Amex Exploration Craters 37% After Releasing Mineral Resource Estimate For Perron
Amex Exploration (TSXV: AMX) this morning published a mineral resource estimate for its flagship Perron Project, which is based in the northwestern portion of the Abitibi region of Quebec.
The resource estimate includes 11 separate zones, including the HG Zone, where much of the mineral resources are based. The estimate includes both open pit constrained as well as underground resources as well.
The estimate outlines a total of 100,400 contained gold ounces within the measured category, which are at an average grade of 5.42 g/t. The indicated category meanwhile contributes 493.7000 gold ounces at an average grade of 4.11 g/t, while inferred resources amount to 1,049,650 gold ounces at an average grade of 3.80 g/t.
“In my opinion, the high-grade nature of Perron is what truly sets its apart from its peers and we have just begun to scratch the surface of the potential. The grade at Perron compares very favourably to many of the recent world class projects in Canada and elsewhere. There is significant room for this resource to grow, as much of the property is yet to be explored,” commented Jacques Trottier, Executive Chairman of Amex.
“Given the projects quality high-grade ounces, proximity to infrastructure and workforce, we look forward to releasing our project economics in the PEA, which remains on track for Q4 of this year. It should also be noted that this resource is purely gold focused. None of the silver credits that may exist across our zones have been modelled, neither have any of our copper-zinc mineralization of the QF Zone, Central Polymetallic Zone and Donna Copper Zone.”
While management appears bullish on the results of the mineral resource estimate, the market has other thoughts, with the equity currently trading down 37.1% at the time of writing, sinking $0.72 to $1.22 per share.
Information for this story was found via Sedar and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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