Amex Exploration Inc. [TSXV-AMX; OTCQX-AMXEF; FRA-MX0] is continuing its exploration of the 100%-owned PerAmex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold projects in the mining-friendly jurisdiction of Quebec. Amex is focused on its 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and elsewhere in the province.
The Perron Project has become the bright star of the Chicobi Deformation Zone which was thought to be a base metals belt until Amex made these gold discoveries. Perron has proven the belt has the potential to host very high-grade gold typically seen elsewhere in the Abitibi. The Chicobi Deformation Zone, or Chicobi Gold Belt, is within the much larger Abitibi Greenstone Belt.
These discreet gold deposits open up the potential for the Perron property to host several gold mines or drilling may prove that some of the gold zones actually link up to form larger gold deposits.
Following an $11.7 million financing in September, Amex is increasing its fully-funded drill program from 200,000 metres to 300,000 metres. The objective of exploration along strike of the 3+ km Perron Gold Corridor is to possibly link up the gold zones and generate a bulk tonnage target as well as high-grade underground targets such as the Eastern Gold Zone and the Grey Cat Zone.
The Eastern Gold Zone has several parallel mineralized zones, including the Denise Zone and the High Grade Zone which are open along strike and to depth. Drilling at the High Grade Zone has intersected more than 1.1 kilometres of high-grade gold mineralization starting from near surface. Over 100 drill holes have intersected gold mineralization grading over 10 g/t gold over variable widths. Infill as well as step-out drilling is underway.
At the Denise Zone, which is a broad gold-bearing system approximately 50 to 100 metres south of the High Grade Zone, drill hole PE-20-192 intersected 39.55 metres of 9.36 g/t gold, including 21.90 metres of 16.55 g/t gold which includes 0.50 metres of 428.42 g/t gold, 0.50 metres of 135.87 g/t gold, and 0.50 metres of 131.85 g/t gold at a vertical depth of approximately 225 metres.
There are too many high-grade gold intersections to list; however, for example, drilling in the Eastern Gold Zone returned 56.75 g/t gold over 8.50 metres with higher grade sections. Gratien Gold Zone highlights include 16.48 g/t gold over 14.60 metres with higher grade sections. Grey Cat drilling returned 23.95 g/t gold over 2.70 metres. Near-surface mineralization at Grey Cat of over a 20-metre width has the potential for open pitting. Drilling on all zones is ongoing.
The objective of the current drilling program is to provide a basis for preparing a maiden NI 43-101 compliant mineral resource estimate. A significant portion of the property remains underexplored. Visible gold has been intersected in drill holes on multiple days since drilling resumed on January 4, 2021.
In addition to 10 rigs turning 24 hours a day, Amex has also conducted metallurgical studies at the High Grade Zone. The Phase 2 metallurgy program determined that very high gold (99%) and silver (89.5%) recoveries are attainable using a simplified two-stage process that eliminates flotation, thereby lowering projected processing costs as well as capital costs.
Amex Exploration is headed by Victor Cantore, President and CEO. His management team has extensive experience in exploration and capital markets. The company has 83,145,502 shares outstanding and approximately $32 million in cash. Amex has a number of major shareholders including mining financier Eric Sprott and various Quebec, European, Canadian and US institutions.