Amex Exploration Discovers Additional High Grade Gold Structure Grading 58.25 g/t Au over 3.90 m on the Northern Normetal Fault

As a reminder, the EGZ is comprised of two gold zones, High Grade Zone, a continuous high grade gold system which is immediately north of the Denise Zone (Denise), as shown in Figure 1. In addition, while targeting the depth extension of the HGZ, Amex intersected near-surface high grade gold mineralization in a new gold structure proximal to the Normetal fault zone. This interval, which returned 58.25 g/t over 3.90 m, is spatially and likely structurally related to an intersection of 2.75 g/t Au over 2.80 m drilled by former optionee in 2016, as well as visible gold mineralization in nearby recently drilled hole PE-20-229 for which assays are still pending.

The newly named 210 Gold Zone is located proximal to the northern Normetal fault zone, which is one of two kilometric thrust faults located on the Perron project. The intersection of 58.25 g/t Au over 3.90 metres in hole PE-20-210 is located approximately 680 m north-east of the HGZ in an area that has seen limited exploration. Of note, drillhole 163-16-033 completed by former optionee intersected 2.75 g/t Au over 2.80 metres which is located 200 metres to the East, and a follow-up hole to PE-20-210, PE-20-229 has intersected visible gold along the same plane, as shown in Figure 2. Amex has recently received permits to conduct a follow up drilling program and is currently drilling along strike of this newly discovered high grade gold mineralization.

In addition, today's HGZ results significantly confirm continuity of the HGZ and increase the strike of the high grade intervals of gold mineralization over meaningful widths along the Eastward plunge of the mineralized structure. Highlights are detailed below, and a complete list of results is available in Table 1 and presented in Figure 3. In addition to the results detailed below, Amex is waiting on over 13,000 samples at the lab from holes targeting the HGZ, Denise, and Grey Cat Zone, as well as regional exploration drilling.

• Hole PE-20-210 intersected:
  • 58.25 g/t Au over 3.90 metres, including 412.30 g/t Au over 0.50 metres, in the newly named 210 Gold Zone at a vertical depth of approximately 110 metres;
  • 19.08 g/t Au over 3.00 metres in an area situated between the 210 Zone and the HGZ;
  • 10.12 g/t Au over 3.50 metres in the HGZ at a vertical depth of approximately 1,250 metres.

• Hole PE-197W1 intersected:
  • 11.95 g/t Au over 6.00 m in the HGZ at a vertical depth of approximately 965 metres.

• Hole PE-20-197W2 intersected:
  • 8.71 g/t Au over 5.30 m in the HGZ at a vertical depth of approximately 925 metres.

• Hole PE-20-207W2 intersected:
  • 33.0 g/t Au over 4.50 m, including 225.40 g/t Au over 0.50 m, in the HGZ at a vertical depth of approximately 830 metres.

Jacques Trottier, PhD, Executive Chairman of Amex said, "Perron is significantly underexplored as evidenced by our recent discoveries of the 210 Zone as well as the recently announced high-grade interval in drillhole PEX-21-041. With 10 drills turning on Perron, including 4 drills dedicated to pure exploration, making new discoveries at this rapid pace is likely and we are very pleased with our exploration targeting methodology. In addition to the newly discovered mineralization, expansion and definition drilling at the HGZ continues to yield high grade gold over considerable thicknesses. We are waiting on several thousand additional samples from our drilling program and are looking forward to receiving and releasing to the market as soon as possible."

Figure 1: Geology of Perron Project and Gold Zones, as well as recently announced discoveries including the 210 Zone and hole PEX-21-041. For enhanced image, click here

Figure 2: Plan Map of the 210 Zone and proximal intersections. For enhanced image, click here

Figure 3: Longitudinal Section of the HGZ looking South. For enhanced image, click here

Table 1: Assay Results from the EGZ and 210 Zone.

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be ~75% in the HGZ. True widths at the 210 Zone are currently unknown.

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 elsewhere in the province.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: 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.