Most Significant Exploration Program to Date
MONTREAL, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to announce its expanded fully funded 100,000 m exploration drill program for 2019 and 2020, following the successful closing of an oversubscribed financing (see Amex PR dated 11-08-2019).
2019 Drill Program 40,000 m Highlights:
- 27,500 m drilled to date with 12,500 m remaining to year-end
- Drilling focused on the 3 distinct high-grade gold zones discovered in 2019, namely the Eastern Gold Zone (“EGZ”), the Gratien and Upper Gratien Zones (“Gratien”), and the Grey Cat Zone (“Grey Cat”)
- Identification of a 3 km gold corridor in the Beaupré bloc, associated with anomalous to ore-grade gold mineralization
- Approximately 4 km of the 7 km Perron Fault and 8.4 km of the Normetal fault left to be explored
- 3D modelling has identified at least 5 new high-priority exploration targets on the Perron and Normetal Faults
60,000 m Drill Program for 2020:
- Up to 3 drills focused on continued definition and expansion of the known mineralized gold zones on Perron, (EGZ, Gratien and the Grey Cat). All 3 gold zones are open along strike and at depth and targeted drilling on these gold zones will be accretive and focus on building gold ounces for an eventual NI 43-101 compliant resource estimate.
- Launch a regional exploration drill program based on 3D modelling from the 2019 program. Regional drilling will focus on targets that have seen very limited or no drilling. These targets share similarities with the known gold zones on Perron, including: proximity of second-order thrust faults; intersections of thrust faults and third-order structures within the Beaupre Rhyolite block; high-magnetic lineaments; and the presence of ultramafic to mafic intrusions. The regional targets are located along the 7 km long southern Perron thrust fault and the 8.4 km long northern Normetal thrust fault, which both bound the unconformable gold-bearing Beaupre rhyolite block. A map of these targets is provided in figure 1.
- Initiate a high-resolution drone magnetic survey to assist in identifying and confirming the presence of structures which may be associated with additional gold mineralization. This drone magnetic survey will be completed at 25 metre spaced lines and flown with a sensor height of approximatively 20 metres above ground level.
Figure 1: Regional Exploration Targets on the Perron Property with Known Mineralized Zones. Current and Historical Drill Collar Locations are Represented by Black Dots on Both Maps.
Victor Cantore, President and CEO of Amex Exploration, commented, “With the completion of today’s oversubscribed financing, the Company is well funded to complete the most significant exploration program to date on the Perron project. As indicated in figure 1, much of the historical work has been focused on the central portion of the property, proximal to existing drilling roads and trails. With the knowledge gained from our exploration work on the three recent discoveries on the project we have identified a number of very significant regional targets that bear a striking resemblance to these known discoveries. We look forward to testing these known zones and potential new discoveries.”
The Perron Project
The Perron property is 100% owned and is about 45 km2 in size. The property hosts two faults of interest, the Perron and the Normetal faults, which collectively span over 15 km of strike length. The Project is located in the town of Normetal which makes infrastructure excellent, enabling Amex to drill year-round and realize excellent value for its exploration dollars spent in the ground.
Eastern Gold Zone
The Eastern Gold Zone is comprised of three lenses of gold mineralization (the High Grade Zone (HGZ) and the Denise 1 and 2 Zones). The High Grade Zone lens has now been defined to a strike length of up to 130 metres and from surface to a depth of ~585 metres. The Denise 1 Zone lens has been defined to a strike length of up to 300 metres and from approximately 100 metres below surface to a depth of up to ~550 metres. Results to date include:
Within the High Grade Zone Amex has drilled 26 drill holes that have intersected gold mineralization greater than 10 g/t Au over variable widths. Examples of drilling include:
- 56.75 g/t Au over 8.50 m in hole PE-19-27
- 393.33 g/t Au over 1.70 m in hole PE-19-22
- 30.98 g/t Au over 8.50 m in hole PE-19-45
- 32.11 g/t Au over 7.20 m in hole PE-19-33
The Denise Zone was thought to be a low grade zone until recent drilling which changed the interpretation of the system. Recent high-grade intersections in the Denise Zone shares several characteristics with the High Grade Zone, including:
- 39.94 g/t Au over 5.50 m in hole PE-19-83
- 4.92 g/t Au over 13.50 m in hole PE-19-37EXT
- 3.49 g/t Au over 7.40 m in hole PE-19-91
At the Denise, the gold mineralization appears to be strengthening at depth and a high grade zone is developing within a broader panel of disseminated gold.
Gratien Gold Zone
In July of this year, the Company initiated a drilling program on the Gratien Main Zone and the Upper Gratien Gold Zone. These zones were first discovered in the 1990s and explored as bulk tonnage targets, as mineralization is widespread along approximately 1 kilometer and occurs in several structures. The Company’s geological team identified the presence of high-grade ore chutes within the known areas of mineralization and have drilled high-grade gold in the Gratien Main Zone and the Upper Gratien Zone. Results to date include:
- 20.14 g/t Au over 4.90m in PEG-19-65
- 16.77 g/t Au over 4.25 m in PEG-19-66
- 27.46 g/t Au over 4.90 m in PEG-19-68
- 47.96 g/t Au over 4.95 m including 315.4 g/t Au over 0.5 m and 102.96 g/t Au over 0.7 m in PEG-19-89
These results are comparable to the high-grade typically seen in the Eastern Gold Zone and Amex is very encouraged to see it in the Gratien which is located 1.5 km to the West. High grade gold mineralization can now be traced over a sub-horizontal strike of 360 metres at Gratien in close proximity to surface.
Grey Cat Zone
In August of this year, the Company initiated a drilling program on the Grey Cat Gold Zone, which was a regional exploration target on trend with the Gratien Zones. Drilling was very successful in identifying a zone of disseminated and high-grade gold which occurs from surface to a depth of ~400 metres and over a strike length of ~175 metres. Results to date include:
- 3.42 g/t au over 26.90 m in PEG-19-80
- 9.39 g/t Au over 6.50 m in PEG-19-94
- 23.95 g/t Au over 2.70 m on PEG-19-103
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 in this news release. 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 protocol include insertion of blank or standard 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. Gold values are estimated by fire assay with finish by atomic absorption and 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. Core logging and sampling were completed by Laurentia Exploration.
The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to the historical drill results. However, the Qualified Persons believe 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.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 116 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and Ontario. Amex provides all current and historical drill data for the Perron project on its website at http://www.amexexploration.com/perron/drill-data-room/
For further information please contact:
President and Chief Executive Officer
Amex Exploration: 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.
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 LGZ, 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.