Amex Exploration Inc. (AMX-V) AMEX EXPLORATION REVIEWS 2021 ACHIEVEMENTS
Amex reported on January 5, 2022 a review of the year 2021 and its exploration plans and goals for 2022.
Highlights for 2021 included:
i) the completion of 129,310 m of drilling at the Perron Project focusing on strike expansion and definition drilling of the Denise Zone, the expansion and definition drilling of HGZ (High Grade Zone) and near surface regional exploration drilling;
ii) drill success with 3 significant new discoveries on the 4,500-ha Perron property:
1) QF Zone - copper rich VMS (volcanogenic massive sulfide) discovery along the Normétal Mine Horizon with 7.8m @ 2.40% Cu, 0.72% Zn, 0.27 g/t Au and 22.15 g/t Ag;
2) Alizee Zone, returning 5.1m @ 31.87 g/t Au located 650 m NW of the HGZ;
3) 210 Gold Zone with 3.9m @ 58.25 g/t Au along the Normétal Fault.
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The 2021 expanded drill program was successful in expanding of all 3 known gold zones (Gratien Gold Zone, Grey Cat Gold Zone and the Eastern Gold Zone (Denise and HGZ)) along the 3.2 km long Perron Gold Corridor. At the HGZ, Amex demonstrated exceptional high-grade gold continuity down to a depth of 1.35 km and reported the highest grade individual assay at Perron with 0.5m @ 929.24 g/t Au at a depth of 290 m in hole PE-21-344. The Denise Gold Zone continues to suggest large zones of broad near-surface gold mineralization with continuity now defined 500 m along strike and to a depth of 700 m with some probability to expand to the east near surface.
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Main exploration plans and corporate goals for the coming year 2022 are: i) investigating the expansion potential of the Denise Zone along strike for up to 1.5 km to the east; ii) continue to define the HGZ to a resource level to a depth of ~1 km; ii) further define and explore the VMS system on the QF Zone; iv) report on regional exploration programs and determine potential to make additional gold and VMS discoveries on Perron; v) set and report on ESG goals for 2022 with a report to be produced during the year and vi) complete a maiden resource on the Perron Project in H2.
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On the corporate front, Amex ended the year in a strengthened financial position with the full exercise of all remaining warrants, adding $7M to the treasury. As part of its ongoing focus on ESG (Environmental, Social, and Governance), Amex strengthened the Board of Directors through the appointment of Bryan Coates as Lead Independent Director and election of Dr. Luisa Morena as Independent Director.
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See also: https://www.dhirubhai.net/pulse/amex-exploration-inc-amx-v-increasing-drill-program-perron-lemieux/
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?Important Disclosures
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Amex Exploration Inc.????????????????????????
A????????????The Mining Analyst, in his own account or in a family related account, owns securities in excess of 1,000 shares of the issued and outstanding equity securities of this issuer.
V????????????The Mining Analyst has visited material operations of this issuer, namely company headquarters in Montreal, Québec.
R????????????This issuer has indirectly paid the Mining Analyst.
Update - January 11, 2022:
Amex reports on regional exploration program - Four new gold zones discovered
Amex announced on January 12, 2022 results from its property-wide 2021 exploration program. A total of 58 drill holes focused on new areas of gold mineralization potential on the 4,500-ha Perron project near Normétal, in NW Québec. Results show a number of new discoveries of gold and copper on the Beaupré Block of the Perron Property (E2 Gold Zone, Donna Au-Cu Zone, E2 Gold Zone and Upper High Grade Zone). ?Results also include the follow-up drilling on the previously announced Zones 210 and Alizée. These new results represent regional exploration drilling as well as mineralization identified up-hole during definition and expansion drilling of known gold zones on the Perron Project. Amex also reported that drilling has resumed since January 3rd, 2022 on the Perron project with 8 drills currently operating. Plans are to expand to up to 11 drills during the winter months.
Recall highlights for 2021 included: i) the completion of 129,310 m of drilling at the Perron Project focusing on strike expansion and definition drilling of the Denise Zone, the expansion and definition drilling of HGZ (High Grade Zone) and near surface regional exploration drilling focused on QF Zone, Alizée Zone, (5.1m @ 31.87 g/t Au) located 650m NW of the HGZ, and the 210 Gold Zone (3.9m @ 58.25 g/t Au) along the Normétal Fault.
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Up to 4 new gold zones have been discovered: i) The E2 Gold Zone was discovered by stepping out 500m to the East along the same structure that hosts the bonanza mineralization of the HGZ and represents one of the most significant new discoveries on the Perron Project since the discovery of HGZ in 2018. Salient results include: 13.85m @ 5.58 g/t Au, including 136.02 g/t Au over 0.55 m (PEX-20-034), and 8.45m @ 4.54 g/t Au (PEX-21-066). The E2 zone gold mineralization identified to date is very similar to the HGZ, with a repetition of a mineralized hanging wall vein, a largely unmineralized narrow mafic sill, and a mineralized footwall vein. Sulfide minerals are also very similar, with sphalerite being the most common sulfide associated with gold mineralization, along with lesser pyrite. Visible gold has been identified in several drillholes. Of particular importance is the projected plunge of the mineralization that appears to be similar to that of the HGZ, plunging to the ENE at ~70 degrees and could perhaps represent a possible repeating ore shoot along the same structure as the HGZ. Expanding upon the E2 zone and testing its down-plunge grade and continuity is a top priority during the ongoing winter drilling program.
ii) The Donna Au-Cu Zone (Gold-Copper Donna Zone) discovery occurs immediately north of the HGZ at depth. It was discovered during deep expansion drilling of the HGZ. The mineralization identified in 3 reported holes, ranges from 56m @ 1.37 g/t Au, 0.25% Cu (PE-21-318W1), 29.15m @ 0.79 g/t Au, 0.24% Cu (PE-21-318), and 16m @ 0.89 g/t Au, 0.20% Cu (PE-21-318W2) and consists of highly altered rhyolite with chlorite-garnet-amphibole which hosts centimetre-scale stringers of chalcopyrite-pyrrhotite. The correlation between gold and copper is quite strong. Amex has completed a borehole electromagnetic survey on this new discovery and is planning follow-up drilling in the coming months
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iii) The E3 Gold Zone was discovered during regional drilling to the East of the HGZ, similar to the E2 zone following systematic step out drilling along the structural corridor that hosts the Eastern Gold Zone. ?The E3 Zone is ~800 m East of the HGZ and gold mineralization is hosted within quartz veins and veinlets in the altered Beaupre rhyolite, and associated with red sphalerite and pyrite mineralization, typical of Perron. Salient results are: 33.8m @ 0.75 g/t Au, including 1.5m @ 12.51 g/t Au (PEX-20-003) and 0.5m @ 10.47 g/t Au (PEX-20-024).
iv) The Upper High Grade Zone ("UHGZ") is located ~200 m north of the HGZ and its orientation trends to the WNW, a at an angle of ~30 degrees away from the orientation of the ENE HGZ. Because of its location and proximity to the HGZ, Amex is able to continue testing the UHGZ through its definition and expansion drilling program on the HGZ. The UHGZ is often hosted by or proximal to a swarm of narrow mafic sills/dikes, and mineralization is associated with quartz veining, pyrrhotite, pyrite, sphalerite, and visible gold mineralization. Best results returned 1.05m @ 18.79 g/t Au (PE-20-207W1), 17.2m @ 1.01 g/t Au (PE-20-190) and 3.5m @ 4.08 g/t Au (PE-20-186A). ?
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Amex has also identified several new areas of gold mineralization in the western portion of the Beaupré Block in which very limited drilling has occurred historically due to limited access. The results of up to 4.5m @ 3.18 g/t Au (PEX-21-054), 3.3m @2.56 g/t Au (PEX-21-065) and 1.7m @3.09 g/t Au (PEX-21-011) indicate some gold potential in the western block, and Amex plans to follow up on as well as test additional gold targets.
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Alizee Gold Zone: The Alizee Gold Zone was previously announced as a discovery by Amex on January 25, 2021 with hole PEX-21-041 returning 22.44 g/t Au over 7.3m. Follow-up drilling has returned 2.15m @ 7.62 g/t Au (PEX-21-049). Gold mineralization at Alizee is associated with quartz veining, quartz-carbonate breccias, silica flooding and strong chlorite-carbonates-biotite alterations, along with sphalerite, pyrite, trace chalcopyrite, and occasionally visible gold. Amex is reviewing the data and planning follow-up drilling to be completed in the coming months.
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The 210 Gold Zone is located proximal to and south of the northern Normetal fault zone, which is one of two kilometric thrust faults located on the Perron project. The 210 Zone was originally announced as a discovery on February 17, 2017 with hole PE-20-210 returning 3.9m @ 58.25 g/t Au. ?Follow-up drilling to this discovery hole have returned: 19.5m @ 1.12 g/t Au, including 0.75m @ 12.13 g/t Au (PE-20-229); 9m @ 2.39 g/t Au, including 1.25m @ 14.28 g/t Au (PE-21-280);15m @ 0.82 g/t Au (PE-21-301) and 0.5m @ 18.45 g/t Au (PE-21-272A). Gold mineralization is hosted within quartz veining in sodic rhyolite of the Beaupre Block. The identified mineralization is located ~650 m NE of the HGZ in an area that has seen limited exploration. Notably, Amex is able to test the near-surface portion of the 210 Zone during deep definition drilling of the HGZ.
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Jacques Trottier, PhD, Executive Chairman of Amex, commented: "The Perron project has historically shown a strong gold signature within the Beaupre Rhyolite Block. The results presented today further validate the gold potential of the entire Beaupre area and we are seeing gold mineralization occurring in a variety of orientation and mineralization styles. This further confirms our expectations that as we continue to advance our exploration of this strongly endowed gold system, we will continue to make additional gold discoveries and expand upon the known mineralized horizons. The E2 Gold zone is of great significance for Amex as it has the potential to add ounces per vertical metre in close proximity to the High Grade Zone. As we have seen at the High Grade Zone we are hopeful that the strike and grade will increase at E2 as we get deeper into the system. Our regional exploration program has been a complete success by any measure and the areas highlighted in this release all warrant follow-up work".
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?Update - February 8, 2022:
Amex significantly expands High Grade Zone along strike and reports drill results of up to 78.62 g/t Au over 5.90 m
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Amex disclosed on February 8, 2022 a total of 34 drill hole results that derive from drilling focused on the expansion and definition of gold mineralization on its High Grade Zone ("HGZ") of the Perron project near Normétal, Québec. Results consist of drill holes focused largely on expansion and definition of both the Eastern (deeper or Lower) and Western (shallower or Upper) portions of the HGZ. Salient results from the Western (shallow) High Grade Zone are: 5.9m @ 78.62 g/t Au (including 908.50 g/t Au over 0.5m) at a vertical depth of 630m ?PE-21-366W1);?6.8m @ 43.74 g/t Au (including 583.34 g/t Au over 0.5m) at a vertical depth of 300m (PE-21-405); 5.56m @ 21.86 g/t Au?(including 107.94 g/t Au over 1.05m) at a vertical depth of 630m (DDH PE-21-410W1) and 9.95m @ 5.65 g/t Au (PE-21-452) at a vertical depth of 360m. Results from the Eastern (deeper) High Grade Zone returned values up to 6.75 m @ 35.89 g/t Au at a vertical depth of 940m (PE-21-404W2); 9.1m @ 16.66 g/t Au (including 160.04 g/t Au over 0.5m and 96.79 g/t Au over 0.7m) at a vertical depth of 510m (PE-21-440W1); 10.5 m @ 13.54 g/t Au at a vertical depth of 980m (PE-21-404W1); 6.8m @ 16.18 g/t Au (including 134.92 g/t Au over 0.7m) at a vertical depth of 460m (PE-21-380); 5m @ 14.85 g/t Au at a vertical depth of 330m (PE-21-412) and 2.05m @ 29.80 g/t Au at a vertical depth of 600m (PE-21-436). We estimate an average grade x true thickness metric of 41.13 g/t Au x m for the 34 holes disclosed.
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Growing: On the Western (Upper) portion, Amex targeted on-strike expansion as well as infilling the lower portions of the zone, which resulted in an increased strike length as suggested by holes PE-21-439 and PE-21-441 (with more VG intercepts pending) as well as an increase of grade as indicated by holes PE-21-405, PE-21-444, PE-21-438, PE-21-366W1, and PE-21-410W1. On the Eastern portion (Lower), definition drilling within the core of the zone as well as on-strike expansion towards the late-stage diabase dyke continues to show some extension and expansion as indicated by holes PE-21-404W1 and W2 as well as holes PE-21-412, PE-21-419, PE-21-426, PE-21-380, PE-21-380W1, PE-21-442, and PE-21-417W2.
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The HGZ now stands at some 300 m along strike to a depth of 1,200 m and remains open. Amex continues to work towards its maiden resource on the Perron Project. Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: "As one can clearly see from the new longitudinal section, this batch of drill holes significantly expands the strike and the high grade core of the HGZ with a metal factor of more than 50 (g/t Au x core length in metres). As we tighten the drill spacing, we see the Western (shallower) zone developing a much higher grade profile than previously thought. We are also seeing a much larger envelope of gold mineralization surrounding the high-grade central core of the zone than previously thought. On the Eastern (deeper) portion of the zone, we are seeing consistent high-grade mineralization essentially from the top of the Eastern portion (~325 vertical metres) to the bottom of the defined area (~1,200 vertical metres) and are also expanding the horizontal footprint of the zone".
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We estimate an overall grade x true thickness metric of 54.18 g/t Au x meter (was 58.28 g/t Au x meter) for the 2021 drilling ay the HGZ implying a hearty project at depth. We also highlight the presence of the proximal Denise Zone as well as Gratien Gold Zone to the west.
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Update - June 16, 2022:
Amex reports 15.52 g/t Au over 15.85m and 11.27 g/t Au over 11m from High Grade Zone Expansion Drilling at Perron
Amex announced on June 16, 2022 assay results from 17 drill holes focused on expansion drilling of the High Grade Zone ("HGZ"), part of the Eastern Gold Zone ("EGZ"), of the Perron Project in Abitibi, Québec. As part of its resource definition program, Amex has been focused on expansion of known zones of mineralization through much of the 2022 drilling program on this gold project very well located near Normétal, Québec.This drilling targeted the margins of the known gold mineralization peripheral to the main "core" of the HGZ. The HGZ has regularly delivered multi-ounce assay results. We estimate an average grade x true thickness of 33.9 g/t Au x m for the 17 holes disclosed.
HGZ is expanding along strike, outside of the main high grade central ore shoot: Salient results include up to 15.52 g/t Au over 15.85 m, (including 198.36 g/t Au over 1.20 m) in DDH PE-22-511W3 at a vertical depth of 750 m; and 11.27 g/t Au over 11m, (including 203.72 g/t Au over 0.50 m) in DDH PE-22-511W2 at a vertical depth of 785 m. This gold mineralization is located in an area that was expected to yield low grade mineralization; suggesting that high grade lenses may exist outside the main "core" of the HGZ.
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: "The expansion drilling program on the HGZ is going very well. I was very excited seeing the strongly mineralized core especially in the two highlight holes. In addition to the high grade holes, the lower grade mineralization that we have been intercepting on the fringes of the system is adding significant strike and tonnage to the system which should enhance the future resource on the HGZ".
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