Amex Exploration Inc.: Drilling has Started on the Perron Gold Property
August 30, 2013 (Source: Marketwire) — Amex Exploration Inc. (TSX VENTURE:AMX) (“Amex” or the “Corporation“) is pleased to report that Agnico Eagle Mines Limited (TSX:AEM)(NYSE:AEM) (“Agnico Eagle”) has started a new drilling program on the Perron Gold property owned by Amex. This drilling program is part of the Option Agreement that was recently signed (see PR dated June-21st, 2013) where Agnico Eagle has exploration expenses commitment of $4,500,000 over a three year period to earn a 51% interest in the property. The Perron gold property is located at about 5km NW from Normetal mine-town in the Abitibi region of Quebec and is easily accessible by road network.
Agnico Eagle has informed Amex that it is planning to execute a 5,000 meters drilling campaign in two phases. According to the ‘Option Agreement’, exploration work commitment expenditures of $450,000 has to be finalized before the end of December, 2013.
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First phase consists of 3 drill holes of about 750 to 800 meters deep each that will be located near the discovery hole PE-2013-03 made by Amex earlier this year. As a reminder, this hole returned an overall grade of 2.19 g/t Au over a core length of 41.4 meters on a first of two zones, including a higher grade sub section of 3.84 g/t Au over 15.2 meters.
The first drill hole of this new phase of drilling is currently underway. After completion, down hole geophysics will be done to help for the location for the second and third drill holes to be done before the end of September. October will be dedicated to make some compilation on the first phase work results and for the planning of the second phase drilling. Second phase will consist of additional drill holes to follow-up on the compilation work and to restart drilling by early November 2013.
Jacques Trottier, PhD, President and CEO of Amex Exploration comments, “We are very pleased that Agnico Eagle has started promptly their work program on the Perron Gold property. We are quite optimistic that this drilling program will confirm the presence of an important gold mineralised body in extension at depth of the mineralisation that Amex encountered in its hole PE-13-03 done earlier this year. This new exploration campaign is just starting and we are truly excited about the outcome”.
Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>