AMEX Reports Multiple Visible Gold Grains in Hole PE-2017-03 at Perron and Provides Update on Current Drilling Program
TSX VENTURE: AMX
MONTREAL, QUEBEC--(Marketwired - Jan. 4, 2018) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is pleased to report that it has identified multiple visible gold (VG) grains in hole PE2017-03 which is the 3rd drill hole done out of 14 planned holes. The section of the hole where VG grains was observed is from a depth of 311.9 meters to 316.56 meters representing an apparent width of 4.66 meters along the hole.
In fact, more than 20 grains of VG were counted in a quartz vein that is 'divided' in two sections by the intrusion of a mafic dyke of about 3 meters thick, leaving two segments of quartz vein material totalling about 1.6 meters thick. The native gold is well spread within the quartz material and is associated with notable quantities of Pyrite and Sphalerite with some interstitial Pyrrhotite. This quartz vein is hosted within a highly sericitized and sheared rhyolite unit of about 5 to 10m thick that corresponds very well with a similar altered rhyolite unit intersected in previously drilled and reported hole PE-2013-04 where visible gold within some quartz veining was also noted and values of up to 12.93 g/t Au over 0.30 meters was intersected. This specific zone was the primary follow-up target of the current hole PE-2017-03 that was collared at about 75 meters to the East and 50 meters to the North of hole PE-2013-04.
It is important to note that this emerging new gold zone is of orogenic type and is not directly related or of the same type as the "discovery hole" gold-rich VMS polymetallic mineralization intersected in hole PE-2013-03 which is located some 800 meters to the West (see PR2017-11-13). The discovery hole area will be drilled this month as Amex had to wait until the area was sufficiently frozen to facilitate the drill rig mobilization to the drill site.
"After visiting the core shack on December 20, 2017, and based on the preliminary visual observation of the core drilled to date, I am confident that very good gold results with significant width will be reported from more than one drill hole. There will be different types of gold mineralization coming from different areas of the property clearly showing that the Perron property has good potential to see multiple types of discoveries from high-grade gold veins to gold-rich VMS polymetallic bodies. Unlike other belts in Quebec and Ontario, the Normetal belt has seen relatively little focused exploration in the past and this is the first time that a company has had such a high-quality data base to guide its exploration program. It's an exciting time for Amex and I look forward to updating you on our results," said Jacques Trottier PhD, Executive Chairman of Amex.
UPDATE ON CURRENT DRILLING
The present drilling campaign started on November 21st and was suspended for the holiday break on December 17th and will resume on January 7th. Before the break, 5 drill holes were completed (holes PE-2017-01A to PE-2017-05) totalling 1,611 meters. From this drilling, a total of 823 samples for gold and metals, including 83 samples for QA/QC and 18 samples for litho-geochemistry (whole rock) analysis, were sent in three different batches to ALS lab in Val d'Or. The latest batch that included samples with VG from hole PE-2017-03 were sent to the lab on December 21st.
Finally, 10 additional holes on 10 different targets totalling about 3,135 meters are still planned to be drilled on the Perron property before the end of March 2018.
Nabil Tarbouche, Geologist of ExploLogic, a Qualified Person as defined by Canadian NI 43-101, Revised and approved the geological information of the current drilling reported in this news release.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to develop and bring into production viable gold and base metals deposits in mining-friendly jurisdictions. 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 4518 hectares; the 100% owned Eastmain River gold properties consisting of 135 claims covering 7,102 hectares and the 100% owned Lebel-sur-Quévillon project in 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.