BMEX Gold Drilling Identifies Extensive Gold System at King Tut Project near Amos

BMEX Gold Inc. is pleased to provide an update on its Phase 1 Program on its King Tut Gold Project ("King Tut" the "Project") located in the Abitibi Gold Belt in Quebec. The Company has now completed 19 holes, totaling 4,500 m. To date, results from 8 of the 19 holes have been received. Each of the holes reported today intersected a 50 m wide gold bearing structure returning dispersed mineralized intervals returning up to 3.4 g/t Au (see table 1) down to a vertical depth of 230 m. These holes aim to test the Authier Nord structure; an historical gold showing located on the Chicobi deformation system. Results received to date give a preliminary indication of a newly identified extensive gold target that measures approximately 400 m along strike and close to 600 m across sections and remains open in all directions.

Martin Demers, VP Exploration of BMEX Gold, commented, "This is our inaugural drill program on the King Tut project and I am very pleased to report that each hole reported to date has intersected gold values. The concentration of gold intercepts obtained thus far on the initial target is a significant signal of a large gold system and only a small fraction of this gold target has been drilled. We are awaiting the results from the balance of the holes for interpretation and modelling for a follow up exploration program that will cover approximately 1km radius around the drill area. In the meantime, we are also preparing to launch our inaugural drill program on our second property, the Dunlop Bay project in the Matagami camp, which is now ready for drilling."

The King Tut Phase 1 drill program commenced on November 26, 2020 and to date the Company has submitted approximately 1,725 samples to two separate national labs for fire assays: AGAT Laboratories and Activation Laboratories Ltd. ("Actlabs"). In addition, re-assaying using metallic sieves was conducted on selected samples which contained visible gold. 

Core description and sampling has been completed for the first 17 holes. Holes TUT-20-001 to TUT-20-008 were drilled using a moderate south dip with length varying between 250 m and 340 m, while hole TUT-20-010 was drilled using a collar angle of 85 degrees planned to intercept a family of gold bearing quartz veins with an assumed low dip. 

Geology

All holes have been drilled using a moderate dip and are in a north to south direction. Information obtained so far seems to indicate that the drill grid is inserted in a wide scale fold hinge that assembles a regional mafic to felsic volcanic contact. Overall, the north-to-south hole sequence has intercepted a mafic to intermediate strongly carbonatized and deformed mafic rocks followed by felsic layers, commonly sericitized and pyritized, and finally sediments. This structural context creates lens shape and oblique contacts.

Results

Every hole intersected gold mineralization using a 0.3 g/t Au cut over a minimum length of 0.5 m. Results obtained from the eight first holes include gold grade ranging between 0.3 g/t Au to 3.4 g/t Au and widths ranging from 0.5 m to 9.0 m. Results mainly originate from an easterly strongly dipping zone defined essentially by gold enrichment (see map appended). Preliminary observations indicate that the mineralized structure is associated with a distinct quartz rich chlorite-biotite rich alteration zone with fine grain sulfides (pyrite and pyrrhotite). Internally to the alteration zone, centimetric quartz-carbonate veins related to the gold enrichment were cut at an angle that might correspond to shallow dipping angle. 

 

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