MONTREAL, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (AMX: TSX-V; FRA: MX0) is very pleased to announce that it has intersected a high grade gold bearing quartz vein containing multiple free coarse gold grains that returned a value of 269.23 g/t Au over 1.35 meters (from 241.85m to 243.2 m in hole PE2018-17; ie Target 2018-X3: please refer to Fig.1) at the Eastern Gold Zone (EGZ).
Hole PE2018-17 (target 2018-X3) targeted mineralization that is 86 metres above last year’s hole PE2017-03 (see section 1) that returned 12.22 g/t Au over 4.66m from a depth of 311.9m to 316.56m (see PR2018-03-02). Hole PE2017-03 was composed of two quartz veins that also contained free coarse gold grains separated by a gabbro dyke and that returned individually gold values of 16.7 g/t Au over 0.57 meter and 47.2 g/t Au over 1.00 meter (see table 1). The mineralogy, texture and structural features of these two quartz veins are the same as hole PE2018-17. It is important to note that the collar of hole PE2018-17 was located on the same drill pad site as for hole PE2017-03, but at a different drilling dip angle (see section 1). Following the results of hole PE2018-15 (See PR2018-12-13A), the Company has decided then to deepen hole PE2018-17 to target the second mineralized zone.
| Table 1: 2017 and 2018 intersect of the high grade subzone of the EGZ | ||||
| Hole | From | To | Length (m) | Au (g/t) |
| PE2018-17 | 241.85 | 243.20 | 1.35 | 269.23* |
| PE2017-03 incl | 311.90 | 316.56 | 4.66 | 12.22* |
| PE2017-03 incl | 311.90 | 312.47 | 0.57 | 16.70* |
| PE2017-03 | 315.56 | 316.56 | 1.00 | 47.20* |
| Interval intersected along the hole, undetermined true thickness. *VG: Visible Gold or Coarse gold grains | ||||
"We are quite excited with the results of the first mineralized intersect of hole PE2018-17 on the EGZ that now can be identified as a high grade gold subzone. This subzone is characterized by the presence of a significant quartz vein zone containing multiple free coarse gold grains and that is sitting next to a gabbroic intrusive that acts as a marker unit within the rhyolite host rock of the EGZ. This fact will have a definitive impact on the continuation of this ongoing follow-up drilling program and I am looking forward with great expectation for the results still to come," said Jacques Trottier, PhD Amex's Executive Chairman.
FIGURE 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/a7c19d08-2b79-482f-ad69-caa78e58bcfe
SECTION 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/ece64efe-63fc-40f3-a4ba-912debd184e3
To date, hole PE2018-19 (Target 2018-X2) has been completed and the drill rig has returned to hole PE2018-17 to reach the rhyolite andesite contact. Complete results on holes PE2018-16, 17 and 18 are still pending and will be announced once completed.
As a reminder, this entire drilling program consists of 18 diamond drill holes (DDH) totalling 6,171 meters designed primarily to test the lateral and depth extensions of the known EGZ. In addition, the program is designed to 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, once the drilling campaign is completed in the first Quarter of 2019.
Maxime Bouchard M.Sc.A, Geologist of Laurentia Exploration, a Qualified Person as defined by Canadian NI 43-101, reviewed 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, 486 samples were submitted to Laboratoire Expert Inc. for gold and base metals. Samples with visible gold were analysed by metallic sieve to limit the nugget effect. 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.
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