Amex Reports 87.14 g/t Au over 2.30 m Including 394.41 g/t Au over 0.50 m from Team Zone as Well as Initial Drill Results From N110 Gold Corridor

Rhea-AI Summary

Amex Exploration Inc. announces assay results from follow-up and expansion drillholes on the Team Zone on the Perron project in Quebec. The Team Zone is outlined over 400 x 200 m and extends to a depth of approximately 400 m. Assay results from the newly discovered N110 Gold Corridor are also reported. The logging work on the Perron property will provide year-round access to previously inaccessible areas, reducing exploration costs.

Montreal, Quebec--(Newsfile Corp. - September 5, 2023) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce assay results from follow-up and expansion drillholes on the Team Zone on the Perron project in the Abitibi region of Quebec. The Team Zone occurs ~600 m to the northeast of the High Grade Zone (HGZ) as shown in Figure 1. The Team Zone is currently outlined over 400 x 200 m laterally and from surface to a depth of approximately 400 m. Also reported are intercepts from the spatially associated 210 Gold Zone, which seems to follow a structural trend along the Normetal fault zone and may be genetically related to the Team Zone. See Figure 2 for a plan map of the overall zone and existing drill intercepts and Figure 3 for photos of the gold mineralization. See Table 1 for a list of the today's drilling results and Table 3 for drillholes coordinates.

In addition, Amex is pleased to announce assay results from the newly discovered N110 Gold Corridor which is located north of the Gratien Gold Zone, and the eastern extents of the property along the projected extension of the Beaupre Rhyolite, which is the host to the majority of the gold identified on the Perron project to date, see Figure 4 for location, Figure 5 for photos of N110 Gold Corridor mineralization, Table 2 for a list of drill results and Table 4 for drillhole coordinates. The N110 Gold Corridor was identified through a structural interpretation of the Company's magnetic dataset and scattered historical gold intercepts.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "I am pleased to see continued high grade mineralization from the Team Zone. Our drilling is focused on defining and expanding this important newly discovered zone. The mineralization starts at surface and may be suitable for open pit extraction."

Trottier continued, "We are also pleased to announced results from the N110 Gold Corridor which is a new mineralized area to the west of the Beaupre Block that can be followed over one kilometer of strike length. We are interested in this target for its potential to host additional possible high grade ore shoots given the amount of VG in the system. We will continue our exploration drilling on this area later in the year to determine if new gold zones can be identified."

The Company also wishes to report that much of the Perron property is being logged as part of the Government of Quebec's Forest management protocols, following the Normetal-area wildfire. As a result, numerous roads are being constructed on the property providing Amex with unprecedented access to the Perron project.

"The logging work should be completed by the end of the fall along with the construction of tens of kilometres of logging roads providing us with year-round access to areas of the Perron property which were only previously accessible by helicopter. This access will significantly reduce our exploration costs in theses areas and provide us with access to numerous untested targets, many of which are geologically very exciting," said Trottier.

The Team Zone sits within the Beaupre Rhyolite, host to all significant gold occurrences at Perron, at the contact of the Normetal Fault and approximately 600 m northeast of the High Grade Zone. Gold mineralization occurs within a relatively massive and silicified rhyolite host rock, within quartz-carbonate veins/veinlets containing sphalerite, pyrite, minor chalcopyrite, molybdenite, and visible gold. Gold mineralization is also disseminated within the rhyolite host rock, in contrast with several other zones identified on the Project to date. Amex is currently conducting 50 m spaced (3 dimensionally) definition drilling of this system from surface to a depth of ~450 m vertically. Today's results are a part of the ongoing definition drilling program. The associated 210 Gold Zone results presented occur within the same drill holes that targeted the Team Zone. This is quite encouraging as the two closely located zones have the potential to be a part of the same gold system or mineralizing event. Note that the 210 Gold Zone intercept true widths and vein orientations are unknown, and further drilling optimization is required in order to define and understand this part of the system.

The N110 Gold Corridor was identified through a structural interpretation of the Company's magnetic dataset and scattered gold intercepts, including, 3.18 g/t Au over 4.50 m in hole PEX-21-054 and 2.56 g/t Au over 3.30 m in hole PEX-21-065. The N110 mineralization is characterized by numerous veins and veinlets that occur within massive silicified Beaupre rhyolite. The majority of the holes targeting this corridor have intercepted visible gold mineralization, which is encouraging as it indicates a very fertile mineralizing fluid. The Company is conducting a review of the data and drill core with an aim to test for High Grade Zone type ore shoots within this widespread area of visible gold mineralization.

Table 1: Assay results from the Team Zone & associated 210 Gold Zone at Perron. Note that true width is currently unknown and thus core lengths are shown.

Hole ID	From (m)	To (m)	Core length (m)	Au (g/t)	Ag (g/t)	Vertical depth (m)	Metal Factor* (g/t Au*m)	Zone
PE-23-644	26.00	26.50	0.50	3.77	0.40	~20	1.89	Team Zone
And	154.00	154.50	0.50	3.84	0.10	~130	1.92
And	324.50	326.00	1.50	3.75	0.47	~275	5.62	210 Gold Zone
And	390.00	391.50	1.50	0.62	0.10	~330	0.93
PE-23-645	169.00	170.50	1.50	0.88	0.10	~145	1.32	Team Zone
And	223.00	226.00	3.00	0.68	0.10	~195	2.05
And	317.20	317.70	0.50	2.33	0.10	~275	1.16
And	328.00	329.50	1.50	1.11	0.10		1.67
PE-23-645W1	333.50	341.00	7.50	1.38	0.42	~285	10.37	Team Zone
Including	333.50	335.00	1.50	5.83	1.70		8.75
And	354.65	355.50	0.85	2.35	0.20	~300	2.00
And	391.50	392.00	0.50	2.38	0.40	~340	1.19
And	398.50	399.00	0.50	1.04	0.10		0.52
PE-23-647	14.15	15.00	0.85	1.03	0.10	~10	0.88	Team Zone
And	68.50	73.00	4.50	0.85	0.10	~60	3.84
And	124.00	125.30	1.30	0.97	0.15	~105	1.26
And	137.50	139.70	2.20	0.96	0.24	~120	2.10
Including	139.20	139.70	0.50	2.72	0.70		1.36
PE-23-648	26.80	28.30	1.50	6.27	0.10	~20	9.41	Team Zone
And	231.55	232.55	1.00	0.78	0.15	~190	0.78	210 Gold Zone
PE-23-649	193.00	194.60	1.60	4.67	0.48	~175	7.47	210 Gold Zone
Including	194.10	194.60	0.50	13.62	1.30		6.81
PE-23-650	40.50	45.90	5.40	1.74	0.23	~35	9.41	Team Zone
And	112.50	113.00	0.50	10.39	0.80	~95	5.20
And	167.40	169.70	2.30	87.14	4.11	~145	200.42
Including	167.90	168.40	0.50	394.41	18.10		197.21

 

*Metal factor is defined as gold grade multiplied by core length.

Table 2: Assay results from the N110 Gold Corridor at Perron. Note that true width is currently unknown and thus core lengths are shown.

Hole ID	From (m)	To (m)	Core length (m)	Au (g/t)	Ag (g/t)	Vertical depth (m)	Metal Factor* (g/t Au*m)	Zone
PEX-21-060	238,00	239,50	1,50	3,30	2,30	~215	4,95	N110
And	314,50	323,50	9,00	0,45	1,03	~280	4,04
PEX-22-101	195,00	198,25	3,25	3,66	0,69	~140	11,90	N110
Including	197,75	198,25	0,50	21,79	3,10		10,90
And	285,50	291,50	6,00	0,77	0,43	~200	4,61
PEX-22-114	288,00	294,00	6,00	4,06	1,09	~215	24,33	N110
Including	288,00	288,50	0,50	28,01	1,00		14,01
Including	293,30	294,00	0,70	13,58	5,90		9,51
PEX-22-116	77,50	78,00	0,50	7,01	1,20	~60	3,51	N110
And	170,00	170,50	0,50	1,17	0,40	~130	0,59
And	241,50	243,00	1,50	1,02	0,10	~180	1,54
PEX-22-117	175,50	178,50	3,00	0,84	0,10	~130	2,52	N110
PEX-23-135	328,50	329,00	0,50	1,98	1,20	~245	0,99	N110
And	466,50	467,20	0,70	5,83	1,80	~335	4,08
PEX-23-138	160,50	161,05	0,55	1,45	0,10	~125	0,80	N110
And	199,50	200,10	0,60	10,32	0,50	~150	6,19
And	300,00	300,50	0,50	3,19	0,50	~230	1,60
PEX-23-141	48,80	55,00	6,20	0,49	0,10	~40	3,01	N110
And	340,80	341,50	0,70	2,17	1,60	~255	1,52
PEX-23-151	131,50	133,00	1,50	1,52	0,10	~90	2,27	N110
And	247,50	249,00	1,50	1,06	0,10	~190	1,58
And	258,00	264,50	6,50	0,37	0,12		2,42
And	268,70	270,00	1,30	2,07	3,35		2,69
And	276,00	279,00	3,00	0,84	0,15		2,51
PEX-23-162	45,30	46,00	0,70	1,12	0,40	~30	0,79	N110
And	180,50	181,00	0,50	2,06	0,45	~130	1,03
And	293,50	295,00	1,50	1,59	0,10	~215	2,39
PEX-23-165	145,50	148,30	2,80	0,54	0,29	~100	1,50	N110
And	172,00	173,50	1,50	1,39	0,30	~115	2,09
And	210,40	211,00	0,60	4,49	0,40	~150	2,69
And	292,00	293,50	1,50	5,14	0,40	~200	7,71
PEX-22-167	183,60	184,10	0,50	3,04	1,00	~135	1,52	N110
And	250,00	250,50	0,50	1,96	0,50	~190	0,98
PEX-23-169	16,00	17,50	1,50	1,64	0,10	~15	2,46	N110
And	75,50	76,00	0,50	2,13	0,40	~65	1,07
And	99,00	99,50	0,50	1,15	0,30	~85	0,57
And	344,70	346,50	1,80	0,79	0,10	~290	1,43
And	381,00	381,50	0,50	1,72	0,30	~320	0,86
PEX-23-171	155,00	157,00	2,00	1,23	0,64	~115	2,46	N110
And	196,00	196,90	0,90	1,43	0,70	~145	1,29
And	313,45	314,50	1,05	2,00	0,30	~230	2,10
PEX-23-172	16,00	20,50	4,50	0,73	0,10	~10	3,29	N110
And	100,00	104,50	4,50	1,66	0,12	~85	7,48
Including	104,00	104,50	0,50	12,09	0,30		6,05
And	210,70	211,30	0,60	3,67	1,40	~180	2,20
And	232,70	237,00	4,30	1,55	0,16		6,66
And	236,10	237,00	0,90	6,73	0,40		6,06
And	378,50	379,00	0,50	1,53	0,10	~320	0,77
PEX-22-174	51,00	54,50	3,50	0,82	0,13	~40	2,86	N110
And	111,00	112,50	1,50	1,14	0,40	~85	1,71
And	178,50	180,00	1,50	1,90	0,30	~135	2,85

 

*Metal factor is defined as gold grade multiplied by core length.

Figure 1. Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the Team Zone, 210 Gold Zone and N110 Gold Corridor.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/179542_b6dce8b1d47d4b03_002full.jpg

Figure 2. Geological map of 210 Gold Zone and Team Zone area of the Perron property, showing gold mineralization greater than 0.50 g/t Au. The outline of the zone identified on the map represents the surface expression of mineralization at depth.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/179542_b6dce8b1d47d4b03_003full.jpg

Figure 3. Highlight photos of 210 Gold Zone in drillhole PE-23-649 and Team Zone in drillhole PE-23-650. Gold mineralization is associated with tension quartz-sulfide veins. Abbreviation: VG - Visible Gold.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/179542_b6dce8b1d47d4b03_004full.jpg

Figure 4. Plan view of the N110 Gold Corridor from the 2021 to 2023 drilling campaign.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/179542_b6dce8b1d47d4b03_005full.jpg

Figure 5. Highlight photos of N110 Gold Zone from drillholes PEX-22-114 and PEX-23-165. Gold mineralization is associated with late quartz-sulfide veins/veinlets. Abbreviation: VG - Visible Gold.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/179542_b6dce8b1d47d4b03_006full.jpg

Table 3: Team Zone & 210 Gold Zone drillhole coordinates

Hole Id	Azimuth (°)	Dip (°)	Start (m)	End (m)	Length (m)	Easting (m)	Northing (m)	Elevation (m)
PE-23-644	310	-60	0	515.7	515.7	615072.5	5431039.6	350
PE-23-645	310	-60	0	331.0	331.0	615522.3	5430771.7	349
PE-23-645W1	310	-60	321	508.0	184.0	615522.3	5430771.7	349
PE-23-647	310	-60	0	502.5	502.5	615289.0	5430846.1	351
PE-23-648	310	-60	0	518.8	518.8	615111.4	5431069.1	352
PE-23-649	130	-60	0	408.0	408.0	614810.3	5431232.7	345
PE-23-650	310	-60	0	509.8	509.8	615306.6	5430896.4	352

 

Table 4: N110 Gold Corridor drillhole coordinates

Hole Id	Azimuth (°)	Dip (°)	Start (m)	End (m)	Length (m)	Easting (m)	Northing (m)	Elevation (m)
PEX-21-060	174	-58	0	910.0	910.0	613073.0	5431422.9	330
PEX-22-101	200	-45	0	297.0	297.0	612647.2	5431665.2	335
PEX-22-114	230	-50	0	297.0	297.0	612800.2	5431670.8	336
PEX-22-116	190	-50	0	315.0	315.0	612725.8	5431524.7	334
PEX-22-117	190	-50	0	315.0	315.0	613156.3	5431353.0	327
PEX-23-135	205	-50	0	505.0	505.0	612643.3	5431687.5	335
PEX-23-138	205	-50	0	373.0	373.0	612417.3	5431741.8	335
PEX-23-141	205	-50	0	448.5	448.5	612501.7	5431752.8	335
PEX-23-151	294	-45	0	466.0	466.0	612663.7	5431497.8	332
PEX-23-162	205	-50	0	352.0	352.0	612688.5	5431617.8	335
PEX-23-165	24	-45	0	316.0	316.0	613130.1	5431138.3	327
PEX-22-167	205	-50	0	355.0	355.0	612822.6	5431545.1	335
PEX-23-169	30	-60	0	401.0	401.0	613213.9	5431154.4	328
PEX-23-171	205	-50	0	364.0	364.0	613176.5	5431448.0	335
PEX-23-172	65	-60	0	412.0	412.0	613214.4	5431153.8	328
PEX-22-174	198	-50	0	606.0	606.0	613070.1	5431425.3	335

 

Qualified Person and QA&QC

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 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. The Qualified Person has not completed sufficient work to verify the historic information on the Property or neighbouring projects, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179542

FAQ

What are the assay results announced by Amex Exploration Inc.?

Amex Exploration Inc. announced assay results from follow-up and expansion drillholes on the Team Zone on the Perron project in Quebec. They also reported assay results from the newly discovered N110 Gold Corridor.

What is the extent of the Team Zone?

The Team Zone is currently outlined over 400 x 200 m laterally and from surface to a depth of approximately 400 m.

What is the N110 Gold Corridor?

The N110 Gold Corridor is a newly discovered mineralized area located north of the Gratien Gold Zone, along the projected extension of the Beaupre Rhyolite. It was identified through a structural interpretation of the Company's magnetic dataset and scattered historical gold intercepts.

What is the significance of the logging work on the Perron property?

The logging work on the Perron property is being done as part of the Government of Quebec's Forest management protocols. It will provide Amex with year-round access to areas of the property that were previously only accessible by helicopter, significantly reducing exploration costs.