Amex Reports Highest Grade Interval to Date on Denise Zone with 9.36 g/t Au over 39.55 metres including 16.55 g/t Au over 21.90 metres

MONTREAL, October 21, 2020 - Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is pleased to report substantial results from several holes targeting the Denise Zone, a broad gold bearing system approximately 50 m to 100 m to the south of the High Grade Zone (HGZ), of the Perron property in northwestern Quebec, Canada as shown in Figures 1 & 2. These results significantly increase the potential for higher grade mineralization within the broad Denise Zone. Highlights are detailed below, and a complete list of results is available in Table 1.

• Hole PE-20-192 intersected 39.55 metres of 9.36 g/t Au including 21.90 metres of 16.55 g/t Au which includes 0.50 metres of 428.42 g/t Au, 0.50 metres of 135.87 g/t Au, and 0.50 metres of 131.85 g/t Au at a vertical depth of approximately 225 metres

• Hole PE-20-191 intersected 35.60 metres of 1.07 g/t Au including 0.50 metres of 47.94 g/t Au at a vertical depth of approximately 125 metres

Gold mineralization at Denise, hosted by brecciated rhyolite of the Beaupre Block, consists of disseminated anomalous to low grade gold mineralization associated with intense sericite and silica alteration, as well as high grade gold mineralization associated with narrow quartz veins and veinlets as shown in Figures 3 and 4. Highlighted results from the Denise Zone are presented on cross sections in Figures 5, 6, & 7.

Jacques Trottier, Ph.D., Executive Chairman of Amex said, "Our most recent press release on the Denise Zone focused on broad (~50-100 m) zones of lower-grade near-surface gold mineralization (1 to 2 g/t Au). The results of holes PE-20-191 continue to support the growing large-volume system, as does our ongoing re-sampling program of previously drilled holes. The very high grade gold found in PE-20-192 is similar to the grade that we typically see in the HGZ next door. We have previously reported high grade intersections within the Denise zone which help to increase the overall grade of the system, an important consideration for evaluation of this ore body."

At the Eastern Gold Zone, Amex has two different orogenic Archean gold mineralization types adjacent to each other - the High Grade Zone (HGZ) and the Denise Zone. The Denise Zone is located roughly 50 m to a 100 m to the South of the HGZ and is a shear zone type gold mineralization which consists mainly of a wide (from 5 m to more than 100 m of width) sub vertical deformation zone of highly sheared and highly silicified, sericitized and pyritized altered rhyolite. The Denise zone also has a distinctive feature consisting of heavily deformed, pinched and swells transposed quartz veins and veinlets containing various sulfide minerals, such as pyrite, pyrrhotite, sphalerite and galena, and also frequently fine grain of native free gold.

Figure 1: Geology of Perron project and gold zones

Figure 2: Plan map of the Denise and HGZ with location of drill sections

Figure 3: Photos of high grade gold from holes PE-20-191 and PE-20-192 of the Denise Zone

Figure 4: Photos of visible gold (VG) from hole PE-20-192 of the Denise Zone

Figure 5: Drill section 614455

Figure 6: Drill section 614495

Figure 7: Drill section 614575

Table 1: Assay Results from the Denise Zone at EGZ

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be ~75% in Denise.

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. Core logging and sampling were completed by Laurentia Exploration. 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.

The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to historical drill results. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

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 116 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 else where 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.

SOURCE: Amex Exploration Inc.