Amex Intersects 29.00 g/t Au over 3.50 m in New Western Extension of Gratien Gold Zone, Reports on Definition and Expansion of Team and E3 Gold Zones

20 February 2024

Amex Exploration Inc.


Amex Exploration Inc. announce high-grade gold results from a new western extension of the Gratien Gold Zone (“Gratien”) that was previously undrilled, on the Perron Project in the Abitibi region of Quebec. In addition, a number of drill holes focused on expansion and definition drilling of the Team Zone (“Team”) and E3 Gold Zone (“E3”) are reported here within. See Figure 1 for a plan view of the geology of the Perron Project, Figure 2 for a plan view of the Gratien Gold Zone, Figure 3 for a longitudinal of Gratien, Figure 4 for a cross section displaying the Gratien mineralization, Figure 5 for images of gold mineralization in Gratien, Figure 6 for a plan view of the Team and E3 Gold Zones, Figure 7 for images of gold mineralization in Team and E3 Gold Zones, Tables 1-3 for assay results, and Table 4 for drillhole coordinates.

Highlights include:

Western Extension Gratien Zone

  • PEG-24-728 returned 3.50 m of 29.00 g/t Au, including 0.50 m of 185.08 g/t Au at a vertical depth of ~120 m in the Gratien Gold Zone;
  • PEG-24-730 returned 3.00 m of 18.66 g/t Au, including 0.60 m of 76.53 g/t Au at a vertical depth of ~60 m in the Gratien Gold Zone;

E3 Zone

  • PE-23-660 returned 3.00 m of 17.52 g/t Au at a vertical depth of ~55 m in the E3 Gold Zone;

Team Zone

  • PE-23-668 returned 21.10 m of 1.03 g/t Au including 2.70 m of 2.56 g/t Au and 2.20 m of 3.62 g/t Au at a vertical depth of ~405 m in the Team Zone; and
  • PE-23-674 returned 22.20 m of 0.92 g/t Au including 0.50 m of 8.45 g/t Au and 1.30 m of 6.99 g/t Au at a vertical depth of ~255 m in the Team Zone.

Results from PEG-24-728 and PEG-24-730 are the highest-grade intercepts seen to date on the western portion of Gratien and opens up an entirely new area for continued expansion. By referring to the longitudinal of Gratien in Figure 3, it can be observed that these heavily mineralized centimetric quartz-carbonate veins were found in a previously untested portion of Gratien West and appear to be a at-depth extension of the existing zone. Gold mineralization is hosted in quartz-carbonate veins parallel to iron formations and straddling mafic intrusions within the Normétal South Block. Additional drill holes have been planned to further define this new high-grade extension.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, “The Amex team is extremely encouraged by these new high-grade results from a new western extension of Gratien. We were truly impressed by the quantity of visible gold mineralization observed in these veins. A significant amount of drilling is planned around these intercepts to test their western extension and continuation at depth. Due to the cut-off date for the drilling database, the new western extension Gratien drilling will not be included in the resource estimate which is expected to be delivered in Q1 2024 and this area represents blue sky potential for the Perron property.”

Drill results from the Team and E3 Gold Zones are focused on further definition and expansion of these zones. As can be observed in Figure 6, the two zones are found straddling the northern contact of the rhyolitic Beaupré Block, which is separated from the Normétal Volcanic Complex to the north by the Normétal Fault. The Team Zone remains open and the potential exists to join the Team Zone to the E3 Gold Zone with further exploratory drilling.

Mr. Trottier continued, “Also of significant importance, today’s results continue to enhance and further define the Team Zone in addition to expanding upon the existing footprint of the E3 Gold Zone. By looking at the plan map, it can be clearly observed that there is a gap in the drilling between these two zones, with infill drilling, the potential exists to create one, large mineralized system. As we continue to prepare the mineral resource estimate, these results add important information to our database to better define our 3D modelling.”

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the Team Zone, E3 Gold Zone and Gratien Gold Zone.
Figure 2: Geological map of the Gratien Gold Zone, showing gold mineralization greater than 0.50 g/t Au. Three main gold zones occur at Gratien, hosted in an autoclastic rhyolite of the Beaupré Block and in the mafic to intermediate volcanic rocks of the Normétal South Block.
Figure 3: Longitudinal section of the Gratien Gold Zone looking to the south. Showing contoured metal factor (Au g/t*core length) and the location of today’s released drill holes.
Figure 4: Cross section of the Gratien Gold Zone and the locations of today’s released drillholes.
Figure 5: Highlight photos of the Gratien Gold Zone in drillhole PEG-24-728. Gold mineralization is associated with centimetric quartz-carbonate veins and contains visible gold. Abbreviation: VG – Visible Gold.
Figure 6: Geological map of 210 Gold Zone, Team Zone and E3 Gold Zone 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.
Figure 7: Highlight photos of the Team Zone in drillholes PE-23-674, PE-23-656 and the E3 Gold Zone in drillhole PE-23-660. Gold mineralization is associated with tension style quartz-sulfide veins and contains visible gold. Abbreviation: VG – Visible Gold.

Table 1: Assay results from the Gratien Zone at Perron.

Hole IDFrom (m)To (m)Core length (m)Au (g/t)Ag (g/t)Vertical depth (m)Metal Factor* (g/t Au*m)
*Metal factor is defined as gold grade multiplied by core length.

Table 2: Assay results from the Team Zone at Perron.

Hole IDFrom (m)To (m)Core length (m)Au (g/t)Ag (g/t)Vertical depth (m)Metal Factor* (g/t Au*m)
PE-23-622166.50170.504.000.300.10~ 1151.21
PE-23-65689.5090.501.002.150.10~ 802.15
And198.70217.0018.300.600.23~ 18010.98
And290.50292.001.501.520.10~ 2502.28
And381.00382. 3251.07
And408.00408.500.5014.372.60~ 3507.19
And439.45440.501.058.260.60~ 3758.67
PE-23-657260.50262.602.100.740.10~ 2201.55
PE-23-665337.70340.602.900.540.12~ 2901.56
And506.85507.800.9510.942.20~ 42510.39
PE-23-668219.20220.701.501.970.10~ 1852.96
And286.00287.301.304.940.20~ 2406.42
And429.10440.5011.400.500.11~ 3555.71
And481.90503.0021.101.030.38~ 40521.78
PE-23-67453.1056.603.501.520.15~ 455.32
And216.30217.401.103.740.95~ 1854.11
And227.00227.800.802.230.80~ 1951.78
And290.80313.0022.200.920.41~ 25520.42
PE-23-677101.00101.500.503.740.20~ 851.87
And176.30176.800.507.101.10~ 1503.55
And200.50204.504.000.620.10~ 1702.47
And211.50215.904.401.310.09~ 1755.76
And422.50424.001.501.480.20~ 3502.22
*Metal factor is defined as gold grade multiplied by core length.

Table 3: Assay results from the E3 Gold Zone at Perron.

Hole IDFrom (m)To (m)Core length (m)Au (g/t)Ag (g/t)Vertical depth (m)Metal Factor* (g/t Au*m)
PE-23-653275.00275.900.904.110.50~ 2403.70
PE-23-66011.5016.104.600.560.15~ 102.56
And20.5022.001.500.720.10~ 201.08
And62.5065.503.0017.520.10~ 5552.57
And187.50194.006.500.550.24~ 1653.55
And251.50253.001.500.880.30~ 2151.31
And403.00403.800.801.610.20~ 3401.28
PE-23-671130.20131.701.500.670.10~ 1151.01
*Metal factor is defined as gold grade multiplied by core length.

Table 4: Drillhole coordinates for today’s results.

Hole IdAzimuth (°)Dip (°)Start (m)End (m)Length (m)Easting (m)Northing (m)Elevation (m)

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James Hyland, MiningIR