Mega Catalyst - Amex Drills Highest Grade Hole to Date Amex announced a monster PR this morning. Drilling their highest grade hole to date with 102.07 grams per tonne of gold over 6.10 metres. Did they stop there? No - they put out 31 additional holes - highlights below of some significant gold findings. There is a reason why 4 analysts have price targets well above current price of $2.50 (Canaccord price target is $4.25, PI Financial $3.75)
Why do they feel there is so much upside? Well PI has this to say:
Also, we believe that investors are overlooking property wide exploration upside unlocked through expanding known zones as well as emerging targets such as the 210 discovery which we view as a game changer reflective of Perron’s target-rich potential to yield new discoveries
The press release today serves us up their response big time! Results show that this bonanza zone has high grade core over 800 vertical metres which is a huge development - This is going to get alot of attention from the majors around them (Kirkland Lake Gold (TSX: KL), Osisko Mining (TSX: OSK) etc.
Check out the results! https://orders.newsfilecorp.com/files/2667/95665_63963943a438ba8b_005full.jpg
Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "I am very excited with today's results for several reasons. Firstly, we have drilled the highest grade hole at depth to date with hole PE-21-386W1 returning 102.07 grams per tonne of gold over 6.10 metres. We can now trace the high grade core of the HGZ over 800 vertical metres which is a very significant development in the expansion of this important zone. Also, it clearly demonstrates the zone is richer at depth and wider along strike. In addition to this very high-grade drill hole, our shallower drilling on the Western portion of the HGZ has significantly expanded the 'bonanza' area of the HGZ proving the super high grade core is continuous."
Highlights from the Deeper (Eastern) High Grade Zone include:
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102.07 g/t Au over 6.10 m, including 822.49 g/t Au over 0.60 m, for a metal factor of 623 at a vertical depth of approximately 870 m in hole PE-21-386W1;
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29.62 g/t Au over 8.40 m, including 333.42 g/t Au over 0.50 m, for a metal factor of 249 at a vertical depth of approximately 1,120 m in hole PE-21-318;
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37.59 g/t Au over 6.20 m, including 356.58 g/t Au over 0.50 m, for a metal factor of 233 at a vertical depth of approximately 1,070 m in hole PE-21-287;
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17.01 g/t Au over 7.40 m, including 136.18 g/t Au over 0.75 m, for a metal factor of 126 at a vertical depth of approximately 500 m in hole PE-21-360;
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10.21 g/t Au over 7.40 m, including 109.53 g/t Au over 0.60 m, for a metal factor of 76 at a vertical depth of approximately 660 m in hole PE-21-360W1;
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4.46 g/t Au over 15.60 m, including 89.14 g/t Au over 0.50 m, for a metal factor of 70 at a vertical depth of approximately 660 m in hole PE-20-165W2;
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10.25 g/t Au over 6.10 m, including 53.71 g/t Au over 0.50 m, for a metal factor of 63 at a vertical depth of approximately 910 m in hole PE-21-301W1.
Highlights from the Shallower (Western) High Grade Zone include:
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84.02 g/t Au over 5.60 m, including 540.06 g/t Au over 0.50 m and 386.58 g/t Au over 0.50 m, for a metal factor of 471 at a vertical depth of approximately 170 m in hole PE-21-391;
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21.75 g/t Au over 14.90 m, including 136.06 g/t Au over 1.95 m, for a metal factor of 324 at a vertical depth of approximately 190 m in hole PE-21-367;
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11.97 g/t Au over 6.95 m, including 77.51 g/t Au over 1.00 m, for a metal factor of 83 at a vertical depth of approximately 120 m in hole PE-21-371.