Amex Expands Gratien Zone with the Best Intersect to Date of 76.69 g/t Au over 3.50 m

In This Article:

Montreal, Quebec--(Newsfile Corp. - March 28, 2024) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is very pleased to announce that it has intersected the highest-grade gold composite to date on the Gratien Zone ("Gratien"), on the Perron Project in the Abitibi region of Quebec. The near-surface intercept of 76.69 g/t Au over 3.50 m was found in the western extension of the Gratien orebodies, in follow up drilling to the previously announced results in the February 20, 2024 press release.

With a metal factor of 268.42, this intercept represents Amex's highest-grade composite outside of the High-Grade Zone. The Gratien Gold Zone has become a current focus for Amex Exploration to add significant value to the project. 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 images of gold mineralization in Gratien, Table 1 for assay results, and Table 2 for drillhole coordinates.

Highlights include:

Western Extension Gratien Zone

  • PEG-24-742 returned 3.50 m of 76.69 g/t Au, including 0.60 m of 431.72 g/t Au at a vertical depth of ~130 m in the Gratien Gold Zone;

  • PEG-24-738 returned 7.30 m of 8.16 g/t Au, including 0.50 m of 98.17 g/t Au at a vertical depth of ~160 m in the Gratien Gold Zone;

Results from PEG-24-742 represent the highest-grade intercept seen to date in the entirety of the Gratien Zone and is also now the highest metal factor composite outside of the High-Grade Zone. This newly discovered western extension of the Gratien Zone is rapidly expanding with the current drill program. 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 an 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. Multiple mineralized lenses exist in the Gratien Zone (see Figure 2). The Upper Gratien is found within the rhyolite of the Beaupré Block, while several other kilometric mineralized lenses of the main Gratien are found within the andesite of the Normétal South Block. To date, this is the highest-grade mineralization that Amex has found situated outside of the Beaupré Block and opens up the entire Normétal South Block for additional discoveries (see Figure 1). Many additional drill holes have been planned to further define this new high-grade extension.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "The Gratien Zone is open in all directions and is kilometric in strike. This previously untested western extension of the Gratien Zone is providing some of the best mineralization we have encountered across the Perron property. The results have opened up a large new area for rapid expansion and we have deployed three drills to this target. The amount of visible gold mineralization observed in hole PEG-24-742 is similar to what we typically see in the High-Grade Zone (HGZ)."

The Company also wishes to provide an update on the upcoming NI 43-101 resource estimate which it is now targeting to release in early to mid Q2 2024.

Figure 1: Geological map of the Perron Project, showing each of the significant mineralized zones identified to date, including the Gratien Gold Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/203332_34611adf24bd6994_002full.jpg

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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/203332_34611adf24bd6994_003full.jpg

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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/203332_34611adf24bd6994_004full.jpg

Figure 4Highlight photos of the Gratien Gold Zone in drillholes PEG-24-738, PEG-24-742 and PEG-24-745. Gold mineralization is associated with centimetric quartz-carbonate-sulfide veins and contains visible gold. Abbreviation: VG - Visible Gold.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/203332_34611adf24bd6994_005full.jpg

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

Hole ID

From (m)

To (m)

Core length (m)

Au (g/t)

Ag (g/t)

Vertical
depth (m)

Metal Factor* (g/t Au*m)

Gold Zone

PEG-24-729

194.55

195.30

0.75

3.09

1.30

~140

2.32

Upper Gratien (Rhyolite)

And

216.50

217.00

0.50

1.27

0.70

~155

0.64

PEG-24-731

197.50

199.00

1.50

0.57

0.40

~165

0.85

Upper Gratien (Rhyolite)

And

259.80

260.40

0.60

0.64

1.00

~215

0.38

And

350.40

351.00

0.60

0.83

1.20

~285

0.50

PEG-24-734

156.00

159.50

3.50

1.057

1.00

~135

3.70

Gratien (Andesite)

PEG-24-736

72.80

73.80

1.00

1.93

1.20

~55

1.93

Gratien (Andesite)

And

131.50

135.20

3.70

0.90

0.30

~100

3.34

PEG-24-737

180.50

181.00

0.50

6.10

0.70

~151

3.05

Gratien (Andesite)

PEG-24-738

15.50

17.00

1.50

11.28

1.00

~15

16.92

Upper Gratien (Rhyolite)

And

178.50

180.00

1.50

1.68

0.10

~150

2.52

Gratien (Andesite)

And

193.20

200.50

7.30

8.16

0.96

~160

59.56

Including

193.20

193.70

0.50

18.86

1.80

9.43

Including

200.00

200.50

0.50

98.17

8.00

49.09

PEG-24-739

224.30

225.10

0.80

3.26

5.50

~205

2.61

Upper Gratien (Rhyolite)

And

296.50

301.70

5.20

1.96

3.46

~270

10.18

And

376.00

383.50

7.50

0.51

0.63

~340

3.82

PEG-24-740

157.00

158.50

1.50

2.17

1.00

~105

3.25

Gratien (Andesite)

And

177.70

188.80

11.10

1.07

0.42

~125

11.84

Including

185.50

186.50

1.00

4.05

0.50

4.05

PEG-24-741

270.00

270.50

0.50

2.18

2.50

~220

1.09

Gratien (Andesite)

PEG-24-742

131.00

134.50

3.50

76.69

5.88

~130

268.42

Gratien (Andesite)

Including

131.00

131.60

0.60

431.72

33.80

259.03

Including

131.60

132.50

0.90

8.54

0.10

7.69

PEG-24-743

14.20

15.00

0.80

0.85

1.30

~10

0.68

Upper Gratien (Rhyolite)

And

69.60

70.70

1.10

0.50

1.45

~60

0.55

Gratien (Andesite)

And

153.60

154.40

0.80

0.58

0.60

~135

0.46

PEG-24-744

211.50

214.80

3.30

0.55

0.74

~200

1.82

Gratien (Andesite)

PEG-24-745

63.90

67.90

4.00

6.98

0.60

~65

27.90

Gratien (Andesite)

Including

65.90

66.40

0.50

23.86

2.80

11.93

PEG-24-746

85.00

86.20

1.20

5.71

0.20

~70

6.85

Gratien (Andesite)

And

195.50

199.00

3.50

0.59

0.73

~165

2.08

 

*Metal Factor is defined as gold grade multiplied by core length.

Table 2: Drillhole coordinates for today's results.

Hole ID

Azimuth
(°)

Dip (°)

Start
(m)

End
(m)

Length
(m)

Easting (m)

Northing
(m)

Elevation (m)

PEG-24-729

156

-48

0

400

400

613238

5430983

326

PEG-24-731

146

-57

0

451

451

613238

5430983

325

PEG-24-734

196

-60

0

231

231

612574

5431041

326

PEG-24-736

227

-51

0

231

231

612573

5431040

326

PEG-24-737

184

-58

0

252

252

612780

5431011

327

PEG-24-738

184

-58

0

285

285

612665

5431038

327

PEG-24-739

150

-66

0

475

475

613188

5430993

325

PEG-24-740

150

-45

0

250

250

612477

5431066

328

PEG-24-741

200

-58

0

400

400

612585

5431198

328

PEG-24-742

180

-75

0

279

279

612480

5431065

328

PEG-24-743

170

-65

0

250

250

612480

5431065

328

PEG-24-744

157

-74

0

253

253

612480

5431066

329

PEG-24-745

201

-72

0

208

208

612480

5431066

329

PEG-24-746

133

-58

0

253

253

612480

5431065

328

 

Qualified Person and QA&QC

Jér?me 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 Jér?me 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203332