BMEX Gold Provides Drill Program Update and Adds Victor Cantore as Special Advisor to the Board
Vancouver, November 11, 2020 - BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) ("BMEX" or the "Company") is very pleased to provide a progress report on its 4,000-metre drill program ("Phase 1") at the Company's King Tut Property ("King Tut"). The first portion of the Phase 1 program consists of a 25-hole diamond drill program, approximately 2,000 metres, targeting the Authier East Zone, as well as refining historic geological models.
Phase 1 uses 50-meter collar spacings over a section that has previously seen sporadic historical drilling over an approximate 400-metre lateral by 400-metre cross section area. The first holes aim to test the down dip limit of the known mineralization at approximately 150-metre vertical depth. See Figure 1.
Figure 1 Drill Map
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The first Phase 1 hole (TUT-20-001) is nearing completion. Visual examination of the core indicates the following:
- The hole was collared in a felsic volcanic unit and passed quickly to an intensely deformed and altered mafic sequence. Remnants of fragments, small pillow lavas and feldspathic grains could correspond to andesite flows and breccia.
- Coarse to finely laminated structure identified in drill core corresponds to a strong ductile deformation event reaching the protomylonite level. Sharp variations of core angles and double fabrics indicate shear bands.
- The hydrothermal alteration assemblage is composed of varied percentages of dolomite, ankerite and micas. For most part, the alteration intensity obliterates all primary texture and can be qualified as intense deformation.
- Different episodes of veining can be observed throughout the intervals, mostly under the form of tectonically brecciated centimetric veins parallel to the foliation. A late tectonic phase seems to contain more pyrite with trace amounts of chalcopyrite and sphalerite as well as tourmaline and iron carbonate minerals. These veins appear to increase in number at approximately 130 metres depth.
- The presence of potentially mineralized alteration continues through to 200 metres depth (see Diagram 1).
Diagram 1: Mineralized Quartz-Tourmaline Vein (144 Metres Depth)
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Martin Demers, Vice-President of Exploration commented, "Overall, the first section appears to indicate that the target is embedded in a major structure that was previously overlooked. In addition, we are able to observe proximal geological indicators normally related to orogenic environment gold bearing systems, a known characteristic of the Abitibi Greenstone Belt. I am very encouraged by the visual indications on our initial drill core and look forward to reporting assay results in the future."
In addition, the Company wishes to announce that Victor Cantore has joined BMEX as a Special Advisor to the Board to advise BMEX on its capital markets strategy, as well as exploration planning. Mr. Cantore is President, CEO, and a director of Amex Exploration, a Quebec-based exploration company. He is a seasoned capital markets professional specializing in the resource and high-tech sectors. He has more than 25 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. During his career Mr. Cantore has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Mr. Cantore serves on the boards and advisory boards of various companies both private and public.
Amrik Virk, President and CEO of BMEX, commented, "I am very pleased to welcome Victor as Special Advisor to the Board and look forward to working closely with him. Victor brings a wealth of mining sector knowledge and is well versed in the Abitibi Greenstone Belt. I am more confident than ever about the future of BMEX."
Qualified Person
Martin Demers, P.Geo (ogq #770), Vice-President of Exploration to the Company is qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.
About BMEX Gold Inc.
BMEX Gold Inc. is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec, Canada. BMEX is currently fully focused on earning 100% interest in its two projects, both located in the prolific Abitibi greenstone belt:
- King Tut Project consists of 120 contiguous claims on 5,206 hectares
- Dunlop Bay Project consists of 76 mineral claims that cover 4,226 hectares
BMEX common shares trade under the symbol "BMEX" on the TSX-V and under the symbol 8M0 on the Frankfurt Exchange.
For further information please contact:
BMEX Gold Inc.
Amrik Virk, Chief Executive Officer & Director
Tel: (604) 423-4499
Email: info@bmexgold.com
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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