Prophecy Development Corp.

Amex Exploration Inc. First Results on its New Drilling Program at Perron: Multiples Gold Structures Intersected

MONTREAL, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (AMX: TSX-V) is pleased to announce the results of the first drill hole of its ongoing drilling program at Perron (PE2018-14; ie Target 2018-X18: see Fig.1). This drill hole is located in the eastern most part of its 100% owned Perron property and was identified as a geophysic drill target with the recently 'orevision' ground geophysical survey executed by Abitibi Geophysics (see PR2018-08-05).

A total of 7 gold bearing structures have been intersected with values of up to 3.85 g/t Au over 1.4 meters and 3.43 g/t Au over 1.65 meters at different depth between 96.0 m to 352.0 meters (see Table 1). All of theses gold bearing intersections are associated with strong silica alteration that appears to have a local blueish opaline textures and quartz-carbonate veining. This gold mineralization is different from the Eastern Gold Zone (EGZ) as it does not seem to be related to any zinc enrichment.

This geophysical target was considered as a typical 'wildcat' target as it is located in a totally new area that was never tested by Amex before. In fact, this geophysical target, which demonstrated a very high resistivity and high polarization, is located at more than 1 Km to the North-East of the EGZ that was discovered last year (see PR2018-03-02). This 'wildcat' hole was drilled first for logistic reasons and ground conditions and not by priority order. The main objective of this phase of drilling is to follow-up on previous drilling on the EGZ.

Table 1: 2018 Winter Drilling results from Hole PE2018-14

Hole From To Length (m) Au (g/t)
PE2018-14 96.0 104.2 8.2 0.59
PE2018-14 incl 98.5 100.65 2.15 1.20
PE2018-14 134.0 139.0 5.0 1.21
PE2018-14 incl 135.1 136.5 1.4 3.85
PE2018-14 166.0 167.0 1.0 1.09
PE2018-14 176.5 178 1.5 1.92
PE2018-14 206.25 207.75 1.5 0.67
PE2018-14 309.8 310.8 1.0 1.37
PE2018-04 350.35 352.0 1.65 3.43

Interval intersected along the hole, undetermined true thickness.

"Our wildcat hole was a complete success and it was the first drill hole of this campaign. We have encountered multiple new gold bearing structures and this opens new ground for future exploration work still to be determined. Nevertheless, our first objective is to complete follow-up drilling on the very promising EGZ. I am pleased with gold mineralization in this first hole of our current program as it demonstrates clearly that our 100 % own Perron Property is of the utmost importance for the future development of the Company " said Jacques Trottier, PhD Amex's Executive Chairman

As per today, only hole PE2018-14 is finalized and the first hole at the EGZ (ie PE2018-15; proposal 2018-X4 see Fig.1) has just being completed (493 meters) and a total of 484 samples have been sent to the laboratory. This hole is the first of eight priority 1 planned holes that are focused on the immediate vicinity of hole PE-2017-03 where values of up to 7.89 g/t Au over 7.5 meters have been intersected (see PR2018-03-02). This Phase 1 of drilling totalling 2,617 meters is planned to be  finished before end of this year.

As a reminder, this entire drilling program consists of 18 diamond drill holes (DDH) totalling 6,171 meters that is designed to primarily test the lateral and depth extensions of the known EGV. In addition, the program will test the continuity between the mineralized intersections of previous drill holes that intersected the EGZ (i.e. infill drilling). The planned intersection spacing, if successful, should enable us to establish a first estimate of a potential resource calculation of this Zone.

Maxime Bouchard M.Sc.A, Geologist of Laurentia Exploration, 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. The drilling campaign and the quality control program has been planned and supervised by Maxime Bouchard and Amex’s management. The QAQC include insertion of blank or standard every 10 samples on average. The gold values are estimated by Fire Assay with finish by atomic absorption and value over 3 ppm Au are re-analysed by fire Assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda, 317 samples were submitted to Laboratoire Expert Inc.  for gold and base metals. Whole rock analysis are taken every 30 meters and at each major lithology change and will be submitted to ALS Laboratory. Core Logging and sampling was realized by Maxime Bouchard and Alizée Lienard M.Sc.A, Trainee Geologist of Laurentia Exploration under supervision of Maxime Bouchard.

About Amex
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 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:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: 514-866-8209

Forward-looking statements:

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

FIGURE 1

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Amex Exploration

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