Amex Exploration Resumes Drilling at Perron Project

Rhea-AI Summary

Amex Exploration has resumed its gold exploration drilling program at its Perron project in Quebec. The Team Zone, located within the Beaupre Rhyolite, is currently outlined over 400 x 200 m and sits approximately 600 m north of the High Grade Zone. The company has identified five distinct orientations of gold-bearing veins and plans to delineate the zone and expand along trend. Amex also plans to follow up on other targets at Perron later in the summer/fall.

Positive

• Amex Exploration has resumed its gold exploration drilling program at its Perron project in Quebec.
• The Team Zone, outlined over 400 x 200 m, sits approximately 600 m north of the High Grade Zone.
• The company has identified five distinct orientations of gold-bearing veins in the Team Zone.
• Amex plans to delineate the zone at 50 metres centres and expand along trend.
• The company anticipates following up on other targets at Perron later in the summer/fall.

Negative

• None.

Montreal, Quebec--(Newsfile Corp. - July 11, 2023) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce that it has resumed its gold exploration drilling program at its 100% owned Perron project located just outside the town of Normetal, Quebec. Currently four drills are on site at the newly discovered Team Zone. The Team Zone is currently outlined over 400 x 200 m laterally and from surface to a depth of approximately 400 m. It sits within the Beaupre Rhyolite at the contact of the Normetal Fault and approximately 600 m north of the High Grade Zone.

Jacques Trottier, Chairman of the Board, commented, "Thanks to the hard work of the fire fighters, the forest fires in the Normetal area are largely behind us and we are resuming our drilling with an immediate focus on the Team Zone. We have identified five distinct orientations of gold-bearing veins and we are delineating the zone at 50 metres centres as well as expanding along trend. Drilling on this target has gone exceptionally well as evidenced by our recent results and I look forward to the balance of the summer drilling and to reporting more results from our exploration work."

Trottier continued, "With respect to our regional exploration drill program we anticipate following up on the Gratien zone, the N110 corridor to the west, as well as the eastern VMS target later in the summer/fall. There is no shortage of exciting targets at Perron and I am very pleased to be back in the field."

Amex confirms none of its facilities nor equipment were damaged by the forest fires.

Qualified Persons, Quality Assurance & Quality Control

Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards, has 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 Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration.

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 hosts 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173058

FAQ

What is Amex Exploration's current focus?

Amex Exploration is currently focusing on the Team Zone at its Perron project in Quebec.

What are the dimensions of the Team Zone?

The Team Zone is outlined over 400 x 200 m.

What is Amex Exploration's future plan for the Perron project?

Amex Exploration plans to follow up on other targets at Perron later in the summer/fall.