Amex Exploration (TSXV: AMX, OTCQX: AMXEF, FRA: MX0). has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located in the mining-friendly jurisdiction of Quebec, Canada. The project is well-serviced by existing infrastructure and in close proximity to a number of major gold producers. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.  Amex attained international recognition in 2022, receiving the Exploration Company of the Year Award at Mines and Money in London and the Ecologo certification.  

Company Overview

Amex Exploration is an exploration company focused on its 100% owned Perron Project (4,650 ha).

Located ~110 km from Rouyn-Noranda, just outside the town of Normétal, Québec, the Perron project hosts one of Canada’s most extensive drilling campaigns aimed at discovering and defining gold and VMS deposits. To date, Amex has drilled 375,000 m on the property, has defined a gold corridor with a  strike length of four kilometres. Multiple drills are turning to further define known gold zones and makje new discoveries at Perron.

The Eastern Gold Zone (EGZ)--home of the High-Grade Gold Zone (HGZ) and the Denise Zone--delivered high-grade gold results where 150+ holes returned more significant than 10 g/t Au in the EGZ alone. One of the first holes drilled during the 2019 drill program returned an astonishing 393.33 g/t Au over 1.70m at a vertical depth of 170m at HGZ. The HGZ has consistently delivered ultra high grade results that are comparable to the discovery hole since 2019. The HGZ has quickly become one of the highest-grade, consistent gold zones in Canada. Amex considers the HGZ to be an underground mining target.

Less than 50 metres away is the Denise Zone which is a broader disseminated gold target. The Denise Zone has been traced along strike length for at least 1 km. On May 9, 2022, Amex reported Hole PE-22-510 intersecting 30.90 m of 11.57 g/t Au which is one of the best intersections drilled to date in the Denise Zone.  Denise is a bulk tonnage target for Amex.

At the end of 2022, Amex announced a brand new discovery the Team Zone which has produced some significant drill results. Visible gold was identified in 17 out of the 23 holes targeting the new Team Zone. The following highlights show the potential of this new zone:

∑      PE-22-548: 6.75 g/t Au over 14.50 m at a vertical depth of ~180 m

o   including 26.34 g/t Au over 1.50 m

o   and 32.60 g/t Au over 1.50 m

o   and: 1.74 g/t Au over 17.0 m at a vertical depth of ~250 m

∑      PE-22-556: 19.04 g/t Au over 2.25 m at a vertical depth of ~20 m

“The fact that we have seen multiple occurrences of visible gold in the majority of holes targeting this zone is fascinating. This is also the most significant discovery to date along the northern limb of the Beaupre rhyolite. The Team Zone has become a priority for Amex, and we will begin drilling it aggressively through the winter."

Jacques Trottier, Executive Chairman of Amex.

In addition to it’s gold discoveries, the company also discovered a high-grade copper-rich volcanogenic massive sulphide (VMS) zone. The QF Zone occurs along the Normétal Mine Horizon which is a kilometric tuffaceous unit that hosts the nearby past-producing Normétal Mine. Promising initial drill results include:

∑      2.40% Cu, 0.72% Zn, 0.27 g/t Au and 22.15 g/t Ag over 7.80 m (core length), including 3.92% Cu, 1.20% Zn, 0.39 g/t Au and 35.99 g/t Ag over 4.40 m (core length).

Follow up drilling confirmed the initial discovery with similar grades and widths, indicating the presence of a substantial VMS system and confirming both the width and grade of the discovery hole.:

∑      PEX-21-083 (~65 m deeper than the discovery hole) returned 1.93% Cu, 0.15% Zn, 0.28 g/t Au, and 14.0 g/t Ag over 8.0 m, including a high-grade core of 3.40% Cu, 0.25% Zn, 0.48 g/t Au, and 24.31 g/t Ag over 4.55 m

Amex will conduct additional borehole electromagnetic (EM) geophysics to further define the mineralized system.

International Recognition  

In 2022, Amex Exploration proudly accepted the Exploration Company of the Year Award at Mines and Money in London. This award acknowledges a company and its leadership team for a significant new discovery made, and/or advancement to a meaningful status.

Ecologo certification

Responsible exploration is one of Amex’s prime considerations. In 2022, the company  received the internationally recognized UL 2723 ECOLOGO® Certification for Mineral Exploration Companies, for successfully applying the best social, environmental, and economic practices throughout the project.

Share structure/ Financials

∑      Solid balance sheet - drilling program funded to end of 2023

∑      $32M in cash and cash equivalents with no debt (2022 Q3 financial statements)

∑      107.8M shares fully diluted, and no warrants (as of January 2023)

∑      Largest strategic shareholder is Eric Sprott at over 12%

∑      Tight capital structure, benefiting significantly from Federal and Quebec tax incentives and charity flow through financing structures

∑      Traded in Canada (TSXV: AMX), the USA (OTCQX: AMXEF), and Germany (FRA: MX0)

52-week low of $1.45 and high of $3.36

Bottom Line

Amex Exploration's (TSXV: AMX, OTCQX: AMXEF, FRA: MX0) flagship Perron project is a large 100% owned land position in mining friendly, low geopolitical risk Quebec, Canada. The regional geology and drilling suggest there is an opportunity to host multiple ore deposits of various types. With multiple new gold and VMS discoveries over the past three years, Amex continues to deliver significant high-grade gold and VMS results. The company is fully funded for the 2023 drilling campaign. Best in Class, Amex has been recognized by its industry peers for its exploration skills and success to date.

Our analysis points to Amex as one of the most promising investments in this market.

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