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AMEX EXPLORATION GOLD DISCOVERY INVESTOR NEWS

Montreal, Quebec--(Newsfile Corp. - September 7, 2022) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce assay results from new follow-up drillholes on the copper-rich volcanogenic massive sulphide ('VMS') QF Zone located on Amex 100% owned Perron property. The QF Zone occurs along the Normétal Mine Horizon which is a kilometric tuffaceous unit that hosts the nearby past-producing Normétal Mine as shown in Figure 1. See Table 1 for a complete list of results, Table 2 for drill hole coordinates, Figures 2 & 3 for a plan map and longitudinal section of the drill intercepts, and Figure 4 for photos of the polymetallic sulfide mineralization.

Results include:

  • PEX-22-118 intersected 1.70% CuEq comprising 0.92% Cu, 1.60% Zn, 0.08 g/t Au and 12.26 g/t Ag over 14.80 m (core length) including 3.58% CuEq comprising 3.10% Cu, 0.32% Zn, 0.19 g/t Au and 28.80 g/t Ag over 3.60 m at a vertical depth of approximately 480 m; and
  • PEX-22-107W1 intersected 0.58% CuEq comprising 0.29% Cu, 0.57% Zn, 0.03 g/t Au and 5.32 g/t Ag over 5.50 m (core length).

The QF Zone style of mineralization compares favourably to the neighbouring Normétal Mine which produced approximately 10.1 million tonnes grading 2.24% Cu, 5.41% Zn, 0.53 g/t Au, and 44.45 g/t Ag 1937 to 1975, with development down to a depth of approximately 2.40 km (SIGEOM - Mine Normétal).

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "Today's intercept in hole PEX-22-118 represents the largest interval of VMS-style mineralization identified on the QF Zone to date. As can be seen in both the table of results and the core photos, we are seeing classic VMS textures and zonation of metals, resulting in a significant transition from copper-rich to zinc-rich throughout the reported interval. Amex will conduct additional borehole EM geophysics to further define the mineralized system. In addition to the base metal results announced today, Amex is also waiting on numerous assays from its drilling program focused on gold mineralization. Assays are expected to be received shortly and we look forward to releasing them once reviewed and interpreted."

Table 1: Assay results from the QF Zone at Perron

Hole IDFrom (m)To (m)Core Length (m)True Thickness (m)CuEq (%)Cu (%)Zn (%)Au (g/t)Ag (g/t)Vertical depth (m)
PEX-22-118585.30600.1014.8010.931.700.921.600.0812.26~480
Including588.50592.103.602.663.583.100.320.1928.80
Including589.00589.600.600.4411.209.600.650.9987.80
Including591.60592.100.500.377.236.291.140.0062.20
Including592.10600.108.005.911.270.092.780.037.56
Including592.10592.600.500.378.770.3819.900.1454.80
Including599.40600.100.700.526.560.4914.250.4914.25
PEX-22-107W1754.15759.655.504.220.580.290.570.035.32~625
Including754.15754.800.650.502.001.620.270.0828.10
Including758.10758.600.500.382.100.334.280.064.40
PEX-22-107727.90729.902.001.670.650.131.140.072.68~570
PEX-22-105801.10802.201.100.830.440.220.440.042.36~670
Previously released
PEX-21-083W1688.00694.406.405.172.862.170.900.2818.84~570
Including690.70692.301.601.294.814.250.180.3632.44
PEX-22-108646.70653.807.105.372.081.840.170.1311.77~560
Including650.10652.001.901.446.085.430.270.4035.39
PEX-21-098W2738.75740.952.201.816.035.370.390.3633.58~610
PEX-21-095481.70483.651.951.422.591.201.330.6357.07~400
PEX-21-096535.00536.901.901.321.441.170.270.148.83~470
PEX-21-094742.65745.552.901.990.490.440.030.032.43~650
PEX-21-098W1772.45775.152.702.110.430.250.370.031.36~660


Note: Estimated true thickness is calculated using a 300N/-81 plane.

*Formula
Cu_eq (%) = Cu(%) + [(Zn(%) * Zn price (lb)/Cu price (lb)] + [(Ag(ppm) * (Ag price (lb)/Cu price (lb)/10000] + [(Au(ppm) *(Au price (lb)/Cu price (lb))/10000)]
Assuming 100% Recovery of all metals
2022-06-17 metal price (US $): $4.02/lb Cu, $1.59/lb Zn, $1,837/oz Au, $21.6/oz Ag

Table 2: QF Zone drill hole coordinates

Hole IDAzimuth (°)Dip (°)Length (m)Easting (m)*Northing (m)*Elevation (m)
PEX-22-118205-666876157375431264362
PEX-22-107W1206-645606158885431301100
PEX-22-107210-738056158885431301361
PEX-22-105205-738776158885431299362
PEX-21-083W1199-61453615757543133994
PEX-22-108205-707216157915431271361
PEX-21-098W2205-71451615780543121538
PEX-21-098W1205-714236157645431184-27
PEX-21-095205-625726156465431244362
PEX-21-094200-708216156955431352365
PEX-21-096204-696436156465431245362


*UTM NAD83 - Zone 17

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2667/136110_7dedc82264447a1c_002.jpg

Figure 1. Geological map of the Normétal Volcanic Complex, with the location of the Perron Property and polymetallic VMS QF Zone, along with the location of the past-producing Normétal mine. Modified from Lafrance et al., 2000.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2667/136110_7dedc82264447a1c_002full.jpg

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Figure 2. Geological compilation map of the target VMS area of the Perron property located within the Normétal Mine Sequence containing the QF Zone. Geology is modified from Sigéom.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2667/136110_7dedc82264447a1c_003full.jpg

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Figure 3. Long section of QF Zone with today's released hole locations in green labels. Previously announced (September 21, 2021) discovery hole results labelled in black. Assay results are presented in core length (m). True width is approximately 70-80% of reported intercepts in Table 1.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2667/136110_7dedc82264447a1c_004full.jpg

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Figure 4. Highlight photos of the massive to disseminated sulfide Cu-rich lens intersected in drillhole PEX-22-118. Note the transition from chalcopyrite dominant mineralization near the top of the intercept to sphalerite dominant mineralization towards the bottom of the intercept. Abbreviations: Cp - Chalcopyrite, Sp - Sphalerite, Po - Pyrrhotite, Py - Pyrite, MS - Massive Sulphides.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/2667/136110_7dedc82264447a1c_005full.jpg

Qualified Persons, Quality Assurance & Quality Control

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. 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 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 or ALS Canada Ltd. 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.

For analyses targeting VMS mineralization, zinc, copper and silver values are estimated by four acid digestion multi-elements Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES), ME-ICP61 at ALS Canada Ltd. Zinc values over 1%, copper values over 1%, and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Gold values are estimated by fire assay with atomic absorption finish.

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.

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