New Gold-Bearing Horizon Identified at Amex's Perron Property, Abitibi

MONTREAL, QUEBEC--(Marketwired - Feb 4, 2014) - Amex Exploration Inc. (TSX-VENTURE:AMX) ("Amex" or the "Corporation") is very pleased to announce that a new gold-bearing horizon has been identified following a first phase of drilling on Amex's Perron property executed under the option agreement with Agnico Eagle Mines Ltd ("AEM"; see press release of June 21st, 2013 for details on the option agreement terms and conditions).

This horizon, that has been intersected and recognized in 9 drill holes up to now, has an average width of about 15 to 20 meters (up to 80 meters) with gold values that range from 0.20 to 0.90 g/t (see table 1). The best result is from hole 163-13-002, with an intercept of 22,5 meters at 0,93 g/t Au including 1,5 meters at 7,58 g/t Au. Geologically, this horizon is typically composed of high sericite and silica bearing rhyolitic volcanics associated with pyrite and, occasionally, with visible gold (VG). This stratigraphic horizon has been followed over a minimum strike length of 400 meters and to a depth of 400 meters below surface and it is open in all directions.

Table 1: New identified gold-bearing horizon drill intersects.

  • PE-2013-02 : about 0.5 g/t Au over 15 m
  • PE-2013-01 : about 0.4 g/t Au over 20 m
  • 163-13-003A : about 0.5 g/t Au over 15 m
  • PE-2011-04 : about 0.9 g/t Au over 7.7 m
  • PE-2000-65b-ext : about 0.2 g/t Au over 10.5 m
  • 163-13-001 : about 0.2 g/t Au over 20 m
  • 163-13-002 : about 0.9 g/t Au over 22.5 m
  • PE-1999-51p : about 0.2 g/t Au over 86.8 m
  • PE-2000-63 : about 0.3 g/t Au over 14.9 m
Note: gold values per intersect are an approximation based on partial results from 2013 drilling and should be taken as a general reference.

This new horizon is located at the top of a rhyolitic unit (Rhyolite 6a), just under another rhyolitic unit that is lithogeochemically quite different (Rhyolite 7) within the Beaupré bloc (as recently identified by Barret et al., 2013, "Report on the Burntbush-Normétal Volcanic Belt, ONT-QC", OGS, MR-Data 299). This anomalous gold-bearing stratigraphic interval could correspond to an accumulation zone for fertile hydrothermal fluids located on top of Rhyolite 6a and trapped under the Rhyolite 7 that could have potentially acted as a 'cap rock'. Taking into account the extensive lateral extension of this anomalous gold-bearing horizon located at the upper part of t Rhyolite 6a, it should be considered as an exploration target for the next phase of work, considering also that a recent isotopic study on Rhyolite 6a is suggesting a similar age to the footwall unit of the nearby Normetal Mine (~2725 Ma; Barrett et al., 2013).

Table 2 : Results from AEM 2013 drilling.

Hole From to Length (m) Au (ppm) Ag (ppm) Cu (ppm) Zn (ppm)
163-13-001 485,5 492,9 7,4 0,31 0,10 12 21
497,0 507,0 10,0 0,26 0,10 3 16
567,0 568,0 1,0 2,27 1,50 44 354
715,5 724,5 9,0 0,75 0,25 13 40
incl. 715,5 717,0 1,5 2,85 0,20 4 31
751,5 753,0 1,5 5,32 0,90 33 231
793,5 795,0 1,5 1,31 0,60 7 16
799,5 808,5 9,0 0,17 0,52 7 118
163-13-002 258,0 280,5 22,5 0,93 0,10 3 47
incl. 262,5 264,0 1,5 7,58 0,10 3 81
and incl. 279,0 280,5 1,5 1,10 0,10 2 88
295,5 297,0 1,5 1,76 0,70 3 55
459,0 469,5 10,5 0,22 0,73 39 350
475,8 486,5 10,7 0,20 0,35 25 468
163-13-003A 290,5 292,0 1,5 1,08 0,10 4 28
317,5 326,5 9,0 1,80 0,12 17 149
incl. 319,8 321,1 1,3 10,80 0,10 16 788
571,3 579,0 7,7 0,41 0,19 20 45
incl. 576,5 577,5 1,0 1,98 0,30 51 35
632,5 633,5 1,0 2,66 1,10 22 58
PE-2000-65b-ext 466,5 472,5 6,0 0,44 0,22 34 108
478,5 480,0 1,5 1,33 0,10 70 36
505,5 507,0 1,5 8,80 1,70 225 1 055
586,5 588,0 1,5 2,39 0,90 14 514
Note: 5 drill holes totalling 2735 meters have been drilled by AEM in late 2013. Hole 163-13-003 was stopped early due to deviation and was 'redrilled' at the same location with hole 163-13-003A. Hole PE-2000-65b-ext is a hole that was previously drilled by Amex and deepened by AEM. Geochemical analysis was executed by ALS Chemex Laboratories in Val d'Or under AEM QA/QC program and supervision.

In addition to this major highlight from this drilling campaign, it is also now interpreted that the high grade polymetallic gold-rich sulphide mineralization intersected by Amex in its discovery hole PE-2013-03 (see press release of March 4th 2013) is potentially located in close relationship with a synvolcanic fault that could be genetically related to the encountered alteration and mineralization. The identification of such an environment for hole PE-2013-03 is coherent with a typical VMS (volcanogenic massive sulphide ) deposit of the DBL (Dumagami-LaRonde-Bousquet) gold-rich deposits type of the Quebec Abitibi greenstone Belt.

Jacques Trottier, PhD, President and CEO of Amex Exploration comments, "We are very pleased with Agnico Eagle's work done so far on our Perron Property. From their work and expertise, various gold target types have been identified and should be further tested in a follow-up exploration program still to be confirmed and announced. We look forward seeing Agnico Eagle to resume exploration work as soon as possible in 2014."

Table 3: Amex 2013 drilling results completed with additional and re-sampling done by AEM.

Hole From To Length (m) Au (ppm) Ag (ppm) Cu (ppm) Zn (ppm)
PE-2013-01 70,6 72,0 1,4 4,98 - - -
81,0 85,5 4,5 0,27 0,07 2 99
139,5 141,0 1,5 2,56 0,10 2 252
151,1 160,1 9,0 4,99 0,04 2 15
incl. 156,1 156,6 0,5 81,84 - - -
and incl. 156,6 157,3 0,7 4,74 - - -
181,5 201,2 19,7 0,41 0,06 2 27
400,9 401,2 0,3 0,04 1,70 89 33 400
405,5 405,8 0,4 0,18 6,70 412 100 500
407,2 408,2 1,0 1,13 - - -
467,6 475,5 7,9 0,26 0,12 9 46
incl. 469,2 470,2 1,0 1,25 0,40 37 51
481,3 481,8 0,5 1,98 - - -
PE-2013-02 15,0 40,2 25,2 0,26 0,08 2 19
incl. 34,6 40,2 5,6 0,68 0,21 4 41
40,5 47,9 7,4 0,45 - - -
PE-2013-03 197,1 198,6 1,5 5,14 - - -
362,7 363,0 0,3 12,70 - - -
363,2 363,8 0,6 1,93 - - -
375,8 417,2 41,4 2,19 11,51 742 8 516
incl. 375,8 376,3 0,5 5,80 17,50 987 44 000
and incl. 381,0 381,5 0,5 6,89 6,50 558 9 500
and incl. 388,0 391,0 3,0 3,96 8,22 1 030 3 384
and incl. 402,0 417,2 15,2 3,84 22,81 1 039 14 187
and incl. 410,5 412,5 2,0 19,07 101,82 3 765 50 250
450,1 457,6 7,5 1,50 18,35 2 532 1 228
465,7 476,2 10,5 1,13 15,20 1 360 17 985
PE-2013-04 123,0 124,5 1,5 1,07 0,10 8 16
128,2 128,8 0,6 1,37 - - -
181,7 182,9 1,2 1,26 0,10 2 26
206,3 216,6 10,3 0,84 0,12 7 71
incl. 206,3 206,7 0,4 2,53 - - -
and incl. 207,7 208,5 0,8 1,49 0,40 10 163
and incl. 210,9 211,2 0,3 12,93 - - -
and incl. 214,2 214,7 0,5 2,20 - - -
232,5 234,0 1,5 1,18 0,20 - 5
278,6 280,1 1,5 1,45 0,50 2 156
307,5 309,0 1,5 1,82 0,20 5 86
324,9 329,7 4,8 0,94 0,21 6 69
incl. 328,8 329,7 0,9 3,39 - - -
352,0 363,5 11,5 0,50 0,01 1 5
incl. 358,5 359,5 1,0 2,51 - - -

Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits. Jacques Trottier, PhD Geol, Qualified Person as defined by Canadian N43-101 has approved the technical information reported in this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Amex Exploration Inc.Jacques Trottier514-866-8209514-866-8096

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