Amex Exploration (TSX: AMX) has expanded its resource at the flagship Perron project in Quebec, pushing combined resources beyond the two million gold ounces mark.
The new resource estimate is said to include an additional 46,355 metres of new drilling data, in combination with 562,137 metres of previously included drill data and tighter wireframe modelling to produce the latest resource estimate. The new estimate is based on a high-grade, selective narrow vein mining approach, while expansion potential continues to exist following the recent acquisition of Perron West.
The majority of ounces come from the Champagne Zone, which was previously referred to as the High Grade Zone, alongside ounce contributions from the Denise, Graiten, Grey Cat and Team zones.
The revised resource estimate has seen growth across both the measured and indicated categories, with Perron now said to contain 154,400 ounces of gold at 12.54 g/t within the measured category and a further 1,461,000 ounces of gold at 5.83 g/t gold within the indicated category. Total measured and indicated resources amount to 1,615,000 ounces of gold at 6.14 g/t. A further 698,000 ounces of gold at 4.31 g/t exist within the inferred category.
On a combined basis, contained gold ounces across all categories have grown by 41% since the prior resource estimate, with contained ounces climbing from 1.64 million to 2.31 million. Measured and indicated resources improved by 172% overall, while grades improved by 43%.
The bulk of mineralization is found at Champagne, which contains measured and indicated resources of 831,000 ounces of gold at 16.20 g/t, in addition to inferred resources of 128,000 ounces of gold at 9.83 g/t.
“Given the quality of the project, we are pursuing a dual pathway of development and continued exploration at Perron. In today’s gold price environment, these ounces are extremely lucrative, however, are also highly resilient to fluctuations in gold prices and I expect our upcoming PEA to reflect very positive economics. I look forward to updating all stakeholders in the coming weeks,” commented Victor Cantore, CEO of Amex Exploration.
Amex Exploration last traded at $1.30 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.
