Amex Exploration (TSXV: AMEX) has dramatically expanded its land holdings within the Abitibi region of Quebec. The company has acquired a new land package adjacent to its flagship Perron project, expanding its holdings from 4,560 hectares to 19,752 hectares.
The new claims, to be referred to as Perron West, consist of 48 contiguous claims to the Perron Property, found to the west and south of Amex’s previous holdings. A further 35 multi-cell and single-cell contiguous claims within Ontario are included in the package, with the new claims consisting of the continuation of the Normetal-Burntbush greenstone belt.
Furthermore, the new land package is said to contain seven gold showings as well as five copper showings, with the claims recently undergoing soil sampling programs and airborne geophysics. Two large potential areas for gold mineralization are said to be present on the property, including a mirror of the Beaupre Block, and the major Normetal Fault where it interacts with the Patten Pluton.
Initial exploration on the new claims in 2025 is to consist of soil sampling on tighter grids to define existing anomalies, as well as expanding the grid to cover previously untouched areas. The effort is being conducted as a means of identifying drill ready targets.
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The new claims were acquired in exchange for initial cash consideration of $150,000, the issuance of 1.5 million shares and the granting of a 1.5% gross overriding royalty. Milestone payments of $1.0 million in cash or shares are to be made upon one million ounces being delineated within a mineral resource estimate on the Perron West claims, with an additional $1.0 million payment to be made upon a PEA, PFS, or feasibility study being established on claims.
Amex Exploration last traded at $0.94 on the TSX Venture.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
