MONTREAL, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to report the results of several drill holes on the Gratien Gold Zone (“Gratien”) on its Perron property in northwestern Quebec, Canada (see figures 1 and 2). A complete list of results is provided in table 1. Amex provides all drill data on its website at http://www.amexexploration.com/perron/drill-data-room/
In addition, the Company is very pleased to announce to date that it has completed approximately 27,000 metres during of its previously announced 25,000 metres 2019 drilling campaign. Amex plans to drill an additional 15,000 metres during 2019 for a planned total of 40,000 metres, using two drill rigs. This continued drilling will focus on expanding the Eastern Gold Zone (EGZ), the Gratien Gold Zone and the Grey Cat Zone, as well step-out exploration drilling along strike from the known mineralized showings. This additional drilling is fully funded from existing capital.
The Company initiated a drilling campaign on Gratien utilizing the same targeting methodology that was applied to identify the bonanza grades at the Eastern Gold Zone. The Gratien is located approximately 1.5 km from the EGZ and is a kilometer-long mineralized system comprised of several lenses of gold mineralization. All of the announced drill holes that intersected the Gratien zone are in close proximity to target depths, with high-grade gold intersects coming from the Main Gratien Zone as well as the Gratien Upper Zone, as shown in figures 2, 3, and Table 1.
- Hole PE-19-89 intersected 16.48 g/t Au over 14.60 m including a very high-grade core of 47.69 g/t Au over 4.95 m with individual intercepts of 315.40 g/t Au over 0.50 m and 102.96 g/t Au over 0.70 m at a vertical depth of ~145 m.
- Hole PE-19-71 intersected 3.13 g/t Au over 12.80 m including 68.99 g/t Au over 0.50 m at a vertical depth of ~185 m.
- Hole PE-19-72 intersected 29.21 g/t Au over 1.30 m including 75.56 g/t Au over 0.50 m at a vertical depth of ~85 m.
- Hole PE-19-73 intersected 2.45 g/g Au over 15.20 m including 46.68 g/t Au over 0.50 m at a vertical depth of ~125 m.
Victor Cantore, CEO of Amex Exploration, commented, “Our Perron property, which is of district-scale potential, continues to return very high grade gold intercepts across the project. The results from the Gratien Zone indicate a very robust mineralized gold system. We look forward to continuing to define the potential of the known gold zones on the project, as well as regional exploration of undrilled structures to the east, west, and north of the known 2.4 km highly mineralized corridor. The Perron property hosts two faults each measuring 7 km which are dramatically underexplored. The exploration upside potential here is incredible.”
Table 1: Assay results from drill holes PEG-19-69, 71, 72, 73, 74, 75, 77 & 89 on Gratien
|BHID||From (m)||To (m)||Length (m)||Au (g/t)||Zone|
|PEG-19-71||123.00||126.00||3.00||0.65||Gratien Upper Zone|
|including||124.20||124.70||0.50||3.03||Gratien Upper Zone|
|PEG-19-72||98.70||100.00||1.30||29.21||Gratien Upper Zone|
|including||98.70||99.20||0.50||75.56||Gratien Upper Zone|
|PEG-19-75||154.60||156.25||1.65||4.03||Gratien Upper Zone|
|including||154.60||154.95||0.35||5.11||Gratien Upper Zone|
|PEG-19-89||88.00||89.50||1.50||2.17||Gratien Upper Zone|
|including||88.00||88.70||0.70||3.49||Gratien Upper Zone|
*Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be 70 to 75% in Gratien Upper and 75 to 90% in Gratien Main of the presented widths.
Figure 1: Perron Property with mineralized zones: https://www.globenewswire.com/NewsRoom/AttachmentNg/e30bbb9b-39a7-4165-bc0f-7aaadfc2c2ee
Figure 2: Location of the Gold Zones at Perron: https://www.globenewswire.com/NewsRoom/AttachmentNg/6b336a52-3f12-4dd2-8708-d5d475be8a86
Figure 3: Cross Section on hole PEG-19-71 and PEG-19-89: https://www.globenewswire.com/NewsRoom/AttachmentNg/b2c167ac-0dbb-4c67-b73a-5f8a807e2fbc
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.
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.