Montreal, Quebec–(Newsfile Corp. – January 5, 2022) – Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) (“Amex or the Company”) is pleased to provide a review of its 2021 accomplishments and exploration plans and goals for 2022.

On the corporate front, the Company ended the year in a strengthened financial position with the full exercise of all remaining warrants, adding $7 million to the treasury, demonstrating continued shareholder support and confidence. Additionally, Amex Exploration was named to 2021 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX. As part of its ongoing focus on Environmental, Social, and Governance (ESG), 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.

On the exploration front, the drill bit continued to add value throughout 2021 (see Figure 1 and Table 1). Additional highlights from the year included:

• Three significant new discoveries were made on the Perron property.
  • A copper rich volcanogenic massive sulfide (VMS) discovery (QF Zone) was made along the Normétal Mine Horizon where the company intersected 2.40% Cu, 0.72% Zn, 0.27 g/t Au and 22.15 g/t Ag over 7.80 m. Follow up drilling has confirmed the initial discovery with similar grades and widths, indicating the presence of a substantial VMS system. Defining and expanding upon this system will be a part of the exploration program in 2022.
  • A new high-grade gold structure located 650 m north-west of the High Grade Zone (HGZ), the Alizee Zone, returning 31.87 g/t Au over 5.10 m.
  • An additional high-grade gold structure, the 210 Gold Zone, was discovered on the Normétal Fault, with the discovery interval returning 58.25 g/t Au over 3.90 m.
• The Denise Gold Zone surpassed expectations showing large zones of broad near-surface gold mineralization and continuity. The Denise Zone has now been defined to a depth of 700 m and 500 m along strike and the geology indicates probability to expand to the east near surface.
• At the High Grade Zone (HGZ) Amex demonstrated exceptional high-grade gold continuity down to a depth of 1.35 km. The Company also reported the highest grade individual assay at Perron of 929.24 g/t Au over 0.50 m at a depth of 290 m in hole PE-21-344.

Table 1 – Top 20 drill holes announced in 2021 based on gold metal factor

Figure 1 – Gold Corridor at Perron ending 2021. White arrows represent near-term expansion targets. Pink spheres represent individual assays better than 20 g/t Au.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2667/109025_a3e9da7a14404986_002full.jpg

In 2021, the Company completed a total of 129,310 m of drilling. The focus was on the expansion and definition drilling of HGZ and near surface, on strike expansion and definition drilling of the Denise Zone as well as regional exploration drilling. There are currently a number of pending samples at two labs from holes targeting the HGZ, Denise, QF and Grey Cat Zone, as well as regional exploration drilling.

Exploration Plans and Corporate Goals for the coming year

• Test the expansion potential of the Denise Zone along strike for up to 1.5 km to the east, where limited drilling has occurred and gold mineralization has been encountered.
• Continue to define the HGZ to a resource level to a depth of approximately 1 km.
• Further define and explore the QF VMS Zone.
• Report on regional exploration program and determine potential to make additional gold and VMS discoveries on Perron.
• Complete a maiden resource on the Perron Project in H2.
• Set and report on ESG goals for 2022 with a report to be produced during the year.

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. Base metal and gold analysis are provided by ALS Canada Ltd. with similar QAQC protocol. Gold values are estimated by fire assay with finish by atomic absorption. Zinc, Copper and Silver values are estimated by four acid digestion multi elements Inductively Coupled Plasma – Atomic Emission Spectroscopy (ICP-AES), ME-ICP61. Zinc values over 1%, copper values over 1% and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109025