Highlights include:

• E2 GOLD ZONE (new zone)
  • PEX-20-034 returned 5.58 g/t Au over 13.85 m including 136.02 g/t Au over 0.55 m
  • PEX-21-066 returned 4.54 g/t Au over 8.45 m
• GOLD-COPPER DONNA ZONE (new zone)
  • PE-21-318W1 returned 1.37 g/t Au and 0.25 % Cu over 56.00 m including 3.59 g/t Au and 0.72 % Cu over 14.70 m
  • PE-21-318 returned 0.79 g/t Au and 0.24 % Cu over 29.15 m
  • PE-21-318W2 returned 0.89 g/t Au and 0.20% Cu over 16.00 m
• E3 GOLD ZONE (new zone)
  • PEX-20-003 returned 0.75 g/t Au over 33.80 m
• UPPER HIGH GRADE ZONE (new zone)
  • PE-20-207W1 returned 18.79 g/t Au over 1.05 m
  • PE-20-190 returned 1.01 g/t Au over 17.20 m
  • PE-20-186A returned 4.08 g/t Au over 3.50 m
• 210 GOLD ZONE (follow-up drilling)
  • PE-20-229 returned 1.12 g/t Au over 19.50 m
  • PE-21-280 returned 2.39 g/t Au over 9.00 m
  • PE-21-301 returned 0.82 g/t Au over 15.00 m
• ALIZEE GOLD ZONE (follow-up drilling)
  • PEX-21-049 returned 7.62 g/t Au over 2.15 m
• WESTERN PERRON (regional exploration drilling)
  • PEX-21-054 returned 3.18 g/t Au over 4.50 m
  • PEX-21-065 returned 2.56 g/t Au over 3.30 m
  • PEX-21-011 returned 3.09 g/t Au over 1.70 m

Montreal, Quebec–(Newsfile Corp. – January 11, 2022) – Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) (“Amex or the Company”) is pleased to announce a total of 58 drill holes focused on new areas of gold mineralization on the Perron project (“Perron” or the “Project”). See Figure 1 for a plan view of the geology of Perron and all currently known mineralized zones.

Today’s results are focused on a number of new discoveries of gold and copper as well as follow-up drilling on the previously announced 210 (February 17, 2021) and Alizee (January 25, 2021) Gold Zones. These 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. A complete list of results is available in Tables 1 through 7 and presented in Figures 1 through 4. All drilling data for the Perron project, including collar, survey, and individual assays, is available in the Amex data room at https://amexexploration.com/properties/quebec-exploration-perron-property/drill-data-room. In addition to the results presented below, Amex also announces that drilling has resumed on January 3^rd with 8 drills currently operating across the Project with plans to expand to up to 11 drills during the winter months.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration, 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.”

Trottier continued, “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.”

Figure 1: Plan view of the geology of the Perron Project and all known mineralized zones, including the new zones announced today in red text.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2667/109603_c2b275c57429399d_002full.jpg

E2 Gold Zone

The E2 Gold zone (“E2”) represents one of the most significant new discoveries on the Perron Project since the discovery of the High Grade Zone (“HGZ”) in 2018 (Figure 2). The E2 zone was discovered by stepping out to the East along the same structure that hosts the bonanza mineralization of the HGZ. 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. The E2 zone is situated approximately 500 metres to the East of the HGZ, and the projected plunge of mineralization (based on drillholes to date) appears to be similar to that of the HGZ, plunging to the East-Northeast at approximately ~70 degrees (Figure 3). This is important as it represents 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 one of Amex’s top priorities for the ongoing winter drilling program.

Figure 2: Plan view of the geology of the Eastern Gold Zone to E3 Gold Zone and all known mineralized zones, including the new zones announced today.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2667/109603_c2b275c57429399d_003full.jpg

Figure 3: Longitudinal section of the HGZ and E2 Gold Zone, with today’s released hole locations in green labelled on the longitudinal. Assay results are presented in core length (m). True width is approximately 70-80% of reported intercepts. Metal factor is defined as gold grade multiplied by core length.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2667/109603_c2b275c57429399d_004full.jpg

Table 1: Assay results from the new E2 Gold Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
E2	PEX-20-034	150.00	163.85	13.85	5.58	77.28
	including	151.40	151.95	0.55	136.02	74.81
	PEX-21-066	226.25	234.70	8.45	4.54	38.34
	including	228.30	228.80	0.50	70.00	35.00
	and	97.50	98.00	0.50	23.30	11.65
	PEX-21-062	295.45	297.55	2.10	5.08	10.67
	PEX-21-078	79.50	80.20	0.70	12.30	8.61
	PEX-21-061	148.50	157.30	8.80	0.77	6.81
	PEX-21-077	86.90	91.00	4.10	1.21	4.96
	PEX-21-079	56.95	58.40	1.45	3.38	4.90
	PEX-20-032	177.25	178.30	1.05	4.34	4.55
	PEX-20-031	169.40	169.90	0.50	5.01	2.51
	PEX-20-035	205.80	206.80	1.00	1.44	1.44

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

Gold-Copper Donna Zone

The Gold-Copper Donna Zone (“Donna”) discovery occurs immediately north of the HGZ at depth (Figure 2). It was discovered during deep expansion drilling of the HGZ. The mineralization identified, which is similar in each of the three holes reported, consists of highly chlorite-garnet-amphibole altered rhyolite 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 to be completed in the coming months.

Table 2: Assay results from the new Gold-Copper Donna Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Cu (%)	Gold Metal Factor (g/t*m)
Donna	PE-21-318W1	1123.00	1179.00	56.00	1.37	0.25	76.72
	including	1141.50	1156.20	14.70	3.59	0.72	48.76
	PE-21-318	1164.50	1193.70	29.15	0.79	0.24	23.03
	PE-21-318W2	1153.50	1169.50	16.00	0.89	0.20	14.24

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

Alizee Gold Zone

The Alizee Gold Zone (“Alizee”) was previously announced as a discovery by Amex on January 25, 2021 with hole PEX-21-041 returning 22.44 g/t Au over 7.30 m. The results below are from follow-up drilling on the discovery hole (Figure 1). 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.

Table 3: Assay results from follow-up drilling of the Alizee Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
Alizee	PEX-21-049	180.85	183.50	2.15	7.62	16.38
	PEX-21-045	286.00	287.50	1.50	2.05	3.08
	PEX-21-040	319.00	319.60	0.60	1.71	1.03

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

E3 Gold Zone

The E3 Gold Zone (“E3”) was discovered during regional drilling to the East of the HGZ, similar to the E2 zone (Figure 1). Amex completed systematic step out drilling along the structural corridor that hosts the Eastern Gold Zone which resulted in the discovery of the E3 zone, which is approximately 800 metres east of the HGZ (Figure 2). Gold mineralization is typical to that of Perron. Gold is hosted within quartz veins and veinlets in the altered Beaupre rhyolite, and associated with red sphalerite and pyrite mineralization.

Table 4: Assay results from the new E3 Gold Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
E3	PEX-20-003	76.00	109.80	33.80	0.75	25.35
	including	108.30	109.80	1.50	12.51	18.77
	PEX-20-024	176.00	176.50	0.50	10.47	5.24

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

210 Gold Zone

The 210 Gold Zone (“210”) 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 (Figures 1 and 2). The 210 zone was originally announced as a discovery on February 17, 2017 with hole PE-20-210 returning 58.25 g/t Au over 3.90 m. The below announced holes represent follow-up drilling to this discovery hole. The identified mineralization is located approximately 650 m north-east of the HGZ in an area that has seen limited exploration. Conveniently, Amex is able to test the near-surface portion of the 210 zone during deep definition drilling of the HGZ owing to its location. Gold mineralization is hosted within quartz veining in sodic rhyolite of the Beaupre Block.

Table 5: Assay results from follow-up drilling of the 210 Gold Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
210	PE-20-229	95.90	115.40	19.50	1.12	21.84
	including	95.90	96.65	0.75	12.13	9.10
	PE-21-280	88.50	97.50	9.00	2.39	21.51
	including	96.25	97.50	1.25	14.28	17.85
	PE-21-301	69.00	84.00	15.00	0.82	12.30
	PE-21-272A	67.15	67.65	0.50	18.45	9.23
	PE-20-219	106.50	108.00	1.50	4.29	6.44

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

Upper High Grade Zone

The Upper High Grade Zone (“UHGZ”) is situated approximately 200 metres north of the HGZ (Figures 2 and 4). Of interest is the orientation of the UHGZ, which trends to the West-Northwest, at an angle of approximately 30 degrees away from the orientation of 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. Owing to 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.

Figure 4: Longitudinal section of the Upper HGZ, with today’s released hole locations in green labelled on the longitudinal. Assay results are presented in core length (m). True width is approximately 65-80% of reported intercepts. Metal factor is defined as gold grade multiplied by core length.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2667/109603_c2b275c57429399d_005full.jpg

Table 6: Assay results from the new Upper High Grade Gold Zone at Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
UHGZ	PE-20-207W1	643.75	644.80	1.05	18.79	19.73
	PE-20-190	625.00	642.20	17.20	1.01	17.37
	including	626.00	626.50	0.50	12.94	6.47
	and including	641.70	642.20	0.50	14.81	7.41
	PE-21-347	777.65	778.15	0.50	31.33	15.67
	PE-20-186	116.80	120.00	3.20	4.41	14.12
	including	117.30	117.80	0.50	26.02	13.01
	PE-21-386W1	603.80	604.30	0.50	27.87	13.94
	PE-20-186A	105.30	108.80	3.50	4.08	14.28
	including	106.80	107.30	0.50	24.65	12.33
	PE-21-287	972.90	989.50	16.60	0.82	13.61
	including	972.90	973.50	0.60	13.32	7.99
	PE-21-347W1	822.80	823.40	0.60	20.37	12.22
	PE-21-287W1	960.25	980.60	20.35	0.57	11.60
	including	960.25	960.75	0.50	10.97	5.49
	PE-21-301W2	808.50	815.10	6.60	1.64	10.82
	including	809.35	809.85	0.50	15.43	7.72
	PE-20-178	521.65	522.15	0.50	21.10	10.55
	PE-20-197	875.25	891.70	16.45	0.53	8.72
	PE-20-224W2	519.15	520.15	1.00	7.84	7.84
	PE-21-347W2	773.50	774.00	0.50	13.84	6.92
	and	823.50	824.00	0.50	13.03	6.52
	PE-21-404	827.00	831.50	4.50	1.27	5.72
	PE-21-300	558.50	559.00	0.50	11.00	5.50
	PE-20-226	103.50	106.00	2.50	2.12	5.30
	PE-21-272	731.20	731.70	0.50	9.99	5.00
	PE-21-294	387.10	587.60	0.50	9.35	4.68
	PE-21-301W1	810.55	811.20	0.65	7.11	4.62
	and	844.20	844.70	0.50	6.51	3.26
	PE-20-171	452.00	452.50	0.50	9.21	4.61
	PE-20-190W1	610.70	611.20	0.50	6.45	3.23
	PE-20-185	768.50	769.00	0.50	6.44	3.22
	PE-20-197W2	809.45	812.50	3.05	1.05	3.20
	PE-20-207W2	583.50	584.00	0.50	5.45	2.73
	PE-21-434	914.90	915.40	0.50	4.51	2.26
	PE-21-417	394.90	395.45	0.55	3.33	1.83
	PE-20-231	38.85	39.60	0.75	2.38	1.79
	PE-21-404W1	828.20	828.70	0.50	3.40	1.70
	PE-21-301	808.20	808.70	0.50	3.25	1.63
	and	838.00	838.50	0.50	4.32	2.16
	PE-21-248W1	493.60	494.10	0.50	1.91	0.96
	PE-21-404W2	815.00	815.50	0.50	1.63	0.82

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

Regional Drilling at Western Perron

Amex has identified several new areas of gold mineralization in the western portion of the Beaupre block, in which very limited drilling has occurred historically due to limited access. The results presented below indicate the gold potential in the western block, and Amex plans to follow up on the below as well as test additional gold targets.

Table 7: Assay results from the regional drilling at Western Perron

Zone	Hole	From (m)	To (m)	Length (m)	Au (g/t)	Gold Metal Factor (g/t*m)
West Regional	PEX-21-054	94.00	98.50	4.50	3.18	14.31
	PEX-21-065	80.50	83.80	3.30	2.56	8.45
	PEX-20-011	200.10	201.80	1.70	3.09	5.25
	including	201.30	201.80	0.50	8.52	4.26

 

*Note that drill results are presented uncapped and lengths represent core lengths. Metal factor is defined as gold grade multiplied by core length.

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. Samples discussed in the press release were sent to Laboratoire Expert (Rouyn-Noranda) and AGAT Laboratories (Mississauga) for regional drilling exploration. 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 sample. For both laboratories, 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. Samples containing visible gold mineralization are analyzed by metallic sieve and just performed by Laboratoire Expert. 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. Copper and other elements were analyzed using the four-acid ICP-AES method by Laboratoire Expert. 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 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 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.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

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 Denise Zone, 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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