The drill holes focused on expansion drilling of the High Grade Zone, part of the Eastern Gold Zone, and demonstrated that the HGZ is expanding along strike, outside of the main high grade central ore shoot, it said.

The company highlighted:

• 15.52g/t Au over 15.85 metres, including 198.36g/t Au over 1.20 metres, in hole PE-22-511W3 at a vertical depth of 750 metres; and
• 11.27g/t Au over 11.00 metres, including 203.72g/t Au over 0.50 metres, in hole PE-22-511W2 at a vertical depth of 785 metres

"I was very excited seeing the strongly mineralized core especially in the two highlight holes," Amex's executive chairman Jacques Trottier said.

"In addition to the high grade holes, the lower grade mineralization that we have been intercepting on the fringes of the system is adding significant strike and tonnage to the system which should enhance the future resource on the HGZ," he said.

Canaccord Genuity Capital Markets analyst Michael Fairbairn said: "The key takeaway here for us is the signs of continued expansion potential of the zone ahead of Perron's maiden resource, which is expected later this year".

"Our conceptual resource for Perron currently totals ~2.65 million ounces grading ~4.0g/t, with the High Grade Zone contributing ~1.5 million oz to that total," Fairbairn said.

"As such, we view the incremental zone expansion positively, and we believe the discovery of another high-grade pocket of mineralization in an area where lower-grades were expected bodes well for continued future expansion of the HGZ," he said.

Amex's share price was quoted as C$1.98 (US$1.53) on June 16. The company has a market capitalization of C$204.4 million.