Perron Property - Gold Exploration in Quebec

The Perron gold property is located 8 kilometers to the NW of the village of Normétal, and approximately 110 kilometers North of the town of Rouyn-Noranda in the Abitibi region of Quebec. The Perron gold property is fully road accessible year-round by government-maintained highway and forestry roads and is proximal to power and water services.

 

The property consists of 117 adjacent claims covering a total area of 4560 hectares and is 100%-owned by Amex Exploration. The property is located in the Archean Greenstone Belt of the Superior province. The area is crossed by the regional NW-SE trending Normétal and Perron faults. The Normétal fault is coincident with a stratigraphic horizon known to host massive sulphide deposits such as the nearby past-producing high-grade polymetallic (Cu-Zn-Au-Ag) Normétal mine and the Zn Normetmar deposit and also related to several epigenetic gold showings. The Perron fault is located about 500 to 1000 metres south of the Normétal Fault and is related to several epigenetic gold deposits and showings, including the HGZ, Denise, Grey Cat, and Gratien Zones,

The Perron property was originally explored for base metals from 1994 to 1996 by Falconbridge Limited. Amex, formerly known as Minières Coleraine, was granted an option to acquire the property in 1996. The option agreement terms have long-since been fulfilled and Amex now owns 100% of the Project.

Since the acquisition of Perron, Amex has made a number of gold and base metal discoveries, namely the Eastern Gold Zone (which includes the High Grade Zone and the Denise Zone), the Gratien Gold Zone, the Central Polymetallic Zone, the Grey Cat Zone as well as several compelling regional drill results that warrant additional follow-up.

Recent regional exploration programs led to many important new discoveries: the 210 Gold Zone, Alizée Gold Zone, the E2 Gold Zone, Upper High Grade Zone, E3 Gold Zone, and a new copper rich VMS discovery, the QF Zone.

Eastern Gold Zone

The Eastern Gold Zone (“EGZ”) was discovered in December of 2017 during a regional exploration drilling campaign. The discovery hole, PE-17-03, identified two zones of near-surface mineralization, now called the High Grade Zone and the Denise Zone, which returned values including 12.22 g/t Au over 4.66 metres of core length and 0.81 g/t Au over 76.50 metres of core length, respectively. Follow-up drilling in 2018 in drill hole PE-18-17 intersected values including 269.23 g/t Au over 1.35 metres in core length and 0.74 g/t Au over 20.75 metres (core length) in the High Grade Zone and Denise Zone, respectively.

Following this, a targeted exploration drill program began in Q1 of 2019 totalling approximately 3,000 metres targeting the High Grade Zone, from which assays have returned grades including 393.33 g/t over 1.70 metres (core length) in PE-19-22, 39.58 g/t Au over 0.80 metres (core length) in PE-19-23, and 214.71 g/t Au over 0.65 metres (core length) in PE-19-24.

With the ongoing 2020-2022 drill program, Amex further defined and expanded the Denise Zone and identified exceptional high-grade gold continuity in the High-Grade Gold Zone (HGZ). To date, Amex has hit very high-grade and often visible gold in multiple zones across the project forming a corridor of gold mineralization extending over 3.5 km..

The carefully planned regional exploration program led to important new discoveries within the Eastern Gold Zone:

• the E2 Gold Zone
• the Donna Gold-Copper Zone
• the Upper HGZ
• the 210 Gold Zone

High Grade Zone Long Section

Note: the “metal factor” presented in this figure are calculated using the estimated true thickness.

High Grade Zone

The High Grade Zone is composed of quartz vein system hosted along the contact of a regionally extensive rhyolite package and a narrow (~1-5m) mafic intrusion. The quartz vein(s) can occur at the upper and/or lower contact of the intrusion. Visible gold mineralization occurs most often in association with sphalerite but also as free gold within quartz or at the margins of pyrite grains. The zone strikes approximately at 265N with a dip at -85 with a slight plunge to the East at 70 to 80 degrees from vertical, in agreement with the local stretching lineation. Mineralization identified to date appears to share similarities with Archean orogenic vein-hosted gold deposits found elsewhere in the Abitibi Greenstone Belt and around the world. The zone has been intersected in the same longitudinal section over a vertical distance of approximately 1,260 metres over varying spaces.

Amex demonstrated the exceptional high-grade gold continuity of EGZ down to a vertical depth of 1.26 km. The Company also reported the highest grade individual assay at Perron of 929.24 g/t Au over 0.50 m at a depth of 290 m in hole PE-21-344.

Highlights from the Deeper High Grade Zone (HGZ East) include:

• 89 g/t Au over 6.75 m in hole PE-21-404W2
• 07 g/t Au over 6.10 m in hole PE-21-386W1
• 62 g/t Au over 8.40 m in hole PE-21-318
• 59 g/t Au over 6.20 m in hole PE-21-287
• 01 g/t Au over 7.40 m in hole PE-21-360
• 21 g/t Au over 7.40 m in hole PE-21-360W1
• 46 g/t Au over 15.60 m in hole PE-20-165W2
• 25 g/t Au over 6.10 m in hole PE-21-301W1

Highlights from the Shallower High Grade Zone (HGZ West) include:

• 62 g/t Au over 5.90 m in hole PE-21-366W1
• 74 g/t Au over 6.80 m in hole PE-21-405
• 02 g/t Au over 5.60 m in hole PE-21-391
• 74 g/t Au over 6.90 m, in hole PE-21-409
• 61 g/t Au over 3.50 m in hole PE-21-383W1
• 02 g/t Au over 6.55 m in hole PE-21-392
• 75 g/t Au over 14.90 m in hole PE-21-367
• 97 g/t Au over 6.95 m in hole PE-21-371

Note: The HGZ drill results presented above represent core length. True width is estimated to be 55-80% of the reported core length.

Denise Zone

The Denise Zone, located 50 to 100 m south and sub-parallel to HGZ, consists of disseminated and quartz vein-hosted gold mineralization hosted within a regionally extensive rhyolite package that lies north of an andesite. Gold mineralization is associated with intense sericite alteration and sulfides including pyrite & sphalerite. Denise is a bulk tonnage target.

To date, the Company intersected at least 750 vertical metres of gold mineralization starting from surface across a strike of more than 1 km. The Denise Gold Zone surpassed expectations showing large zones of broad near-surface gold mineralization and continuity. The geology indicates probability to expand to the east near surface. Highlights from Western Denise include:

• Hole PE-21-422 intersected 65.00 m of 1.89 g/t Au, including 0.50 m of 197.35 g/t Au
• Hole PE-21-392 intersected 58.50 m of 1.82 g/t Au, including 0.50 m of 177.65 g/t Au
• Hole PE-20-188 intersected 189.40 m of 1.09 g/t Au
• Hole PE-20-54EXT intersected 50.0 m of 2.12 g/t Au
• Hole PE-20-181 intersected 115.60 m of 1.39 g/t Au

Highlights from Eastern Denise include:

• Hole PE-22-510 intersected 30.90 m of 11.57 g/t Au, including 0.50 m of 601.47 g/t Au
• Hole PE-22-468 intersected 41.30 m of 0.88 g/t Au, including 14.90 m of 1.50 g/t Au

Note: the Denise drill results presented above represent core length. True width is estimated to be 60-90% of the reported core length.

Denise Zone Long Section

Note: the Denise drill results presented above represent core length and the “metal factor” presented on this figure is calculated using the estimated true thickness.

E2 Gold Zone

The E2 Gold zone ("E2") represents one of the most significant new discoveries on the Perron Project since the discovery of the High Grade Zone ("HGZ") in 2018. The E2 zone was discovered by stepping out to the East along the same structure that hosts the bonanza mineralization of the HGZ.

Mineralization identified to date is very similar to the HGZ, with a repetition of a mineralized hanging wall vein, a largely unmineralized narrow mafic sill, and a mineralized footwall vein. Sulfide minerals are also very similar, with sphalerite being the most common sulfide associated with gold mineralization, along with lesser pyrite.

Visible gold has been identified in several drill holes. Of particular importance is the projected plunge of the mineralization.

The E2 Gold Zone has now been expanded down to a vertical depth of 370 m and along strike for 325 m.

Highlights from E2 GOLD ZONE include:

• PEX-20-034 returned 5.58 g/t Au over 13.85 m including 136.02 g/t Au over 0.55 m
• PEX-21-066 returned 4.54 g/t Au over 8.45 m
• PEX-22-102W1 returned 3.71 g/t Au over 10.10 m including 33.62 g/t Au over 0.50 m

Note: The drill intervals for the E2 zone are presented in core lengths, as its estimated true width is currently unknown.

 

Upper High Grade Zone

The Upper High Grade Zone ("UHGZ") is situated approximately 200 metres north of the HGZ Of interest is the orientation of the UHGZ, which trends to the West-Northwest, at an angle of approximately 30 degrees away from the orientation of the HGZ. The UHGZ is often hosted by or proximal to a swarm of narrow mafic sills/dikes, and mineralization is associated with quartz veining, pyrrhotite, pyrite, sphalerite, and visible gold mineralization. Owing to its location and proximity to the HGZ, Amex is able to continue testing the UHGZ through its definition and expansion drilling program on the HGZ.

Highlights from Upper High Grade Zone include:

• PE-20-207W1 returned 79 g/t Au over 1.05 m
• PE-20-190 returned 01 g/t Au over 17.20 m
• PE-20-186A returned 08 g/t Au over 3.50 m

Note: The drill intervals for the UHGZ zone are presented in core lengths, as its estimated true width is currently unknown.

Donna Gold-Copper Zone

The Gold-Copper Donna Zone ("Donna") discovery occurs immediately north of the HGZ at depth. It was discovered during deep expansion drilling of the HGZ. The mineralization identified, which is similar in each of the three holes reported, consists of highly chlorite-garnet-amphibole altered rhyolite which hosts centimetre-scale stringers of chalcopyrite-pyrrhotite. The correlation between gold and copper is quite strong. Amex has completed a borehole electromagnetic survey on this new discovery and is planning follow-up drilling.

Highlights from gold-copper Donna Zone include:

• PE-21-318W1 returned 37 g/t Au and 0.25 % Cu over 56.00 m including 3.59 g/t Au and 0.72 % Cu over 14.70 m
• PE-21-318 returned 79 g/t Au and 0.24 % Cu over 29.15 m
• PE-21-318W2 returned 89 g/t Au and 0.20% Cu over 16.00 m

Note: The drill intervals for the Donna zone are presented in core lengths, as its estimated true width is currently unknown.

210 Gold Zone

The 210 Gold Zone ("210") is located proximal to and south of the northern Normétal fault zone, which is one of two kilometric thrust faults located on the Perron project. The 210 zone was originally announced as a discovery on February 17, 2017 with hole PE-20-210 returning 58.25 g/t Au over 3.90 m.

The identified mineralization is located approximately 650 m north-east of the HGZ in an area that has seen limited exploration. Conveniently, Amex is able to test the near-surface portion of the 210 zone during deep definition drilling of the HGZ owing to its location. Gold mineralization is hosted within quartz veining in sodic rhyolite of the Beaupre Block.

Highlights from 210 Gold Zone include:

• PE-20-229 returned 12 g/t Au over 19.50 m
• PE-21-280 returned 39 g/t Au over 9.00 m
• PE-21-301 returned 82 g/t Au over 15.00 m

Note: The drill intervals for the 210 zone are presented in core lengths, as its estimated true width is currently unknown.

Gratien Gold Zone

The Gratien Gold Zone was discovered in the 1990’s by Falconbridge. Amex Exploration (previously Coleraine Resources) optioned the property from Falconbridge in 1996. A number of very significant gold intercepts were discovered, including:

• 5.66 g/t Au over 8.25 metres in PE1997s03
• 9.76 g/t Au over 4.95 metres in PE1997s04
• 24.59 g/t Au over 5.50 metres in PE1997s14
  • Inc 330.79 g/t Au over 0.40 metre
• 10.25 g/t Au over 8.00 metres in PE1997s24
  • Inc 77.68 g/t Au over 1.00 metre
• 32.18 g/t Au over 1.60 metres in PE1998s46
• 35.23 g/t Au over 1.70 metres in PE1999s49
• 2.73 g/t Au over 18.50 metres in PE1999s54
• 138.65 g/t Au over 1.00 metre in PE2008s03
• 11.97 g/t Au over 5.10 metres in PE2008s03
  • Inc 56.13 g/t Au over 1.00 metre

These historical drilling campaigns resulted in the discovery of 5 different zones of mineralization that follow the regional Perron fault horizon.

In June of 2019, the Company initiated a drilling campaign on the Gratien Gold Zone utilizing the same targeting methodology that was applied to identify the bonanza grades at the Eastern Gold Zone. The first hole drilled in 2019, PEG-19-65, intersected 67.52 g/t Au over 1.45 metres and 14.39 g/t Au over 2.05 metres.

The strike length of the high-grade gold mineralization of the newly defined lens of Gratien Gold Zone is 400 metres. In addition, there are a number of stacked vertically dipping lenses of gold mineralization within the Gratien zone – two prominent zones, the Gratien Main and Upper Gratien. Continued drilling will test the continuity of these lenses along the over 1 km-long corridor of gold mineralization.

Amex management believes that the Gratien Gold Zone has potential for both low-grade bulk tonnage mineralization and narrow high-grade selective type mineralization and plans to continue extensively exploring this target.

Note: The Gratien drill results presented above represent core length. True width is estimated to be 65-90% of the reported core length. "Metal Factor" calculations, when disclosed, utilize estimated true width.

Grey Cat Zone

The GCZ is about 650 metres from the Gratien Gold Zone and lies in between the Eastern Gold Zone and the Gratien, slightly to the north of the regional Perron Fault. The new GCZ is a near-surface zone that contains high-grade gold mineralization within a broad panel of disseminated gold mineralization with intercepts of up to 26.90 metres grading 3.42 g/t Au including 134.16 g/t Au over 0.50 metres in hole PEG-19-80. The gold grades reported having been found from approximately 14.00 metres below the surface in PEG-19-82 down to a depth of approximately 425 metres in PEG-19-98.

The Grey Cat Zone is hosted in a slightly brecciated rhyolite package and associated with a moderate sericite, silica, and chlorite alteration. Grey Cat’s Gold system is formed by a main quartz vein located along the inferior or superior contact of a mafic intrusion crosscutting the felsic units inside a larger horizon hosting several veinlets or silicified sheared zones. Visible gold is found within veins and veinlets most of the time in association with sphalerite and pyrite. GCZ gold mineralization differs from previously announced gold mineralization at the High Grade Zone and the Gratien Zone in that gold is more widespread through broader panels of the host rock rather than concentrated in individual veins. However, the Grey Cat zone share the characteristic of having a rich vein along the contact of a mafic intrusion crosscutting the rhyolite with the HGZ. The near-surface mineralization of over 20 metres width has the potential to be amenable to open-pit mining methods. Amex has now defined the GCZ from approximately 14 metres below surface down to the depth of approximately 425 metres vertically. The zone is open at depth and along strike.

Note: The Grey Cat drill results presented above represent core length. True width is estimated to be 50-70% of the reported core length

Grey Cat Long Section

Note: the Grey Cat drill results presented above represent core length and the “metal factor” presented on this figure is calculated using the estimated true thickness.

Central Polymetallic Zone

In March 2013, Amex made a significant discovery of a high-grade gold-rich polymetallic intercept from 402.00 to 417.20m of 3.84 g/t Au, 23 g/t Ag, 1.4% Zn, 0.10% Cu over 15.20 metres (Including 19.07 g/t Au, 102 g/t Ag, 5.0% Zn, 0.38% Cu, 0.13% Pb over 2.00 metres from 410.50 to 412.50 m) in hole PE2013-03.

Note: The drill intervals for the Central Polymetallic zone are presented in core lengths.

QF Zone

A copper rich volcanogenic massive sulfide (VMS) discovery (QF Zone) was made along the Normétal Mine Horizon where the company intersected 2.40% Cu, 0.72% Zn, 0.27 g/t Au and 22.15 g/t Ag over 7.80 m in hole PEX-21-076

Follow up drilling has confirmed the initial discovery with similar grades and widths, indicating the presence of a substantial VMS system. PEX-21-083, which is approximately 65 metres 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 metres, 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 metres, which confirms both the width and grade of the discovery hole.

Defining and expanding upon this system is part of the 2022 exploration program.

Note: The drill intervals for the QF zone are presented in core lengths.

Note: The selected drill intervals indicated on this figure are presented in core lengths.

Qualified Persons, Quality Assurance & Quality Control

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.