Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

January 08, 2015 13:13 ET

New Drill Hole Intercept Returns 4,55 g/t Au, 20,9 g/t Ag, 0,21% Cu and 0,14% Zn Over 1,5 Meters at Amex's Perron Property, Abitibi

MONTREAL, QUEBEC--(Marketwired - Jan. 8, 2015) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is very pleased to announce that a new polymetallic gold-bearing structure has been identified during the second phase of drilling on Amex's Perron property executed in 2014 under the option agreement with Agnico Eagle Mines Ltd "Agnico Eagle" (TSX:AEM)(NYSE:AEM) (see press release of June 21, 2013 for details on the option agreement terms and conditions).

This new structure, that returned values of 4,55 g/t Au, 20,9 g/t Ag, 0,21% Cu and 0,14% Zn over 1,5 meters, is located at some 250 meters east and 100 meters deeper than Amex initial discovery hole PE-13-03 ( 3,84 g/t Au, 23.0 g/t Ag, 0,10%Cu and 1,4% Zn over 15,2 m; see PR2013-03-04). Geologically speaking, it bears the same type of alteration and mineralization as recognized by Amex in its discovery hole PE-2013-03 that consists of semi massive sulfide stockwork hosted by a garnet bearing rhyolite volcanic unit. As for the mineralized structure in hole PE-2013-03, this new mineralization is interpreted as a synvolcanic feeder zone that is also oriented NE-SW, hence crosscutting at about a right angle to the general stratigraphic orientation of the volcanic sequences.

According to Amex's president and CEO Jacques Trottier, PhD, "The recognition of a second mineralized feeder zone, typically associated with gold-rich polymetallic VMS deposits, confirms that the Perron Property has the potential to become the host of more than one single deposit, but also a new mining district for this type of deposit. Obviously, we are still at a very early stage in the understanding of this district and a lot of additional exploration work, including an intensive drilling campaign, will be needed just to confirm the existence of a single mineralized body. But, in my opinion, all the good ingredients are already there!".

This information was contained in in the Agnico Eagle Report on the Perron 2014 Exploration Program that was recently presented to Amex. During 2014, four holes totalling 2112 meters of drilling were completed on the property. The main objective of this relatively short drill campaign was to test the lithostratigraphic potential at the contact between two favourable horizons, namely the V1-V2 contact (for polymetallic VMS gold rich mineralization) and the 6a-7 Rhyolitic anomalous gold bearing horizon as described in PR2014-01-30. These four holes were drilled on a spacing of about 350 and 550 meters covering an east-west strike length of about 1, 2 km. Even though the distance between holes was significant, each hole did intersect gold mineralization with values up to 35,8 g/t Au, 9,1 g/t Ag and 0, 45% Zn over 0,7 meter (see Table 1 for more results).

Table 1: Results from 2014 drilling program.

Hole From to Length (m) Au (ppm) Ag (ppm) Cu (ppm) Zn (ppm)
163-14-004 603.5 609.0 5.5 0.51 0.73 11 282
incl. 603.5 604.0 0.5 2.26 4.00 28 167
and inlc. 608.0 609.0 1.0 1.25 0.50 7 126
660.6 662.1 1.5 4.55 20.93 2123 1444
incl. 660.6 661.1 0.5 11.35 58.20 5450 972
719.5 721.0 1.5 3.03 570.00 9 27
163-14-005 243.0 247.0 4.0 0.44 0.95 290 83
incl. 243.0 244.0 1.0 1.15 3.20 968 120
439.8 440.5 0.7 35.80 9.10 20 4470
163-14-006 31.0 41.0 10.0 0.3 0.25 5 38
93.7 96.7 3.0 0.41 0.10 9 16
163-14-007 143.5 152.5 9.0 0.12 0.10 2 10
202.0 203.3 1.3 1.38 0.50 7 189
284.5 291.5 7.0 0.12 0.26 7 55

Note: 4 drill holes totalling 2112 meters have been drilled in 2014. Geochemical analysis was executed by ALS Chemex Laboratories in Val d'Or under Agnico Eagle QA/QC program and supervision.

Besides this major highlight from this drilling campaign, it is also now interpreted that the high grade polymetallic gold-rich sulphide mineralization intersected by Amex in its discovery hole PE-2013-03 (see press release of March 4, 2013) is potentially located in close relationship with a synvolcanic fault that could be genetically related to the encountered alteration and mineralization. The identification of such an environment in hole PE-2013-03 is consistent with a typical gold-rich VMS (volcanogenic massive sulphide) deposit in the DBL (Dumagami-LaRonde-Bousquet) mining camp in the Quebec Abitibi greenstone Belt.

Jacques Trottier, PhD, President and CEO of Amex Exploration comments, "We are very pleased with Agnico Eagle's work done so far on our Perron Property. From their work and expertise, various gold target types have been identified and should be further tested in a follow-up exploration program still to be confirmed and announced. I look forward to seeing the exploration work resuming there as soon as possible in 2015."

Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits. Jacques Trottier, PhD Geol, Qualified Person as defined by Canadian N43-101 has approved the technical information reported in this news release.

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.

Contact Information

  • Amex Exploration Inc.
    Jacques Trottier
    514-866-8209
    514-866-8096 (FAX)