Amex Reports Several High Grade Intercepts from HGZ Including 75.81 g/t Au over 4.85 m

Montreal, Quebec--(Newsfile Corp. - January 23, 2023) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce updated results on continued expansion and definition drilling of the High Grade Zone ("HGZ") on the Perron project in the Abitibi region of Quebec. Today's results include intercepts from both the eastern and western portions of the system and are focused on defining less understood areas as well as testing the strike and depth extensions of the zone. See Figure 1 for a map of the Eastern Gold Zone area of Perron, Figure 2 for a longitudinal section of the HGZ including the location of today's holes, Table 1 for a list of all results, and Table 2 for location information of the drill holes.

Today's highlight results (in core length) include:

PE-22-535: 75.81 g/t Au over 4.85 m at a vertical depth of ~750 m
          Including: 193.79 g/t Au over 1.00 m
          And including: 235.87 g/t Au over 0.50 m
          And including: 77.12 g/t Au over 0.50 m

PE-22-524W5: 7.40 g/t Au over 14.80 m at a vertical depth of ~1200 m
          Including: 152.22 g/t Au over 0.50 m

PE-22-524W6: 24.34 g/t Au over 3.85 m at a vertical depth of ~1210 m
          Including: 76.38 g/t Au over 1.20 m

PE-22-524W7: 45.66 g/t Au over 1.80 m at a vertical depth of ~1190 m

Jacques Trottier, Executive Chairman of Amex, commented: "Today's results are focused on definition and growth of the High Grade Zone. We continue to intercept fantastic multi-ounce intervals both within the main body that we are working to define as well as at the margins as we work to grow the zone along strike and at depth. In the longitudinal, we can see that the HGZ appears to shift slightly to the East at depth. As is shown on the figures and tables, we have been effectively using both wedges and directional drilling to cost-effectively explore the deeper area of the HGZ. We look forward to continued exploration as we seek to identify the plunge and orientation of the system at depth."

 
Figure 1: Geological map of the Eastern Gold Zone area (EGZ), showing the locations of all identified zones
 
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2667/152101_f6b366e0445ed863_002full.jpg
 

 
Figure 2: Longitudinal section of the High Grade Zone, showing contoured metal factor (Au g/t * estimated true thickness) and the locations of todays released drill holes
 
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2667/152101_f6b366e0445ed863_003full.jpg
 

 
Figure 3: Photos of visible gold from todays released drill holes. VG = Visible Gold, Py = Pyrite, Sp = Sphalerite
 
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2667/152101_f6b366e0445ed863_004full.jpg

Table 1: Assay results from the High Grade Zone

Table 2: HGZ drill hole coordinates

Qualified Persons

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin.

The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert or ALS Canada Ltd. during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

For analyses targeting VMS mineralization, zinc, copper and silver values are estimated by four acid digestion multi-elements Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES), ME-ICP61 at ALS Canada Ltd. Zinc values over 1%, copper values over 1%, and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Gold values are estimated by fire assay with atomic absorption finish.

About Amex

Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres 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 Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project hosts both disseminated and high-grade vein-hosted gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.

For further information please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the 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.

Forward-looking statements
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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