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Amex Reports 30.90m of 11.57g/t Au from Eastern Denise Expansion Zone and 10.10m of 3.71g/t Au from the E2 Gold Zone

V.AMX

Montreal, Quebec--(Newsfile Corp. - May 9, 2022) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce a total of 9 drill holes focused on near surface and on-strike expansion as well as definition drilling of the Denise Zone ("Denise"), part of the Eastern Gold Zone ("EGZ"), of the Perron Project. In addition, the Company is also pleased to report 11 drills holes from the newly discovered E2 Gold Zone ("E2"). See Figure 1 for a plan view of the geology of the EGZ. In addition, Amex would like to remind shareholders of its Annual General Meeting and corporate update which is scheduled for Tuesday, May 10, 2022 at 10:00 AM Eastern time and will be made available via webcast in consideration of current Covid 19 Government guidelines.

Register for the Zoom broadcast here: https://us06web.zoom.us/meeting/register/tZ0qdOCorjkoGNcQmBM-YC2Nnwcry-3SWQdN

Today's drill results demonstrate that tenure and grade of the eastern area of Denise is starting to replicate the western Denise Zone which has been well defined with diamond drilling. These results indicate the potential for higher grade shoots forming within the eastern Denise, similar to what has been defined in the western Denise. A complete list of results is available in Table 1 and presented in Figure 2.

The E2 Gold Zone has now been expanded down to a vertical depth of 370 m and along strike for 325 m. A complete list of results is available in Table 2 and presented in Figure 3.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "Hole PE-22-510 recorded one of the best intersections that we have reported to date in the Denise Zone. We are now seeing very high grade individual samples within the broader panel of mineralized rhyolite that comprises Denise. We are continuing to drill and define this important target as we believe it has the potential to add significant ounces at Perron. In addition, we are beginning to understand the geometry and plunge of the E2 Gold Zone, which roughly parallels the High Grade Zone. The proximity of the E2 and HGZ, approximately 250 metres apart, should be very positive in a potential underground mining scenario as the ounce-per-vertical-metre count would increase significantly."

Trottier continued, "Amex management is very excited about these results and very much looks forward to the continuation of the current drilling phase and the start of the summer fieldwork season which will begin in the coming days. In addition to the ongoing drilling campaign, fieldwork this summer will consist of detailed geological mapping and stripping of exposed surfaces (i.e. outcrops) on a regional scale covering various areas of the property, as well as regional studies of rock geochemistry and bio-geochemistry."

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_002.jpg

Figure 1: Plan view of the geology of the Eastern Gold Zone comprised of the High Grade Zone and the Denise Zone as well as the newly discovered E2 Gold Zone

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_002full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_003.jpg

Figure 2: Longitudinal section of the Denise Zone, with today's released hole locations in green and/or labelled on the longitudinal. Assay results are presented in core length (m). True width is approximately 70-80% of reported intercepts. Metal factor is defined as gold grade multiplied by core length.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_003full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_004.jpg

Figure 3: Longitudinal section of the E2 Gold Zone, with today's released hole locations in green and/or labelled on the longitudinal. Assay results are presented in core length (m). True width is approximately 70-80% of reported intercepts. Metal factor is defined as gold grade multiplied by core length.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2667/123163_cd3ffc42249ad975_004full.jpg

Table 1: Assay results from Eastern Denise Zone

Hole ID From (m) to (m) Length (m) Au (g/t) Metal Factor (g/t*m) Vertical Depth (m) Zone
PE-22-510 376.50 407.40 30.90 11.57 357.51 ~270 Eastern Denise Zone
Including 396.00 396.50 0.50 55.08 27.54
Including 406.90 407.40 0.50 601.47 300.74
PE-22-502 321.00 322.00 1.00 27.87 27.87 ~290-310
And 349.00 352.50 3.50 3.29 11.52
PE-22-472W1 412.90 414.60 1.70 7.10 12.07 ~340
PE-22-488 295.70 297.70 2.00 1.69 3.37 ~240-270
And 347.50 348.00 0.50 12.69 6.35
PE-22-472 348.00 354.00 6.00 0.60 3.62 ~290-350
And 412.50 414.50 2.00 2.79 5.58
And 412.50 422.00 9.50 0.80 7.59
PE-22-485 144.50 147.25 2.75 1.06 2.93 ~90
PE-22-494 329.00 334.80 5.80 0.43 2.49 ~220
PE-22-497 283.00 284.50 1.50 2.17 3.26 ~210
PE-22-474 325.70 329.00 3.30 0.72 2.38 ~240-290
And 407.70 408.30 0.60 5.27 3.16

Table 2: Assay Results from E2 Gold Zone

Hole ID From (m) to (m) Length (m) Au (g/t) Metal Factor (g/t*m) Vertical Depth (m) Zone
PEX-22-102W1 455.50 465.60 10.10 3.71 37.46 ~330 E2 Gold Zone
Including 456.90 457.40 0.50 33.62 16.81
Including 463.60 464.10 0.50 12.63 6.32
PE-22-501 515.45 516.10 0.65 27.40 17.81 ~310
PE-22-484 512.90 515.30 2.40 5.76 13.83 ~380
Including 512.90 513.40 0.50 14.07 7.04
PE-22-494 39.10 39.60 0.50 21.60 10.80 ~30
PEX-22-099 478.50 482.60 4.10 2.36 9.66 ~350
Including 479.70 480.20 0.50 6.04 3.02
Including 482.00 482.60 0.60 5.12 3.07
PEX-22-100 534.70 538.65 3.95 1.67 6.60 ~410
Including 534.70 535.20 0.50 7.86 3.93
PEX-20-033 173.70 174.55 0.85 1.47 1.25 ~110
PEX-21-070 194.70 198.70 4.00 0.41 1.64 ~140
PEX-22-102 481.00 484.50 3.50 0.65 2.26 ~340-350
PE-22-460 116.00 117.00 1.00 1.22 1.22 ~250
PE-22-497 190.70 194.40 3.70 1.29 3.95 ~140

Qualified Person

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 in this news release. 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 protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and 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. Core logging and sampling were completed by Laurentia Exploration.

About Amex

Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold projects in the mining-friendly jurisdiction of Quebec. Amex is focused on its 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and elsewhere in the province.

For further information please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123163