Amex to Consolidate Team Zone with 210 and E3 Gold Zones to Form a 1.4 km Mineralized Corridor and Announces Further Drill Results

April 24, 2024
75

Amex Exploration Inc.

TSXV: AMX | FSE: MX0 | OTCQX: AMXEF

Amex Exploration Inc. announce that after continuing to advance its geological understanding on the Perron Project, further drilling identified similarities between the Team Zone, 210 and E3 gold zones, therefore making it logical to combine the three. The consolidated gold zones will retain the name Team Zone, which creates one larger mineralized corridor straddling the Normétal fault on the northeastern side of the Beaupré Block (See Figure 1). The decision is geologically driven as all three zones display remarkable similarity in their lithologies, structures and mineralization style (Figure 5).

The Company is also pleased to announce further drill results from these zones (See Figure 4 and Tables 1 and 2). With up to 14 known zones across the Perron property, this decision will improve simplicity and will save time in the ongoing modelling process and drill data compilation.

Drill Highlights Include:

210 Gold Zone (which from now will form part of Team Zone)

  • PE-22-586 returned 11.50 m of 4.57 g/t Au, including 3.00 m of 10.72 g/t Au at a vertical depth of ~115 m in the 210 Gold Zone;
  • PE-23-639 returned 19.10 m of 3.23 g/t Au, including 1.40 m of 29.76 g/t Au at a vertical depth of ~190 m in the 210 Gold Zone;

Team Zone

  • PE-23-680 returned 7.30 m of 4.97 g/t Au, including 0.50 m of 54.12 g/t Au at a vertical depth of ~35 m in the Team Gold Zone;
  • PE-23-702 returned 2.10 m of 23.10 g/t Au, including 0.55 m of 83.98 g/t Au at a vertical depth of ~270 m in the Team Gold Zone;

“The combination of these three gold zones is an important milestone on the Perron Project. As we’ve continued to add more drilling into this area and as our modelling work has advanced, it became clear that the three zone were geologically, structurally and spatially related. The larger consolidated Team Zone now covers a strike length of approximately 1.4 km and remains open to the northwest, southeast and at depth. Amex plans to add significant meterage to the Team Zone as we believe we have only just begun to unlock its value.”

Jacques Trottier, PhD, Executive Chairman of Amex Exploration
Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the newly consolidated Team Gold Zone.
Figure 2: Geological map of the Team Gold Zone, 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 3: Image showing the modelled wireframes of the 210 Zone, the Team Zone and the E3 Zone, displaying the similarities of mineralization orientations.
Figure 4: Highlight photos of the Team Zone in drillholes PE-23-639, PE-23-680, PE-23-702 and PE-23-717. Gold mineralization is associated with tension style quartz-sulphide veins and contains visible gold. Abbreviation: VG – Visible Gold.
Figure 5: Gold bearing quartz-sulfide veins from the 210 Gold Zone, Team Zone and E3 Gold Zone. All gold zones share similar mineralization-style.

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

Hole IDFrom (m)To (m)Length (m)Au (g/t)Ag (g/t)Vertical depth (m)Metal Factor* (g/t Au *m)Zone
PE-22-524659.75661.752.007.430.80~62514.86210
PE-22-532W1518.30523.505.205.010.58~49026.07210
Including518.30519.000.7033.393.0023.37
PE-22-581198.50214.0015.501.220.49~14018.94210
Including212.50214.001.507.682.7011.52
PE-22-586127.50129.902.402.140.10~905.13210
And158.50170.0011.504.570.64~11552.54
Including163.00166.003.0010.721.3132.17
And308.70319.0010.302.950.30~21530.39
Including308.70311.502.809.420.8526.38
PE-23-639148.00167.1019.103.230.28~19061.71210
Including156.60158.001.4029.761.6041.66
PE-23-65866.1579.8013.652.370.85~6032.40210
Including73.0074.001.005.900.605.90
Including75.0075.750.756.141.104.61
Including79.0079.800.807.786.306.22
PE-23-66776.5090.7014.200.601.81~708.48210
And102.00109.507.505.600.31~8541.96
Including106.50108.001.5022.391.0033.59
And161.60163.501.902.790.32~1355.29
And287.50294.006.505.220.11~24033.96
Including288.00289.501.5018.310.1027.47
PE-23-67619.0025.006.001.780.10~1510.70210
PE-23-67997.00110.5013.500.760.23~8510.28210
Including98.4099.150.758.432.206.32
PE-23-689525.70526.200.5018.671.60~4359.34210
PE-23-690127.50141.0013.501.200.21~11516.16210
Including134.75135.250.509.910.904.96
PE-23-68045.2052.507.304.970.73~3536.25Team Zone
Including45.2045.700.5054.121.4027.06
PE-23-68379.3083.003.702.250.67~658.33Team Zone
And185.30186.000.707.750.30~1605.43
And410.00411.501.501.550.90~3502.33
PE-23-702321.50323.602.1023.100.81~27048.50Team Zone
Including322.35322.900.5583.982.7046.19
PE-23-717163.00164.001.003.220.30~1353.22Team Zone
And478.00481.003.006.121.80~39018.37
Including478.00478.500.5033.365.6016.68
And574.20575.251.0528.2814.53~46529.70
*Metal Factor is defined as gold grade multiplied by core length.

Table 2: Drillhole coordinates for today’s results.

Hole IDAzimuth (°)Dip (°)From (m)To (m)Length (m)Easting (m)Northing (m)Elevation (m)
PE-22-524143-730164516456148865431358349
PE-22-532W1137-760187818786149645431427355
PE-22-581135-4506016016148875431358349
PE-22-586135-4505055056148605431281347
PE-23-639130-6003513516148475431123344
PE-23-65840-6003513516148465431271346
PE-23-667130-6003353356148845431316348
PE-23-67640-6003213216149975431139348
PE-23-679130-6003523526149185431205347
PE-23-680310-6005205206152605430927349
PE-23-683120-6005325326152635430925349
PE-23-689310-6005505506152175430947348
PE-23-690130-6003433436149145431272348
PE-23-702130-6004114116153535430871349
PE-23-717300-6005975976155315430732348

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 historical 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.

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