MONTREAL, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (AMX: TSX-V; FRA: MX0) is very pleased to announce the results of the first drill hole of its ongoing follow-up drilling program on the Eastern Gold Zone (EGZ) at Perron (PE2018-15; i.e. Target 2018-X4: please refer to Fig.1).
High grade values were reported throughout with the first intersect starting at 28.66 g/t Au over 0.50 meter (from 374.8m to 375.3m) and finishing with 30.77 g/t Au over 0.55 meter (from 469.85m to 470.4m) (see Table 1).
|Table 1: 2018 Winter Follow-up Drilling results on the EGZ from Hole PE2018-15|
|Hole||From||To||Length (m)||Au (g/t)|
|Interval intersected along the hole, undetermined true thickness.|
*VG: Visible Gold or Coarse gold grains
This first hole of the ongoing follow-up drilling program on the EGZ (PE2018-15: target X4) intersected the EGZ at approximately midpoint between PE2017-01 and PE2017-03, which are separated by more than 250m. Therefore, the EGZ can now be followed from surface (from intersect in hole PE97s-35) down to a minimum vertical depth of 375 meters (from intersect in hole PE2017-03) on a minimum of strike length of at least 200 meters and still open in all directions.
To date, 3 additional holes have been completed (ie PE2018-16: X1; PE2018-17: X3 and PE2018-18: X9) and assay results are pending. It is important to note that VG grains have been also observed in each of these holes.
"Last year we discovered the EGZ, and based on the widths and high grade gold mineralization of the initial drilling results, we immediately knew this zone warranted a follow-up drilling program. At this point our exploration drilling has identified gold mineralization from surface down to a vertical depth of 375m which is still quite shallow for Quebec gold mining,” said Jacques Trottier PhD, Executive Chairman of Amex Exploration.
Trottier continued, “I am personally quite impressed by the fact that every hole we have drilled so far in the EGZ has contained not only VG grains, but sometimes in more than one intersect. This fact is even more impressive when one considers that the targeted distance between each hole is at least 100 meters. This is quite large spacing for gold exploration, giving us numerous targets for infill and extension drilling. This clearly shows the potential to build a sizable gold resource on the EGZ.”
The Company should be able to drill three additional holes before the Holiday Season. This Phase 1 of drilling totalling 2,617 meters is planned to be completed before the end of 2018.
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.
FIGURE 1, Proposed drilling target 2018-2019, is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8a074c73-0255-49da-9003-e3820c3e585e
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 analyse 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.
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:
President and Chief Executive Officer
Amex Exploration: 514-866-8209
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