gold Zone and lies in between the Eastern Gold Zone and the Gratien, slightly to the north of the regional Perron Fault. The new GCZ is a near-surface zone that contains high grade gold mineralization within a broad panel of disseminated gold mineralization with intercepts of up to 26.90 meters grading 3.42 g/t Au including 134.16 g/t Au over 0.50 meter in hole PEG-19-80.
The GCZ was discovered this summer during Amex’s regional exploration program as Wildcat exploration targets to the northeast of the Gratien Gold Zone, in areas of historic drilling that exhibited anomalous gold mineralization. All three drill holes intersected visible gold mineralization. The gold grades reported below have been found from approximately 14 meters below surface in PEG-19-82 down to a depth of approximately 225 meters in PEG-19-80. Results are shown in Table 1 below.
Table 1: Assay results from drill holes PEG-19-78, 80, & 82 targeting the Grey Cat Zone at Perron.
|BHID||From (m)||To (m)||Length (m)||Au (g/t)||Zone|
Gold in the Gray Cat Zone is hosted by a slightly brecciated rhyolite package and is associated with moderate sericite, silica, and chlorite alteration. Visible gold is found within quartz-calcite veinlets in association with sulfides including sphalerite and pyrite. GCZ gold mineralization differs from previously announced gold mineralization at the High Grade Zone and the Gratien Zone in that gold is more widespread through broader panels of the host rock rather than concentrated in individual veins and stockwork zones. This near-surface mineralization of over 20 meters width has the potential to be amenable to open-pit mining methods. Amex has now defined the GCZ from approximately 14 metres vertically below surface down to the depth of approximately 225 metres, over a strike length of a minimum of 110 metres. Trenching, mapping, and sampling, along with follow-up drilling is currently ongoing with initial results expected within two months’ time.
Jacques Trottier, Ph.D., Executive Chairman of Amex, commented “The Grey Cat Zone represents the third significant zone of gold mineralization that we have announced in 2019. The Grey Cat Zone represents a new style of disseminated gold mineralization at Perron that we believe has open-pit potential and may be structurally associated with a cluster of gold occurrences that lie to the north of Gratien, approximately 450 metres to the west of the Grey Cat Zone. Validation of this significant strike length extension is a high-priority for Amex and we expect to continue step-out drilling to test the size and grade potential of this new discovery.”
Kelly Malcolm, VP Exploration of Amex added, “Our team’s geological modelling has been a very effective tool in identifying regional exploration targets and we have a number of other high priority targets on the property which we will be testing this year. Thanks to this model we now have three gold zones at Perron which all remain open to depth and along strike. It’s been an exceptional 2019 drill program and we are currently planning the next phase of our exploration program, the details of which we will announce shortly.”
Figure 1: Location of the three Gold Zones at Perron.
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 re-analysed 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 2mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling was 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 practises. 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 on 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 adjacent 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
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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.