Set To Follow-Up Major Breakthroughs Made In 2020
Amex Exploration Inc. (TSXV:AMX) says it is looking forward to continuing its outstanding success in 2020 with a year of exciting developments.
Highlights of the company’s successes in 2020 include:
- Expanded the drill programme from 100,000 m to 300,000 m going from three drills on site to 10 drills by mid November, making the Amex drilling campaign one of the largest and most aggressive exploration programmes in Canada last year
- Expanded all three known gold zones along strike and to depth and identified the 3.2 km long Perron Gold Corridor along the 15 km of prospective thrust faults to be explored
- Identified high grade gold mineralization in the down to 1.1 km vertical depth at High Grade Zone (HGZ)
- Completed metallurgical testing on the HGZ of the Eastern Gold Zone (EGZ) showing recoveries of greater than 99% for gold and silver and demonstrated a simplified gold processing flow sheet
- Strengthened and diversified Board of Directors
- Completed 2 financings bringing more than $24M in cash, adding cornerstone investors, ending the year in a strong financial position
The company began the year with three drills on the Perron project and ended 2020 with ten drills turning on the property. Approximately 120,000m of drilling has been completed on the Perron project with about another 180,000m to be completed on Perron in 2021.
The drill program to date has focused on expanding the three main gold zones on the Perron project starting with the Gratien Gold Zone and the Grey Cat Gold Zone to the West and the Eastern Gold Zone to the East. Drilling has demonstrated that the property hosts at 3.2 km long Perron Gold Corridor.
Regional exploration is currently under way on the 45 sq. kmproperty which host more than 15 km of major structural faults (Perron and Normetal Faults) which has seen very little drilling outside the Perron Gold Corridor.
The company is planning a significant 15,000m regional exploration programme for 2021 with a goal to identify additional gold zones at Perron.
The company began the year with three drills on the Perron project and ended 2020 with 10 drills turning on the property. Approximately 120,000m of drilling has been completed on the Perron project with about another 180,000m to be completed on Perron in 2021.
The drill programme to date has focused on expanding the three main gold zones on the Perron project starting with the Gratien Gold Zone and the Grey Cat Gold Zone to the West and the Eastern Gold Zone to the East. Drilling has demonstrated that the property hosts at 3.2 km long Perron Gold Corridor.
Regional exploration is currently under way on the 45 sq. km property which host more than 15 km of major structural faults (Perron and Normetal Faults) which has seen very little drilling outside the Perron Gold Corridor.
The company is planning a significant 15,000m regional exploration program for 2021 with a goal to identify additional gold zones at Perron.
Eastern Gold Zone
During the 2020 year, Amex expanded the EGZ down to a vertical depth of 1.1 km with Hole PE-20-187 intersecting 3.85 metres of 25.04 g/t Au. Essentially, during 2020, Amex doubled the vertical extension of the HGZ. Interpretation of the HGZ now suggests that gold mineralisation has been traced over 350 metres along strike, from near surface to over 1.1 km vertically and averages approximately seven metres of width (core length).
The recent deep drilling on the HGZ is continually strengthening to depth. Of particular interest is that the highest grade core of the system, (i.e. with a metal factor greater than 100 g/t Au by meter as shown in pink on Figure 2) is more than double the vertical distance at depth in comparison to the near-surface portion of the HGZ.
Drilling in 2021 on the HGZ will focus on definition drilling down to the 1.0 km level for a resource calculation starting at the end of 2021 as well as continued step out drilling to expand the strike length of the system at depth.
2020 also saw excellent progress on our understanding of the nearby Denise Zone which lies parallel and approximately 50m to the south of the HGZ. Drilling at the latter part of 2020 has begun to demonstrate the potential to add significant near surface gold ounces to the project.
Recent drilling has confirmed the presence of a high metal factor core of the Denise Zone within large intervals of gold mineralisation as demonstrated in Hole PE-20-199 which intersected 81.50m of 1.51 g/t Au at a vertical depth of approximately 190m.
Drilling has continued to encounter wide near surface gold mineralization at Denise which improves the open pit potential of the entire Eastern Gold Zone. Continuity and consistency of the gold mineralisation is improving with more drilling.
The company also completed metallurgy testing at the HGZ to illustrate the ease of recovery of the gold at Perron. Results demonstrated exceptional gold and silver recovery (+99%) using a 3-stage processing technique (gravity, flotation, and cyanidation). The Phase 2 metallurgy programme determined that very high gold (+99%) and silver (89.5%) recoveries could be achieved using a simplified 2 stage process that eliminates floatation. Additional metallurgy testing is planned for the other gold zones at Perron following such exceptional recovery rates at the HGZ.
“The drill results on the Perron Project for 2020 have exceeded our expectations. Our understanding of the mineralisation and geology of the project has improved substantially throughout the year providing for a solid basis to develop the Perron Project to its fullest potential. I look forward to another year of continued drilling success, thanks to the great team we have in place,” CEO, Victor Cantore, said.
“I am proud to say that each financing that we have completed since 2018 has been done at successively higher issue prices, thereby limiting the shareholder dilution while converting the capital raised into exponentially higher market cap value.
“This has been achieved through prudent financings and targeted exploration which has delivered exceptional results. Our management team are all shareholders of Amex and our interest are very much aligned with our shareholder base. As I look to 2021, I am confident in our exploration program, our leadership team and our ability to deliver results in this strong gold market.”
Executive Chairman, Jacques Trottier, said Amex intends to complete the balance of the drilling programme which will take the majority of the year until the fall of 2021 at which time the company will initiate a property wide NI43-101 compliant resource calculation.
In addition, the technical team has identified several potential additional gold bearing structures outside the three known gold zones during its regional exploration program. Follow up drilling on these new structures will be part of the drill programme in 2021 to determine if they constitute new gold zones.
“I am excited to resume the year with an ambitious 10 drill programme that aims to build ounces within the Perron Gold Corridor while discovering new gold zones on the property,” Mr Trottier said. “With the benefit of having made several gold discoveries using predictive modelling and structural geology as our guide, I believe that Perron has much untapped potential that will be demonstrated in the coming year.”
