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High grades point to deeper potential at Perron

Eric Sprott-backed Amex Exploration (TSXV: AMX) has reported more high-grade gold intercepts and visible gold from its flagship Perron property in Quebec.
High grades point to deeper potential at Perron High grades point to deeper potential at Perron High grades point to deeper potential at Perron High grades point to deeper potential at Perron High grades point to deeper potential at Perron

Amex will target deeper mineralisation at Perron

Staff reporter

The company said the results indicated the High Grade Zone at the Eastern Gold Zone (EGZ) extended close to surface and was robust and high grade, laterally and to depth.

Among the highlights, it hit 0.8m at 248.05g/t gold from 297m; and 0.5m grading 156.83g/t within 1.15m at 89.59g/t from 85m, and identified visible gold in recently completed holes awaiting assay results.

"We are very excited about the potential of the system at depth and our next holes are targeting deeper gold mineralisation," chairman Jacques Trottier said.

Amex shares spent the bulk of 2018 below C10c then leapt to an eight-year high of $1.52 in February following support from Sprott and a series of high-grade intercepts at EGZ.

Sprott now holds 8.5% of the company, according to a presentation yesterday, after his 2176423 Ontario Ltd acquired $3 million (US$2.2 million) of the 75c units in Amex's February placement that raised $5.4 million (US$4 million) for exploration at Perron and general working capital.

Amex's previous placement in December had raised $552,000 at 8c per unit.

Its shares closed down 4c yesterday to $1.09, capitalising it at $59.2 million.