MONTREAL, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (AMX: TSX-V; FRA: MX0) is very pleased to announce that ongoing drilling of the Eastern Gold Zone (“EGZ”) at the Perron project (“Perron”) has successfully intersected additional high grade gold mineralization which verifies vertical continuity in the near-surface portion of the system. Drill hole PE2019-24 intersected 24.06 g/t over 5.85 m including 214.71 g/t Au over 0.65 metres at a vertical depth of ~235 m and drill hole PE2019-23 intersected 39.58 g/t Au over 0.75 metres at a vertical depth of ~135 m (see figure 1, 2 and 3).
In addition to these results, the Company wishes to report that the first 25 metre step-out hole (X26) testing the lateral extent of the High Grade Zone has intersected visible gold. The Company is actively and aggressively advancing the exploration program on the EGZ and looks forward to the results from the ongoing drilling.
FIGURE 1, 2018-2019 Drilled and proposed target hole locations: http://www.globenewswire.com/NewsRoom/AttachmentNg/a826703f-02cc-461c-9cda-94b302d78f00
FIGURE 2, Vertical section on holes PE2019-22, PE2019-23 and PE2019-24: http://www.globenewswire.com/NewsRoom/AttachmentNg/190141c0-56e2-4e7f-a3cd-9436e3235976
FIGURE 3, Longitudinal on the high-grade zone with drilled holes and proposed targets: http://www.globenewswire.com/NewsRoom/AttachmentNg/775ceb00-2e2b-4f27-b35c-142c47d11782
The vertical continuity of the High Grade Zone is now confirmed with hole PE2019-23 and PE2019-24. The zone has been intersected in the same section over a vertical distance of approximately 150 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 at depth and on strike. The Company has begun to test the lateral extent of the system with a 25 metre step-out program. Proposed drill hole X26 has been completed and the Company is now drilling X27 (see figure 3). All drill holes to date testing the High Grade Zone have successfully intersected visible gold mineralization.
Victor Cantore President and Chief Executive Officer of Amex Exploration commented: “Drilling at the Eastern Gold Zone has continually exceeded the Company’s expectations. With these results we have confirmed the vertical continuity of what appears to be a robust high-grade gold system. We are very much looking forward to the ongoing step-out drilling which will test the lateral continuity and grade of the High Grade Zone of the EGZ.”
In addition, the Company is pleased to report the results of the balance of hole PE2019-22 which intersected a second Low Grade Zone (LG2) with 40 m of 0.50 g/t Au and the original Low Grade Zone (LG1) target with 11.45 m at 0.92 g/t Au. Visible gold was identified within this Low Grade Zone.
Table 1: 2019 Winter Follow-up Drilling results on the EGZ from Hole PE2019-22, PE2019-23 and PE2019-24
| Hole | From | To | Length (m) | Au (g/t) |
| PE2019-22 | 225.85 | 227.55 | 1.70 | 393.33* |
| PE2019-22 incl | 225.85 | 226.40 | 0.55 | 236.51* |
| PE2019-22 incl | 226.40 | 226.90 | 0.50 | 677.62* |
| PE2019-22 incl | 226.90 | 227.55 | 0.65 | 307.33* |
| PE2019-22 | 273.00 | 313.00 | 40.00 | 0.50 |
| PE2019-22 incl | 286.00 | 301.85 | 15.85 | 1.01 |
| PE2019-22 incl | 298.35 | 298.85 | 0.50 | 18.11* |
| PE2019-22 | 369.80 | 370.30 | 0.50 | 2.13* |
| PE2019-22 | 384.55 | 396.00 | 11.45 | 0.92 |
| PE2019-22 incl | 391.50 | 394.9 | 3.40 | 2.69 |
| PE2019-22 incl | 394.40 | 394.9 | 0.50 | 4.39* |
| Hole | From | To | Length (m) | Au (g/t) |
| PE2019-23 | 198.20 | 200.45 | 2.25 | 13.29 |
| PE2019-23 incl | 198.20 | 198.95 | 0.75 | 39.58* |
| Hole | From | To | Length (m) | Au (g/t) |
| PE2019-24 | 272.00 | 277.85 | 5.85 | 24.06 |
| PE2019-24 incl | 277.20 | 277.85 | 0.65 | 214.71* |
Interval intersected along the hole, undetermined true thickness.
*VG: Visible Gold or Coarse gold grains
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 totalling approximately 2,100 metres targeting the High Grade Zone has begun, from which assays have returned grades including 393.33 g/t over 1.7 metres in PE2019-22, 39.58 g/t Au over 0.75 metres in PE2019-23, and 214.71 g/t Au over 0.65 metres in PE2019-24.
Qualified Person
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. For additional quality assurance and quality control, all samples were crushed to 90% less than 2mm and samples with visible gold were analyse by metallic sieve. Core Logging and sampling was realized by Maxime Bouchard and Alizée Lienard M.Sc.A, Geologist in training 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.