Amex Discovers Additional High Grade Gold Structure Grading 58.25 g/t Au over 3.90 m on the Northern Normetal Fault and Reports 32.99 g/t Au over 4.50

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Algemeen advies 17/02/2021 10:54
MONTREAL, QC / ACCESSWIRE / February 17, 2021 / Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is pleased to report the discovery of an additional high grade gold structure and results from several holes targeting the depth extension of the High Grade Zone (HGZ) of the Eastern Gold Zone (EGZ). Watch this video clip to hear a brief explanation of today's results from Kelly Malcom, VP Exploration.

As a reminder, the EGZ is comprised of two gold zones, High Grade Zone, a continuous high grade gold system which is immediately north of the Denise Zone (Denise), as shown in Figure 1. In addition, while targeting the depth extension of the HGZ, Amex intersected near-surface high grade gold mineralization in a new gold structure proximal to the Normetal fault zone. This interval, which returned 58.25 g/t over 3.90 m, is spatially and likely structurally related to an intersection of 2.75 g/t Au over 2.80 m drilled by former optionee in 2016, as well as visible gold mineralization in nearby recently drilled hole PE-20-229 for which assays are still pending.

The newly named 210 Gold Zone is located proximal to the northern Normetal fault zone, which is one of two kilometric thrust faults located on the Perron project. The intersection of 58.25 g/t Au over 3.90 metres in hole PE-20-210 is located approximately 680 m north-east of the HGZ in an area that has seen limited exploration. Of note, drillhole 163-16-033 completed by former optionee intersected 2.75 g/t Au over 2.80 metres which is located 200 metres to the East, and a follow-up hole to PE-20-210, PE-20-229 has intersected visible gold along the same plane, as shown in Figure 2. Amex has recently received permits to conduct a follow up drilling program and is currently drilling along strike of this newly discovered high grade gold mineralization.

In addition, today's HGZ results significantly confirm continuity of the HGZ and increase the strike of the high grade intervals of gold mineralization over meaningful widths along the Eastward plunge of the mineralized structure. Highlights are detailed below, and a complete list of results is available in Table 1 and presented in Figure 3. In addition to the results detailed below, Amex is waiting on over 13,000 samples at the lab from holes targeting the HGZ, Denise, and Grey Cat Zone, as well as regional exploration drilling.
•Hole PE-20-210 intersected: ?58.25 g/t Au over 3.90 metres, including 412.30 g/t Au over 0.50 metres, in the newly named 210 Gold Zone at a vertical depth of approximately 110 metres;
?19.08 g/t Au over 3.00 metres in an area situated between the 210 Zone and the HGZ;
?10.12 g/t Au over 3.50 metres in the HGZ at a vertical depth of approximately 1,250 metres.

•Hole PE-197W1 intersected: ?11.95 g/t Au over 6.00 m in the HGZ at a vertical depth of approximately 965 metres.

•Hole PE-20-197W2 intersected: ?8.71 g/t Au over 5.30 m in the HGZ at a vertical depth of approximately 925 metres.

•Hole PE-20-207W2 intersected: ?33.0 g/t Au over 4.50 m, including 225.40 g/t Au over 0.50 m, in the HGZ at a vertical depth of approximately 830 metres.

Jacques Trottier, PhD, Executive Chairman of Amex said, "Perron is significantly underexplored as evidenced by our recent discoveries of the 210 Zone as well as the recently announced high-grade interval in drillhole PEX-21-041. With 10 drills turning on Perron, including 4 drills dedicated to pure exploration, making new discoveries at this rapid pace is likely and we are very pleased with our exploration targeting methodology. In addition to the newly discovered mineralization, expansion and definition drilling at the HGZ continues to yield high grade gold over considerable thicknesses. We are waiting on several thousand additional samples from our drilling program and are looking forward to receiving and releasing to the market as soon as possible."

Figure 1: Geology of Perron Project and Gold Zones, as well as recently announced discoveries including the 210 Zone and hole PEX-21-041.

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