Montreal-based Amex Exploration (CVE:AMX) has announced the details of a fully-funded 100,000 metre drill program for its 100% owned, 4,518 hectare Perron gold property located 110 km north of Rouyn-Noranda, Quebec.
This news follows the closing of an oversubscribed C$8 million bought deal private placement on Nov. 7, whereby the company issued approximately 4.4 million flow-through units at a price of C$1.80 per unit (consisting of one common share and one half of a warrant). The underwriters have also partially exercised the option to increase the offering size by agreeing to purchase an additional 545,500 units for C$981,900. Closing is expected around November 19. The shares are currently trading at C$1.05.
Of the 40,000 metre 2019 meter drill program, 27,500 metres have been drilled to date. The work is focusing on three gold zones discovered in 2019 at Perron – the Eastern Gold zone, the Gratien zones as well as the Grey Cat zone. The company has identified gold mineralization over an approximate strike length of 3 km along the Perron fault within the Beaupré block which is bounded by the Normetal and Perron faults. Together, the two faults span over a 15 km strike at the Perron property. Modeling has identified additional exploration targets along the faults.
The 60,000 metre drill program planned for 2020 is aimed at ongoing definition and expansion of the gold zones which are open on strike and at depth with the aim of producing an eventual NI 43-101 resource estimate. The company also plans to start a regional exploration drill program to test targets along the Perron and Normetal faults and to initiate a drone magnetic survey to identify gold associated structures.
Based on the exploration work completed to date, structures within the Eastern Gold zone have been traced over a strike length of up to 300 metres and from surface to a depth of up to 585 metres. Highlight intercepts include 56.75 g/t gold over 8.5 metres and 30.98 g/t gold over 8.5 metres. The mineralization at the Gratien zones has been traced over 1 km with a number of high grade chutes identified. At the Grey Cat zone, mineralization has been identified over a 175 metre strike length, starting at surface and extending down to a depth of 400 metres.
Eric Sprott is currently the company’s largest strategic shareholder, holding 13% of the shares outstanding on a fully diluted basis.
(This article first appeared in the Canadian Mining Journal)
