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Amex Exploration Inc (2)
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Amex drills 189.4 m of 1.07 g/t Au at Perron

2020-09-16 05:54 ET - News Release

Mr. Victor Cantore reports

AMEX SIGNIFICANTLY INCREASES DENISE ZONE WITH DRILL INTERCEPTS UP TO 1.07 G/T AU OVER 189.40 METRES AT PERRON

Amex Exploration Inc. has discovered the westward and surface expression of the Denise zone, a major gold-bearing system, immediately south of the high-grade zone (HGZ), of the Perron property in northwestern Quebec, Canada. The company is reporting substantial gold mineralization in multiple drill hole intersections from the Denise zone.

Highlight results from the Denise zone include:

  • Hole PE-20-181 intersected 115.60 metres of 1.39 grams per tonne gold at a vertical depth of approximately 260 metres.
  • Hole PE-20-188 intersected 189.40 metres of 1.07 g/t Au at a vertical depth of approximately 300 metres.
  • Hole PE-20-54EXT intersected 50.0 metres of 2.12 g/t Au at a vertical depth of approximately 130 metres.
  • Hole PE-20-56EXT intersected 100.00 metres of 1.01 g/t Au at a vertical depth of approximately 120 metres.

Interpretation of the Denise zone now suggests:

  • Gold mineralization has been traced over 325 metres along strike, from the surface to 550 metres vertically and up to 100 metres of width with higher-grade intervals contained within. (Denise zone is open in all directions.)

Dr. Jacques Trottier, PhD, executive chairman of Amex, said: "The discovery of a major gold-bearing system at the surface has excellent implications for the future mining at Perron. With these results, as well as the pending holes from Denise, we believe the Denise zone has the potential to add significant gold ounces to the overall Perron property as well significantly add to the ounces per vertical metre when considering it in conjunction with the HGZ. We now recognize the Denise zone as a stand-alone gold zone. Previously, we had contemplated underground mining to extract the very high-grade gold mineralization of the HGZ. Having the Denise zone located immediately south of the HGZ enables us to envision a starter pit followed by further underground mining. This fundamentally changes the possible economics of mining this area."

At the Eastern gold zone, Amex clearly has two different orogenic Archean gold mineralization types adjacent to each other -- the high-grade zone (HGZ) and the Denise zone. The Denise zone is located roughly 50 m to a 100 m to the south of the HGZ and is a shear-zone-type gold mineralization, which consists mainly of a wide (from five m to more than 100 m of width) subvertical deformation zone of highly sheared and highly silicified, sericitized and pyritized altered rhyolite. The Denise zone also has a distinctive feature consisting of heavily deformed, pinched and swells transposed quartz veins and veinlets containing various sulphide minerals, such as pyrite, sphalerite, galena and pyrrhotite also frequently fine grain of native free gold. The occurrence of scattered fine free native gold in the Denise zone could explain the higher gold content of this mineralized shear zone (for example hole PE-19-83 that returned 23.91 g/t Au over 9.30 m). The HGZ is a typical bonanza vein, which is characterized by very high-grade gold content (up to 393.33 g/t Au over 1.70 m in hole PE-19-22), usually consisting of two parallel continuous quartz veins containing multiple native coarse free gold grains located at the contact on both sides of a linear vertical mafic foliated intrusive crosscutting a massive rhyolitic host unit.

       ASSAY RESULTS FROM THE DENISE ZONE AT EGZ 

Hole ID            From         To       Length           Au
                    (m)        (m)          (m)        (g/t)

PE-20-181        264.90     380.50       115.60         1.39
including        264.90     265.40         0.50         9.48
including        356.05     356.55         0.50       239.57
including        379.00     380.50         1.50         6.85
PE-20-181        434.30     448.80        14.50         0.54
including        239.90     240.40         0.50         6.54
PE-20-182         73.00      73.50         0.50         1.05
PE-20-182        123.05     129.00         5.95          1.2
PE-20-182        227.50     241.70        14.20         0.59
including        239.90     240.40         0.50         6.54
PE-20-188        287.50     476.90       189.40         1.07
including        287.50     316.00        28.50         1.65
including        291.50     292.00         0.50        13.90
including        313.00     316.00         3.00         9.40
including        381.00     402.30        21.30         5.31
including        386.00     386.50         0.50        26.97
including        392.95     393.50         0.55       161.87
including        401.30     402.30         1.00         4.49
including        439.00     476.90        37.90         1.01
including        474.50     476.90         2.40         7.67
PE-20-54EXT      196.00     246.00        50.00         2.12
including        197.40     211.00        13.60         5.31
including        245.50     246.00         0.50        48.96
PE-20-55EXT      127.00     131.50         4.50         0.45
PE-20-55EXT      203.50     219.70        16.20         0.30
PE-20-56EXT      145.00     245.00       100.00         1.01
including        145.00     152.50         7.50         2.53
including        166.50     170.05         3.55        10.52
including        168.25     169.55         1.30        27.40
including        233.50     245.00        11.50         2.99
including        243.95     245.00         1.05        24.63
                                               
* Note that drill results are presented uncapped and lengths 
represent core lengths. True width is estimated to be about
75 per cent in Denise.

Qualified person

Maxime Bouchard, PGeo, MScA (OGQ 1752), and Dr. Jerome Augustin, PGeo, PhD (OGQ 2134), independent qualified persons as defined by Canadian National Instrument 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 Mr. Bouchard and Dr. Augustin. Core logging and sampling were completed by Laurentia Exploration. 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 three parts per million 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 per cent less than two millimetres prior to pulverization, in order to homogenize samples that 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 regard to 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.

About Amex Exploration Inc.

Amex Exploration 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-per-cent-owned Perron gold project located 110 kilometres north of Rouyn Noranda, Que., 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.

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