Amex Exploration Inc. (AMX-V) Amex reports up to 87.14 g/t Au over 2.30 m (including 394.41 g/t Au over 0.50 m) from Team Zone
Amex reports up to 87.14 g/t Au over 2.30 m (including 394.41 g/t Au over 0.50 m) from Team Zone as well as initial drill results from N110 Gold Corridor
Amex announced on September 5, 2023, assay results from follow-up and expansion drill holes on the Team Zone on the Perron Project in the Abitibi region of NW Québec as well as on the new N110 Zone.
Recall on May 30, 2023, Amex had reported initial results from a property-wide regional exploration campaign on the Perron Property that generated new gold and VMS targets. This included 2 geochemical surveys and a regional exploration diamond drilling that successfully identified significant new targets for follow-up. These greenfield targets were in areas that had seen little to no drilling (see: https://www.linkedin.com/posts/eric-lemieux-9468715_quebec-abitibi-perron-activity-7069695049315270657-bHaB?utm_source=share&utm_medium=member_desktop). Amex recently completed drilling programs with up to four drill rigs following the forest fires of June 2023.
We understand that the Perron Property is actively being logged as part of the Government of Quebec's Forest management protocols, following the Normetal-area wildfire this summer (see: https://www.linkedin.com/posts/eric-lemieux-9468715_quebec-abitibi-jamesbay-activity-7071575252291461120-tx0f/?utm_source=share&utm_medium=member_desktop and https://www.linkedin.com/posts/eric-lemieux-9468715_quebec-abitibi-normetal-activity-7084570152087740416--5lQ/?utm_source=share&utm_medium=member_desktop). As a result, numerous roads (>10km) are being constructed on the property providing Amex with unprecedented access to new areas of the Perron Project.
Team Zone growing: The Team Zone occurs ~600 m to the NE of the High Grade Zone (HGZ) within the Beaupré Rhyolite and is currently outlined over 400 x 200 m laterally and from surface to a depth of ~400 m. Also reported are intercepts from the spatially associated 210 Gold Zone, which seems to follow a structural trend along the Normetal fault zone and may be genetically related to the Team Zone. Gold mineralization occurs within a relatively massive and silicified rhyolite host rock, within quartz-carbonate veins/veinlets containing sphalerite, pyrite, minor chalcopyrite, molybdenite, and visible gold. Gold mineralization is also disseminated within the rhyolite host rock, in contrast with several other zones identified on the Perron Project to date. Amex is currently conducting 50 m spaced (3 dimensionally) definition drilling of this system from surface to a depth of ~450 m vertically. The assay drill results are a part of the ongoing definition drilling program and we estimate a grade x thickness metric of 22.83 g/t Au x m for all intercepts of the reported 7 drill holes. We estimate an overall grade x thickness metric of 14.68 g/t Au x m for ~46 drill hole intercepts. The associated 210 Gold Zone results presented occur within the same drill holes that targeted the Team Zone. This is quite encouraging as the two closely located zones have the potential to be a part of the same gold system or mineralizing event. Note that the 210 Gold Zone intercept true widths and vein orientations are unknown, and further drilling optimization is required in order to define and understand this part of the system.
N110 Gold Corridor being defined: In addition, Amex also announced 16 assay results from the recently discovered N110 Gold Corridor which is located north of the Gratien Gold Zone. This area is in the eastern extents of the property along the projected extension of the Beaupré Rhyolite, which is the host to the majority of the gold identified on the Perron Project to date. The N110 Gold Corridor was identified through a structural interpretation of magnetic dataset and scattered historical gold intercepts such as 3.18 g/t Au over 4.5 m (DDH PEX-21-054) and 2.56 g/t Au over 3.3 m in (DDH PEX-21-065). The N110 mineralization is characterized by numerous veins and veinlets that occur within massive silicified Beaupré rhyolite. The majority of the holes targeting this corridor have intercepted visible gold mineralization, which is encouraging as it indicates a very fertile mineralizing fluid. Though the grade x thickness metric at 3.92 g/t Au x m is low; Amex is conducting a review of the data and drill core with an aim to test for High Grade Zone type ore shoots (potential NE rake) within this widespread area of visible gold mineralization.
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: "I am pleased to see continued high grade mineralization from the Team Zone. Our drilling is focused on defining and expanding this important newly discovered zone. The mineralization starts at surface and may be suitable for open pit extraction. We are also pleased to announced results from the N110 Gold Corridor which is a new mineralized area to the west of the Beaupre Block that can be followed over one kilometer of strike length. We are interested in this target for its potential to host additional possible high grade ore shoots given the amount of VG in the system. We will continue our exploration drilling on this area later in the year to determine if new gold zones can be identified".
Important Disclosures
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.
Mining Analyst Certification
I, Éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
UPDATE - September 12, 2023:
On September 12, 2023, Amex announced the appointment of a technical and mining advisory team to assist Amex in moving the Perron Project forward through exploration to development. The team brings many years of experience in project development from resources estimation, mine permitting and project construction. The team shall be comprised of Pierre Luc Richard, Jonathan Gagne, Stephen Coates, and Jacqueline Leroux.
Mr. Richard is president of PLR Resources Inc. With over twenty years in the mining industry, Mr. Richard has an excellent grasp of all aspects of exploration and mining operations, including project evaluation, development, and management. He has solid expertise in gold and a strong background in silver, base metals, lithium, iron ore and rare earth deposits. Specializing in mineral resource estimates and project evaluation for potential acquisitions and corporate guidance, Mr. Richard has contributed to more than 250 mandates for over 75 different companies during his consulting career. He has authored/coordinated more than 100 technical reports under National Instrument 43-101 and JORC. Before founding PLR Resources Inc., Mr. Richard has held positions such as Director Geology at InnovExplo and Subject Matter Expert for Mineral Resource Estimates at BBA.
Mr. Gagne is a mining engineer with a background both in operation and project development. In his sixteen years in the mining industry, he participated in the construction of two projects: the Meadowbank mine and most recently the Greenstone mine. He was also responsible for the mining engineering department for the consulting company SGS Geostat, he was the engineer in charge of supporting the open-pit operations for Glencore Zinc around the world and acted as General Manager of Sayona Quebec.
Mr. Coates is an established Mining Engineer with experience in mining operations, technical study delivery, due diligence, mine financing, business development, and strategic development. He is a professional engineer with a bachelor's degree in mining engineering from McGill University. He previously worked for various operations including the Canadian Malartic Mine and the Renard Mine and consulting groups, including G Mining Services. He has recently founded his independent consulting firm, Evomine Consulting, which offers mining engineering and management consulting services with in-depth insights on the Quebec mining industry.
Mme. Leroux has more than twenty years of experience in the mining industry, mainly in Northern Quebec. She has held senior positions with various organizations including Environmental Manager for Goldcorp's Eleonore Project, Director of Sustainable Development for Mason Graphite, VP Environment for BlackRock Metals and VP Environment and Permitting for Troilus Gold. For those Projects, she oversaw permitting activities related to Exploration, Environment Evaluation Processes and Construction.
Victor Cantore, President and CEO of Amex Exploration stated: "Collectively this team has been involved in the development of multiple projects in Canada across a range of commodities including gold. As the Perron project matures and we look to initiate economic studies we have identified a need to strengthen our team. This group has a wealth of knowledge and experience to help us take the Perron project forward towards the future of mining. They have worked on notable projects in Canada and I and my team value their contributions and guidance".
UPDATE - October 23, 2023:
Amex reports high grade drill intersects from depth extension of Eastern Denise Zone at Perron
On October 23, 2023, Amex reported a number of drill holes focused on exploration and definition drilling of the Denise Zone, part of the Eastern Gold Zone ("EGZ"), of the 100% owned Perron Gold Project. The project is located ~110 km north of Rouyn-Noranda, Québec, and consists of 117 contiguous claims covering 4,518 ha. Amex currently has 5 drills on site dedicated to exploring and defining the Team Zone, High Grade Zone, Denise Zone, Gratien Zone and regional exploration. The Perron Gold Project is well-serviced by existing infrastructure, on a year-round road ~8 km west of the town of Normétal. The project is proximal to a number of major gold producers' milling operations in the Abitibi and has both bulk tonnage and a high-grade gold style mineralization.
Highlights of new drill results include:
PE-23-663 returned 9.5 m of 8.48 g/t Au (including 0.5 m of 155.15 g/t Au at a vertical depth of ~600 m);
PE-23-681W1 returned 4.2 m of 29.27 g/t Au (including 0.5 m of 236.57 g/t Au at a vertical depth of ~570 m); and
PE-23-621 returned 4.3 m of 12.60 g/t Au (including 1.5 m of 32.57 g/t Au at a vertical depth of ~565 m).
We estimate an average grade x true thickness of 10.43 g/t Au x m for 28 holes disclosed. Average vertical depth of drillhole intercepts is ~343m. The drill results were focused on defining and expanding upon the high-grade shoot of the main Denise body, as well as some exploratory drilling to the East. Amex has identified a distinct high-grade lens of subvertical mineralization that dips eastward, in a similar fashion to the High Grade Zone. The presence of significant visible gold, and associated multi-ounce assays, indicates the strength of the mineralized system. Amex aims to define this lens as well as explore for addition lenses along the main Denise trend, all of which can add significantly to the overall inventory of gold mineralization on the Perron project.
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: “Today's results clearly demonstrate high grade depth extensions to Eastern Denise, combined with a significant strike length of at least 500 metres. This shoot follows the plunge and geometry of the High Grade Zone, which we are modelling as an underground target. The presence of this well mineralized Denise system adds significantly to the future ounce-per-vertical-metre count in the system and should be highly accretive to a future mining scenario. Amex intends to continue defining this shoot, as well as testing a second higher grade shoot further to the east which likely follows the same plunge as evident by holes PE-22-545 and PE-22-584”.
UPDATE - November 14, 2023:
Amex reports 47.7 m @ 16.97 g/t Au from High Grade Zone down strike in drill hole PE-23-710 at Perron.
On November 14, 2023, Amex announced a significant intercept of 47.7m @ 16.97 g/t Au from hole PE-23-710 (~160m depth), identified during resource-focused drilling of the High Grade Zone ("HGZ"), part of the Eastern Gold Zone ("EGZ"), of the Perron Project. This gold intercept is located in the shadows of a N-S trending Proterozoic diabase dike that cross-cuts the HGZ and the related proximal Denise Zone and in area that was not expected to be as much mineralized. The 100% owned Perron Gold Project is located near Normétal, ~110 km north of Rouyn-Noranda, Abitibi, Québec. The project is proximal to a number of major gold producers' milling operations in the Abitibi and has both bulk tonnage and a high-grade gold style mineralization.
Underlying mysteries of the diabase dike: We understand it was recommended that Amex drill west to east to define the margins of the late cross-cutting dike as part of Amex's resource-focused drilling. This in order to precisely quantify the shape and volume of the cross-cutting dike for resource modelling purposes. Consequently, Amex drilled eastwards partially along the strike of the HGZ and identified spectacular visible gold over a significant width in an area previously thought to be weakly mineralized. Hole PE-23-710 intercepted 16.97 g/t Au over 47.70 m at a vertical depth between 140 m and 180 m. Including: 53.11 g/t Au over 13.2 m and 614.74 g/t Au over 0.5 m. Results from hole PE-23-710, suggest additional strike continuity as well as a consistent high-grade nature of the HGZ. We anticipate that the mineralized intercept in Hole PE-23-710 would perhaps fall in an open pit scenario with the Denis Zone and upper HGZ. We do believe the presence of the N-S trending Proterozoic diabase dike may be related to deep seated structure and highlight their indirect relationships to certain mines in the Abitibi. Amex is currently completing 5 additional drillholes in this E-W orientation to define the dike from near-surface to depth.
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: “Today's results clearly demonstrate the continuity of the High Grade Zone along strike in the near-surface portion of the system. Equally significant is the discovery of ultra high-grade gold mineralization where we previously thought there was little to no gold and therefore should have a net positive impact on the resource calculation of this HGZ".
UPDATE - January 4, 2024:
Amex further defines High Grade Zone at depth with results up to 23.81 g/t Au over 4.30 m at Perron, Abitibi, Québec
Amex disclosed on January 3, 2024 assay results from 3 drill holes focused on definition drilling of the High Grade Zone ("HGZ"), part of the Eastern Gold Zone ("EGZ"), of the Perron Project in the Abitibi region of NW Québec. Drill results are focused on further definition of the Eastern HGZ at depth. Highlights include:
DDH PE-21-318W3 which returned 4.3 m @ 23.81 g/t Au (including 50.35 g/t Au over 2m) at a vertical depth of ~1,100 m;
DDH PE-21-318W4 returned 6.55 m @ 9.57 g/t Au (including 45.34 g/t Au over 1.25 m) at a vertical depth of ~1,150 m; and
DDH PE-21-347W3 returned 3.5 m @ 5.10 g/t Au (including 24.19 g/t Au over 0.5 m) of at a vertical depth of ~1,000 m.
High Grade Zone continues at depth with variability: As part of its resource definition program, Amex has been focused on expansion and definition of known zones of mineralization through much of the 2023 drilling program on the Perron Project. The HGZ continues to show continuity over a vertical depth of well over a kilometre, which bodes well for the potential extraction of gold in the mineralized deposit.
The central high-grade ore shoot continues to expand moderately and results suggest indeed a certain variability in grade and thickness. We estimate an average grade x true thickness of 27.94 g/t Au x m for the 3 holes disclosed. Recall Amex had announced on January 23, 2023 assay results from 15 drill holes focused on expansion drilling of the HGZ that had given an average grade x true thickness metric of 33.72 g/t Au x m (https://www.linkedin.com/pulse/amex-exploration-inc-amx-v-highlights-2022-reviews-plans-eric-lemieux/).
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: "Today's results are focused on the definition drilling of the Eastern High Grade Zone at depth. As the Amex team continues to work towards releasing a resource estimate in 2024, tighter drill spacing is required to be able to properly classify both indicated and inferred resources. Even at a vertical depth of well over a kilometre now, the High Grade Zone continues to show remarkable continuity, which bodes well for the potential extraction of the orebody".
Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 km north of Rouyn-Noranda, near Normétal, Abitibi, Québec. The Perron Project consists of 117 contiguous claims covering 4,518 ha and is very well-serviced by existing infrastructure. The Perron Project has both bulk tonnage and a high-grade gold style mineralization permitting optionality for mining scenarios. We estimate a range of gold endowment between 2.1 M and 5.8 M oz. Au and note the premium to gold ounces as the Perron Project is located in the heart of the Abitibi.
UPDATE - January 16, 2024:
Amex announces a $26M private placement, including a strategic investment by Eldorado Gold
Amex disclosed on January 16, 2024 a non-brokered charity flow-through private placement of 11,344,130 charity flow-through shares at a price of $2.35 per share to raise an aggregate of gross proceeds of $26.65M. Following completion of the offering, Eldorado Gold Corporation (ELD-T) (https://www.linkedin.com/pulse/eldorado-gold-corp-eld-t-provides-update-results-from-eric-lemieux/?trackingId=EwiKhB0KQZ290Aqidj4q4w%3D%3D has agreed to make a strategic investment in Amex through the purchase of 11,344,130 common shares for a total purchase price of $15M. Upon closing, the strategic Investment shall represent a ~9.9% ownership interest in Amex on a non-diluted basis. Amex has granted Eldorado a customary anti-dilution right to maintain its equity ownership interest. The gross proceeds shall be used by Amex to advance the Perron Project in NW Québec and closing of the offering is expected to occur on or before February 2, 2024.
Well financed and set to advance: Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 km north of Rouyn-Noranda, near Normétal, Abitibi, Québec. The Perron Project, composed of 117 contiguous claims (4,518 ha), is well-located with access to labor and infrastructure. Again, we estimate a range of gold endowment between 2.1 M and 5.8 M oz. Au and note the premium to gold ounces as the Perron Project is located in the heart of the Abitibi. Amex is well by funded to produce a resource estimate by Q3/2024 and to be followed by a Preliminary Economic Assessment on the Perron project.
Victor Cantore, President and CEO of Amex Stated: "We are very pleased to welcome Eldorado as a strategic shareholder and look forward to leveraging their considerable mining expertise as a high-grade, low-cost gold producer in the Abitibi. This investment represents a strong endorsement of the work conducted at the Perron project to date, and leaves us well capitalized to pursue a dual strategy of advancing known zones of gold mineralization while continuing to unlock significant exploration potential through targeting new discoveries. We feel we have only scratched the surface of the gold potential at Perron. In addition, the Company is well funded to produce a resource estimate and follow on Preliminary Economic Assessment of the Perron project".
Important disclosure
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.
Mining Analyst Certification
I, Éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
UPDATE - April 24, 2024:
Amex to consolidate Team Zone with 210 and E3 Gold Zones to form a 1.4 km mineralized corridor and announces additional drill results
Amex reported on April 24, 2024, the combination of the Team Zone, 210 and E3 gold zones into a kilometric corridor on the NE side of the Beaupré Block of the Perron Project in the Abitibi of NW Québec. This was determined by Amex technical team after continuing to advance the geological understanding on the Perron Project as further drilling identified similarities between the Team Zone, 210 and E3 gold zones, therefore making it logical to combine them. The consolidated gold zones shall retain the name Team Zone, which creates one larger mineralized corridor straddling the Normétal fault on the NE side of the Beaupré Block. The decision is geologically driven as all three zones display remarkable similarity in their lithologies, structures and mineralization style. With up to ~14 known zones across the Perron Project, this decision should improve simplicity and shall save time in the ongoing modelling process and drill data compilation. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones. We largely note from West to East the i) N110 Zone ii) Gratien Zone, iii) Grey Cat Zone, iv) Central Polymetallic Zone, v) Alizée Zone, vi) Denise Zone, vii) High Grade Zone, viii) Upper HGZ, ix) Donna Au-Cu Zone; x) E2 Zone, xi) QF Zone and the Team Zone (Team, 210 and E3 zones).
Amex announced further drill results from these zones (210 and Team) that returned the following highlights:
210 Gold Zone (now part of Team Zone)
PE-22-586 returned 11.5 m of 4.57 g/t Au, including 3.0 m of 10.72 g/t Au at a vertical depth of ~115 m;
PE-23-639 returned 19.1m of 3.23 g/t Au, including 1.4 m of 29.76 g/t Au at a vertical depth of ~190 m;
Team Zone
PE-23-680 returned 7.3 m of 4.97 g/t Au, including 0.5 m of 54.12 g/t Au at a vertical depth of ~35 m;
PE-23-702 returned 2.1 m of 23.1 g/t Au, including 0.55 m of 83.98 g/t Au at a vertical depth of ~270 m;
We estimate an average grade x thickness metric of 4.52 g/t Au x m for the 15 drill intercepts disclosed.
Jacques Trottier, PhD, Executive Chairman of Amex Exploration stated: "The combination of these three gold zones is an important milestone on the Perron Project. As we've continued to add more drilling into this area and as our modelling work has advanced, it became clear that the three zone were geologically, structurally and spatially related. The larger consolidated Team Zone now covers a strike length of approximately 1.4 km and remains open to the northwest, southeast and at depth. Amex plans to add significant meterage to the Team Zone as we believe we have only just begun to unlock its value".
Amex continues to make significant gold discoveries on its 100% owned high-grade Perron Gold Project, composed of 117 contiguous claims covering 4,518 ha. The Perron Project is located ~110 km north of Rouyn-Noranda and is well-serviced by existing infrastructure. Amex pursues the definition of significant gold mineralization with both bulk tonnage and a high-grade gold style mineralization providing optionality for different development scenarios.
See also:
and
UPDATE - June 12, 2024:
Amex Exploration Announces New Gold Discovery Named the JT Zone
On June 12, 2024, Amex announced a new gold discovery in a never-before-seen lithology within the Beaupré Block of the Perron project in the Abitibi. The Perron Project is a growing gold asset near Normétal, NW Québec. The new zone, termed the JT Zone, was found within a felsic to intermediate dike with various levels of sulfide mineralization containing gold grades. The JT Zone is located ~750 m to the NNW of the High Grade Zone (HGZ) and ~600 m to NW of the Team Zone. Recall the Team Zone was discovered in mid 2022 (https://www.linkedin.com/posts/eric-lemieux-9468715_quebec-abitibi-perron-activity-7006045868906668032-4oPp?utm_source=share&utm_medium=member_desktop).
A felsic to intermediate dike defines the JT Zone and contains varying levels of sulfide mineralization, mainly pyrrhotite and pyrite with occasional traces of sphalerite. The JT dike is oriented WNW-ESE with a strike length to date of ~275m, plunging to the east, and a thickness of ~60 m. Drill highlights in the JT Zone include:
DDH PEX-24-222 with 70.50 m of 0.91 g/t Au, (including 10.50 m of 2.83 g/t Au at a vertical depth of ~20 to 70 m);
DDH PEX-24-213 with 49.50 m of 0.86 g/t Au, (including 5.90 m of 2.39 g/t Au at a vertical depth of ~210 to 250 m).
Overall, for the 12 drill hole intercepts we estimate an average grade x thickness metric of 7.58 g/t Au Eq x m.
The mineralized dike remains open to both the west and the east, as well as at depth. Mineralogy of the JT dike consists of feldspar, quartz, amphibole, chlorite and biotite. In addition, the JT Zone also comprises gold bearing quartz-carbonate veins that are hosted in the aphanitic rhyolite of the Beaupré Block, highlighting the zone's potential for multiple styles of mineralization. We also note that a late diabase cuts the JT Zone reminiscent of the HGZ.
Amex plans additional studies to better understand the relationship between the percentage of sulfide mineralization and gold grades.
Jacques Trottier (JT), Chairman of the Board of Amex Exploration, stated: "The Beaupré Block has yet again delivered Amex another gold discovery, this time in a lithology never previously encountered across the Perron property. The sulfide rich dike does not outcrop on surface and was found northwest of the Team Zone while conducting follow up drilling on mineralized extensional veins similar in nature to that of the Team Zone. We have initiated studies regarding the mineralization style in this new zone to get a better grasp on the nature of the gold emplacement, I look forward to analyzing the thin sections under microscope once in hand. The Amex team believes this mineralized dike could potentially add some significant low-grade, bulk tonnage ounces to the existing resources at Perron. There are also higher-grade ounces to be found within the quartz-carbonate veins in the aphanitic rhyolite. The team is excited to continue drilling in this area and grow our latest discovery".
See as well: