Amex Exploration (TSXV: AMX) is again stepping across the provincial border and expanding its foothold in Ontario. The Montreal-based explorer announced Friday that it has entered into an option agreement to acquire a 100% interest in 216 mining claims spanning three separate townships.
The deal adds approximately 11,600 hectares to Amex’s portfolio, bringing its total district-scale land package to over 500 square kilometers. While the company has been a darling of the Abitibi region for its high-grade Perron Gold Project in Quebec, this latest move signals a strategic appetite for the “other side” of the border.
Referred to as the Newman, Noseworthy, and Hepburn properties, two of the three new properties are contiguous to the Perron West project, which is also found in Ontario.
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The Newman Property appears to be the crown jewel of the new acquisition. Historical data from the site reveals 11 gold showings and two copper showings. Most of these were identified through overburden drilling and returned positive results. Seven of these showings yielded values exceeding 1 gram per tonne of gold, with one historical report peaking at 38 grams per tonne.
The Hepburn Property addition is equally strategic. It covers the Chicobi Fault, a major regional structure that separates metasediments from volcanic rocks. More importantly, it runs entirely alongside Perron West, widening that project.
The acquisition terms are structured as a three-year option involving $104,000 in cash payments and the issuance of 250,000 common shares. The optionors will also retain a 1.5% net smelter return royalty, though Amex has carved out a path to buy back 1.0% of that for $1 million.
Amex Exploration last traded at $4.20 on the TSX Venture.
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