The Perron gold property is located in the western part of the Normetal property, 8 kilometers to the NW of the village of Normetal, and approximately 110 kilometers North of the town of Rouyn-Noranda in the Abitibi region of Quebec.
The property consists of 108 adjacent claims covering a total area of 4,260 hectares 100%-owned by Amex Exploration. The property is located in the Archean Greenstone Belt of the Lac Supérieur structural province. The area is crossed by the regional NW-SE trending Normetal fault. This fault delineates a major structural corridor associated to massive sulphide deposits such as the nearby now closed polymetallic (Cu-Zn-Au-Ag) Normetal mine and the Zn Normetmar deposit and a few gold-bearing vein showings.
From 1994 to 1996, the Perron property was explored for base metals by Falconbridge. From 1996 to 2000, Ressources Minières Coleraine explored the property for gold by drilling nearly 18,000 meters which resulted in the discovery of gold mineralization on Perron in 3 principal parallel Zones ranging from 300 meters to more than 1 kilometer in strike length. These Zones are located near the contact between rhyolite units to the North and altered andesite units to the South.
In March 2008, a six hole drill program totalling 1,638 meters was performed on Zone 3 to follow-up at depth historical gold intersections such as 12.2 g/t Au over 4.0 meters, 8.8 g/t Au over 2.2 meters and 8.9 g/t Au over 1.7 meter, with sometimes high grade intersects such as 78.1 g/t Au over 1.7 meter. The 2008 drill campaign resulted in important intersections such as 14.8 g/t over 4.1 meters, 5.6 g/t over 3.0 meters, as well as 2.5 g/t over 13.6 meters.
Following these results, a preliminary resource estimate on Zone 3 was performed by an independent QP (qualified person as per 43-101 regulation) to evaluate the economic potential of this Zone. A total of 1.2 million tonnes with a grade of 1.86 g/t Au for a total of 69,907 ounces of gold in the inferred mineral resources category was estimated by Jacques Marchand ,P. Eng. in May 2009 (see Report 43-101 on “Resources Estimates from 43-101 Technical Report Project Perron”, May 10th, 2009). The resource is calculated over a strike length of 1,070 meters and over a depth interval extending from 40 meters to 200 meters with an average thickness of 4.5 meters.
(From report 43-101, J. Marchand, P. Eng., May 10th, 2009, p.36)
The Zone 3 consists of a system of quartz veins mineralized in gold, pyrite, with some pyrrhotite and magnetite in an andesitic environment including some iron formations. In the same area, there are several other gold mineralized structures that are not included in this resource estimate due to insufficient information.
The conclusion from a 12 hole drill program totalling 2,861 meters performed from May to September 2009 is that although this phase of drilling did reach the objectives as a whole, the interpretation regarding the continuity and extension of each of the Zones and particularly Zone 3, will require more work and understanding. In this regard, the company is systematically compiling all the drill results in order to establish, if required, a coherent structural model which would be used as an orientation tool in the continuation of drilling. Following this compilation work, Amex intends to pursue with a new aggressive drilling campaign to test the extension of this new Zone together with the other Zones on the property.