Grey Cat Reports Near-Surface Gold Over Substantial Widths - 2.19 g/t Au over 23.60 metres in PEG-19-125

Gratien Delivers High-grade Trend Extension Near Surface With 19.63 g/t Au over 2.25 metres in PEG-20-130

MONTREAL, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Amex Exploration Inc. (“Amex or the Company”) (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) is very pleased to report the results of several drill holes on its Perron property in northwestern Quebec, Canada (see figure 1). A select list of results is provided in table 1. Amex provides all drill data on its website at http://www.amexexploration.com/perron/drill-data-room/. The drill results include intersections from the Grey Cat Zone (GCZ) and Gratien Gold Zone (GGZ).

Mr. Victor Cantore, President and CEO of Amex Exploration said, “Roughly one year following the discovery of the Eastern Gold Zone, we have transformed this property from one very high grade gold target to three separate gold zones spread over 3.2 km. Based on our exploration to date we believe each of these zones has the potential to be robust gold deposits as they are open to depth and along strike. Today I am very pleased to be reporting results from our two western targets. The western section of the property is a highly underexplored and we believe the potential there is vast. Of course, the Eastern Gold Zone is continuing to deliver exceptional drill core and I am keen to report those results in the coming weeks.”

At Grey Cat, the Company has identified near-surface gold over substantial widths, including up to 2.19 g/t Au over 23.60 m, including 15.45 g/t Au over 1.50 metres and 33.19 g/t Au over 0.60 metre, beginning at 20 metres below surface in hole PEG-19-125. This interval contained several zones of quartz veining and associated mineralization including visible gold, spread throughout the 23.60 m zone. The interval also expanded the near-surface strike length by 50 m. The Grey Cat Zone gold system is now defined to a minimum of 160 m along strike and to a vertical depth 435 m and remains open in all directions.

“The Grey Cat Zone is definitely a bulk tonnage target and our current drilling is aimed at building near surface ounces in that zone,” commented Jacques Trottier PhD, Executive Chairman of the Board of Directors of Amex Exploration. “In addition, our drilling has identified high-grade mineralization within the overall Grey Cat system. The Grey Cat has seen relatively little drilling and is already showing excellent potential. I am personally very excited by the significant depth extension potential as well as extension of the zone to the west.” 

At Gratien, the Company continues to expand and define the multiple stacked zones which include the Lower Gratien, Gratien Main and Upper Gratien Zones. To date, the Gratien system has been defined over one kilometre of strike, with individual lenses ranging between 150 and 400 metres in strike length. The system remains open at depth and has mostly been tested to a maximum depth of 200 metres. Gratien Main results include 19.63 g/t Au over 2.25 metres including 86.35 g/t Au over 0.50 metres at a vertical depth of ~75 metres in hole PEG-20-130. In the Upper Gratien zone, results include 9.81 g/t Au over 1.30 metres including 17.90 g/t Au over 0.70 metres in Hole PEG-19-111. Further gold intercepts are reported below.

“The drilling at Gratien has been continually expanding the known stacked zones and helping us to better define the high grade lens within these zones,” Trottier said. “We are seeing a high grade lens right a surface in the Upper and Main Gratien. Expansion and definition of a robust gold zone is the focus of our drilling campaign at Gratien.”

Table 1: Assay results from Grey Cat and Gratien Gold Zones on the Perron project

BHIDFrom (m)To (m)Length (m)Au (g/t)Zone
PEG-19-1089.5011.001.502.98Upper Gratien
And300.20304.003.801.89Gratien Main
Including301.80302.650.857.52Gratien Main
PEG-19-11184.1086.902.801.68Upper Gratien
And116.70118.001.309.81Upper Gratien
And159.00165.006.000.72Upper Gratien
And224.00229.005.000.51Gratien Main
Including225.00225.500.501.18Gratien Main
PEG-19-11276.0080.004.000.72Upper Gratien
And109.00115.006.000.57Upper Gratien
Including113.00113.700.701.78Upper Gratien
And222.30223.701.401.76Gratien Main
PEG-19-114101.80102.300.506.16Upper Gratien
And136.00137.501.501.07Upper Gratien
PEG-19-115145.00151.006.000.86Western Gold Zone
Including145.00146.501.502.83Western Gold Zone
And166.50167.501.001.84Western Gold Zone
And187.60189.802.201.203Western Gold Zone
Including188.70189.801.102.13Western Gold Zone
And211.70212.701.001.05Western Gold Zone
PEG-19-116193.25196.002.752.32Western Gold Zone
Including193.25194.100.856.53Western Gold Zone
And213.50215.001.503.08Western Gold Zone
And247.10247.800.701.54Western Gold Zone
PEG-19-117229.00238.009.000.63Between Grey Cat & Western Gold Zone
Including229.00232.203.200.98Between Grey Cat & Western Gold Zone
Including229.00230.201.201.04Between Grey Cat & Western Gold Zone
Including231.30232.200.901.90Between Grey Cat & Western Gold Zone
Including237.10238.000.902.20Between Grey Cat & Western Gold Zone
And250.00251.501.501.30Between Grey Cat & Western Gold Zone
And313.50317.804.301.21Lower Grey Cat
And426.50430.604.100.99Upper Gratien
Including426.50428.702.201.40Upper Gratien
PEG-19-12023.2025.001.800.86Upper Grey Cat
And461.50463.802.305.30Upper Gratien
Including463.00463.800.8013.03Upper Gratien
PEG-19-123143.50145.602.100.78Grey Cat
Including145.10145.600.502.56Grey Cat
And128.50145.6017.100.50Grey Cat
And251.00302.5051.500.46Lower Grey Cat
PEG-19-124156.00157.501.503.31Grey Cat
Including157.00157.500.509.43Grey Cat
And151.00157.506.500.96Grey Cat
PEG-19-12525.4049.0023.602.19Grey Cat
Including36.0049.0013.001.81Grey Cat
Including43.3049.005.703.68Grey Cat
Including48.4049.000.6033.19Grey Cat
PEG-19-12639.0040.401.400.67Grey Cat
PEG-20-127No significant valuesGratien Area Exploration
PEG-20-129132.80134.902.101.32Gratien Main
Including134.20134.900.702.90Gratien Main
And164.00165.801.801.42Lower Gratien
PEG-20-130107.25109.502.2519.63Gratien Main
Including108.35108.850.5086.35Gratien Main
And166.00169.303.301.59Lower Gratien
Including168.20169.301.104.32Lower Gratien

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be 70 to 75% in Gratien Upper, 75 to 90% in Gratien Main, 65 to 75% in EGZ, and 70 to 75% in Grey Cat of the presented widths. NSR = No Significant Results

Qualified Person
Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling were completed by Laurentia Exploration.

The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to the historical drill results. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 116 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 Ontario.

For further information please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: 514-866-8209

Neither the 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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and LGZ, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes,  title disputes and claims, environmental risks as well as those risks identified in the Company’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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