MONTREAL, March 05, 2019 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (AMX: TSX-V; FRA: MX0) is very pleased to announce the launch of a significantly expanded drilling program on the Eastern Gold Zone (“EGZ”) at the Perron project (“Perron”). The expanded exploration program will involve approximately 10,000 metres of drilling, testing the depth and lateral extensions of the High Grade Zone ("HGZ") of the EGZ. In addition to the HGZ, the Company will also continue to test the geometry and nature of the parallel Low Grade Zones (“LG1” and “LG2”) as a second priority.
This drill program follows the completion of a very successful 3,000 metre drill program, which intersected the High Grade Zone over a vertical distance of approximately 150 metres and a lateral distance of 50 metres pierce point to pierce point with a spacing varying from 25 to 50 metres. The High Grade Zone extends to a depth of approximately 275 metres below surface and remains open towards surface, to depth, and along strike. In addition, the Company wishes to announce that it has intersected additional visible gold during its ongoing drill program.
“With the success of our drilling on the Eastern Gold Zone to date and our substantial cash position obtained from the recent financing, the Company is ready to expand upon our very exciting discovery,” commented Victor Cantore, CEO of Amex Exploration. “Drilling to date has indicated that the HGZ is linear, continuous, and is host to substantial gold mineralization. With an all-in drilling cost of only roughly $160 per metre and a cash position of greater than $5 million, the Company is very well financially positioned to expand the program further following continued success.”
In addition, as part of Amex’s commitment to maximum transparency and in keeping with industry best practices, Amex is delighted to provide its drilling data on the Company’s website at http://www.amexexploration.com/perron/drill-data-room/. The data will include drill coordinates, downhole surveys and assay composites for all drilling completed on the EGZ. The Company will regularly update the data as the current drill program progresses.
About the Eastern Gold Zone
The EGZ was discovered in December of 2017 during a regional exploration drilling campaign. The discovery hole, PE-17-03, identified two zones of near-surface mineralization, called the High Grade Zone and the Low Grade Zone, which returned values including 12.22 g/t Au over 4.66 metres and 0.81 g/t Au over 76.5 metres, respectively. Follow-up drilling in 2018 in drill hole PE2018-17 intersected values including 269.23 g/t Au over 1.35 metres and 0.74 g/t Au over 20.75 in the High Grade Zone and Low Grade Zone, respectively. Following this, an aggressive exploration program targeting the High Grade Zone has begun, from which assays have returned grades including 393.33 g/t over 1.7 metres in PE-19-22, 39.58 g/t Au over 0.75 metres in PE-19-23, 214.71 g/t Au over 0.65 metres in PE-19-24, and 56.75 g/t Au over 8.5 metres in PE-19-27.
Maxime Bouchard M.Sc.A, P.Geo and V-P of Laurentia Exploration, 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 Maxime Bouchard and Amex’s management. The quality assurance and quality control protocol includes 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 re-analysed 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 2mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling was completed by Laurentia Exploration (Maxime Bouchard, P.Geo and Alizée Lienard GIT, both M.Sc.A).
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 on Quebec and Ontario. Amex has multiple highly prospective projects: the 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 adjacent claims covering 4,518 hectares; the 100% owned Eastmain River gold properties consisting of 135 claims covering 7,102 hectares and the 100% owned Cameron project located in Lebel-sur-Quévillon, Quebec, comprising 263 claims covering 14,743 hectares. In addition, Amex has an option agreement to acquire a 100% interest in the Gowan Property located near the Kidd Creek Mine.
For further information, please contact:
President and Chief Executive Officer
Amex Exploration: 514-866-8209
Except for statements of historical facts, all statements in this news release regarding, without limitation, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
Neither 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.