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Perron Property - Gold Exploration in Quebec

The Perron gold property is located 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 Perron gold property is fully road accessible year-round and proximal to power and water services.

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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 Lac Supérieur structural province. The area is crossed by the regional NW-SE trending Normetal and Perron fault. The Normetal fault is along a stratigraphic horizon known as host of massive sulphide deposits such as the nearby now closed polymetallic (Cu-Zn-Au-Ag) Normetal mine and the Zn Normetmar deposit and also related to a few epigenetic gold-bearing veins showing. The Perron fault is located about 500 to 1000 metres south from Normetal Fault and is related to several epigenetic gold-bearing veins showing and the central polymetallic zone.

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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. Since the acquisition of Perron, Amex has made a number of gold and base metal discoveries, namely the Eastern Gold 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.

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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, called the High Grade Zone and the Denise Zone, which returned values including 12.22 g/t Au over 4.66 metres and 0.81 g/t Au over 76.50 metres, respectively. Follow-up drilling in 2018 in drill hole PE-18-17 intersected values including 269.23 g/t Au over 1.35 metres and 0.74 g/t Au over 20.75 metres 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 in PE-19-22, 39.58 g/t Au over 0.80 metres in PE-19-23, and 214.71 g/t Au over 0.70 metres in PE-19-24.

Eastern Gold Zone (HGZ) Long Section

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The High Grade Zone is composed of quartz vein system hosted along the contact of a regionally extensive rhyolite package and a narrow mafic intrusion. The quartz vein 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 strike approximately at 265N with a dip at -85 with a slight plunge to the East at 70 to 80 degrees from the 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 600 metres over varying spaces.

The Denise Zones consist of disseminated and quartz vein-hosted gold mineralization associated with a regional extensive rhyolite package that lies north of an andesite. Gold mineralization is associated with intense sericite alteration and sulfides as pyrite & sphalerite. Within the broad zones of low grade mineralization, the Company has identified several panels of higher grade mineralization with results up to 3.41 g/t Au over 5.35 metres in PE-18-15, 1.20 g/t Au over 16.50 metres and 3.91 g/t Au over 4.50 metres in PE-17-03, 2.69 g/t Au over 3.40 metres in PE-19-22 and 4.92 g/t Au over 13.50 metres in PE-19-37ext. In addition, Hole PE-19-83, one of the deepest holes to date in the Denise Zone, intersected 6.99 g/t over 32.20 metres with a higher grade component of 39.84 g/t Au over 5.50 metres.

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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 77.69 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.

Following these results, a preliminary resource estimate on one of the zones (Zone 3) was performed by an independent QP (qualified person as per NI 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 NI 43-101 on “Resources Estimates from NI 43-101 Technical Report Project Perron”, May 10th, 2009). The resource is calculated over a strike length of 1,070 metres and over a depth interval extending from 40 metres to 200 metres with an average thickness of 4.50 metres. This inferred resource is open to depth and along strike.

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.

Gratien Long Section

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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.

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.

Grey Cat Long Section

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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.

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