Amex announces Mineral Resource Estimate for Perron Project

Amex Exploration Inc. has completed a Mineral Resource Estimate ("MRE") on the company's flagship Perron Project in the northwestern Abitibi region of Quebec. The majority of ounces come from the Company's High-Grade Zone ("HGZ"), with important contributions from the Denise Zone ("Denise"), the Gratien Zone ("Gratien"), the Grey Cat Zone ("Grey Cat") and the Team Zone ("Team"). The drillhole database for the resource was closed on June 30, 2024, meaning recent drilling has not been included in this resource iteration at Perron. All zones on the property remain open in multiple directions for further expansion and Amex's current continuing drill program is fully funded until the conclusion of 2025.

MRE Highlights:

• Open pit and underground stope constrained 594,100 of measured and indicated ounces at 4.28 g/t Au and 1,049,650 of inferred ounces at 3.80 g/t Au. 
• The MRE shows excellent continuity throughout the project with exceptional high grade throughout, specifically in the High-Grade Zone (HGZ) which alone hosts 336,170 of measured and indicated ounces at 12.05 g/t Au and 415,470 of inferred ounces at 10.49 g/t Au. 
• Of important significance within the HGZ is with improved confidence, comes increased grade. With regard to the HGZ under Table 2, as drill spacing is tightened to upgrade resources from inferred to indicated to measured, the grade improves. This is rare in the gold industry and speaks to exceptional continuity of the zone. 
• The MRE is a base case for the gold at Perron and includes drilling up to June 30, 2024. Approximately 600,000 m of accumulative fully funded drilling is expected to be completed by the end of 2025. 
• All zones remain open at Perron, providing excellent future mineral resource expansion potential. 
• Metallurgical test work by SGS Canada achieved an overall gold recovery of up to 99% in the HGZ and up to 95% in the Denise, Team, Gratien and Grey Cat Zones. 
• Near by housing, roads, electricity and labour are expected to favourably impact the economics of the Perron project in the upcoming PEA expected later this year.
• The Perron project also hosts VMS (copper-zinc) mineralization which has not been included in today's MRE nor any of the silver credits that exist in some zones of the property. The Company plans to complete the modelling requirements surrounding these additional metals in the future, which is expected to enhance the economics of the project. 

Jacques Trottier, PhD, Executive Chairman of Amex Exploration, commented, "I am very proud of our progress to date. Throughout my time at Perron, I was convinced that the project hosted a significant high-grade gold resource, so it is fantastic to have realised this. In my opinion, the high-grade nature of Perron is what truly sets its apart from its peers and we have just begun to scratch the surface of the potential. The grade at Perron compares very favourably to many of the recent world class projects in Canada and elsewhere. There is significant room for this resource to grow, as much of the property is yet to be explored. New machine learning and AI techniques have generated new high priority targets for us, some of which we have begun to test with success. Given the projects quality high-grade ounces, proximity to infrastructure and workforce, we look forward to releasing our project economics in the PEA, which remains on track for Q4 of this year. It should also be noted that this resource is purely gold focused. None of the silver credits that may exist across our zones have been modelled, neither have any of our copper-zinc mineralization of the QF Zone, Central Polymetallic Zone and Donna Copper Zone. We do plan on looking at these additional metals in future work, which should be accretive to the project."

Aaron Stone, P.Geo, Vice President Exploration of Amex Exploration, continued, "This resource is an excellent starting point for Amex. Drilling never stops at Perron and we continue to work diligently on expanding and defining our known zones as well as exploring for further discoveries. Work has begun at site to better understand the mineralization and structure of the Team and Denise Zones to better guide infill drilling to increase their ounce count. Recent work in western zones such as Gratien, Grey Cat and Alizée have also yielded some very interesting high-grade results which need to be followed up on with further drilling. Since discovery of the JT Zone only a few months ago, our understanding of gold emplacement at Perron has been rapidly evolving and we are starting to see some geological similarities with the Windfall project. The mineralized felsic to intermediate dike that was found has given us a lot to think about for the genesis of all gold-bearing zones within the Beaupré Block. Studies have begun to validify this new theory, but if gold enrichment at Perron does turn out to be intrusion related, this will change our approach on how we search for another High-Grade Zone on the property. I am personally very excited by this as we continue to work closely with our strategic partners to unlock the full value that we believe is still to be discovered at Perron."

Victor Cantore, President and CEO, Director of Amex Exploration, added, "There are limited projects around the world that are this high-grade in nature, and the grade of the HGZ puts the Perron Project in line with these world class assets. As we move forward our goal is to build ounces while simultaneously advancing the project towards production through advancing economic studies and permitting."

Tags: Quebec / Exploration / Gold / All Articles