Amex Exploration discovers new gold zone at Perron, Quebec, shares up
Amex Exploration Inc. [AMX-TSXV; AMXEF-OTCQX; MXO-FSE] has made a new gold zone discovery called the Team zone on the 100%-owned Perron project in the Abitibi region of Quebec.
The near-surface Team zone occurs approximately 600 metres to the northeast of the High Grade zone and approximately 300 metres northeast of the E2 gold zone. To date, Amex has intercepted visible gold mineralization in 14 of 20 holes targeting the Team zone over an area of approximately 200 metres by 100 metres.
Owing to a significant delay at the assay lab, the partial results below represent only the samples in each hole that were sent for screen metallic assays (this assay method is selected when gold mineralization is anticipated owing to visible gold, significant veining and/or significant sulphides). When the fire assay results for the balance of the reported holes are received, Amex will issue updated results.
Drill results included 0.50 metres of 6.91 g/t gold, 1.50 metres of 4.05 g/t gold and 2.0 metres of 5.19 g/t gold and 1.00 metre of 1.83 g/t gold, 1.50 metres of 7.68 g/t gold and 0.50 metres of 12.16 g/t gold and 1.00 metre of 9.55 g/t gold, plus other encouraging assays.
Dr. Jacques Trottier, PhD, executive chairman of Amex Exploration, commented: “We are very excited by the amount of visible gold in the core of almost every hole drilled into the Team zone. While we have been working to understand the size and geometry of this system, drilling has exceeded expectations. We have intercepted several panels of gold mineralization across a significant area of the northeastern portion of the Beaupre block. The Team zone is delivering both high-grade gold in tension-type veins as well as nice wider composites of lower-grade mineralization. We look forward to the receipt of the fire assay results for the balance of today’s reported holes as well as all assays for the balance of the unreleased drill holes in order to get a fulsome understanding of this very interesting new discovery. This zone is an important new discovery as it represents potentially a new deposit with its own gold resources that could be adding to the other known zones on the still underexplored Perron property. Consequently, we have decided to assign a drill to continue exploration on the Team zone while the other drills are still dedicated to the EGZ, including the HGZ and Denise definition and expansion, and regional exploration.”
Amex Exploration Inc. has made significant gold discoveries on its high-grade Perron Gold Project located ~110 km north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normetal (~8 km).
In morning trading, shares of Amex Exploration gained $0.08 to $1.79.