Amex Drills 227.46 g/t Au over 0.50 m in Initial Holes from Resource Conversion Program and Expands Denise Zone Eastward

The conversion program aims to upgrade inferred resources for future advanced economic studies; the potential eastward extension needs confirmation.

Rhea-AI Summary

Amex Gold Mining (AMXEF) reported initial Perron resource-conversion drilling results, including 227.46 grams of gold per tonne over 0.50 metres. Hole PE-26-959 returned 114.07 g/t gold over 1.00 m, including that interval. Denise Zone hole PE-26-957 returned 29.86 g/t over 2.50 m, while Champagne Zone hole PE-26-960 returned 11.42 g/t over 1.85 m.

The program initially targets the first 600 vertical metres of Denise and Champagne, aiming to upgrade inferred resources to higher-confidence measured or indicated categories for future advanced economic studies. Most conversion drilling has focused on Denise. Exploration hole PE-26-936 returned 3.33 g/t gold over 12.70 m, potentially extending Denise approximately 320 m eastward. Further drilling is required to confirm continuity. Amex plans additional exploration in the southeastern Beaupré Block.

Positive

• Minor pointDenise hole PE-26-959 returned 114.07 g/t gold over 1.00 m, including 227.46 g/t over 0.50 m.
• Minor pointDenise hole PE-26-957 returned 29.86 g/t gold over 2.50 m, including 126.24 g/t over 0.50 m.
• Minor pointChampagne hole PE-26-960 returned 11.42 g/t gold over 1.85 m, including 23.79 g/t over 0.85 m.
• Minor point. Forward-looking: it has not happened yet and may not happen.Exploration hole PE-26-936 returned 3.33 g/t gold over 12.70 m, potentially extending Denise approximately 320 m eastward.
• Minor point. Forward-looking: it has not happened yet and may not happen.Resource-conversion drilling aims to upgrade inferred resources for inclusion in future advanced economic studies.
• Minor point. Forward-looking: it has not happened yet and may not happen.Amex plans further exploration drilling in the southeastern extremity of the Beaupré Block.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.The potential 320 m eastward extension requires further drilling to confirm mineralization continuity.
• Minor pointReported intervals are core lengths; true thicknesses approximate 50–80% of those intervals.

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Montreal, Quebec--(Newsfile Corp. - October 29, 2026) - AMEX Gold Mining Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("AMEX" or the "Company") is pleased to announce the first results from its recently commenced resource conversion drill program at its flagship Perron Project in the northwestern Abitibi region of Quebec (Figure 1). The program aims to upgrade Inferred ("Inf") resources to Measured and/or Indicated ("M&I") to be included in future advanced economic studies. Please see Figure 2 for the location of today's announced drill results. See Figure 3 for images of visible gold ("VG") mineralization and Tables 1 and 2 for drill hole results and coordinates.

Drill highlights from the conversion drilling completed to date include:

• 114.07 g/t Au over 1.00 m including 227.46 g/t Au (and 17.90 g/t Ag) over 0.50 m at a vertical depth of ~187 m in hole PE-26-959 of the Denise Zone
• 29.86 g/t Au over 2.50 m including 126.24 g/t Au (and 20.80 g/t Ag) over 0.50 m at a vertical depth of ~220 m in hole PE-26-957 of the Denise Zone
• 11.42 g/t Au over 1.85 m including 23.79 g/t Au (and 5.00 g/t Ag) over 0.85 m at a vertical depth of ~471 m in hole PE-26-960 of the Champagne Zone

The initial stages of the resource conversion program have focused on the first 600 vertical metres of the Denise and Champagne Zones. Note that the vast majority of resources in the top 600 m of the Champagne Zone were already in the M&I category, so only two conversion drill holes were required, meaning that almost all conversion drilling completed to date has been focused on the Denise Zone.

In addition to the resource-conversion drilling, exploration drilling east of the current Denise Zone has potentially expanded the mineralized footprint by approximately 320 m. Drill hole PE-26-936 returned 3.33 g/t Au over 12.70 m, including 47.73 g/t Au (and 14.50 g/t Ag) over 0.80 m at a vertical depth of ~172 m (see Figure 2). This is an encouraging exploration development, as minimal drilling has been completed in the extreme southeast corner of the Beaupré Block. As the Denise Zone expands east and the Team Zone advances to the southeast, the possibility for the two zones to meet one another becomes more realistic. Further exploration drilling in the southeast extremity of the Beaupré Block is therefore planned.

"The resource conversion drill program is off to a strong start," said Aaron Stone, Vice President Exploration of Amex Gold Mining. "Our initial focus has been on the first 600 vertical metres of mineralization within the Champagne and Denise zones. Given that the vast majority of Champagne Zone resources within this interval were already classified as Measured and Indicated resources, only two drill holes were required there, with most of the program to date focused on the Denise. High-grade results encountered in holes such as PE-26-957 and PE-26-959 are particularly encouraging given that the targeted grade of the inferred stopes averages approximately 2.5 g/t Au. These results present an opportunity to not only upgrade these resources but also to potentially add ounces in the targeted area. These results in the conversion program are important in increasing confidence in the economics of the second phase of the operation."

Figure 1: Geological map of the Perron Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/321561_109bbbcaf47919b2_002full.jpg

Figure 2: Geological map displaying the location of today's released drill holes with grades of assay results as well as the possible extension of the Denise Zone to the east.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/321561_109bbbcaf47919b2_003full.jpg

*Readers are cautioned that the 320 m eastward expansion of the Denise Zone will require further drilling to confirm continuity of mineralization.

Figure 3: Photos displaying visible gold (VG) mineralization from drill holes PE-26-957 and PE-26-959 presented today. Gold mineralization is present in quartz-carbonate-sulphide veins hosted within the rhyolite of Beaupré Block.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2667/321561_109bbbcaf47919b2_004full.jpg

Table 1: Assay results from today's released holes on the Perron Property.

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Vertical Depth (m)	Zone	Type
PE-26-936	150.50	151.50	1.00	0.88	0.30	~107	East Beaupré Block	Expansion
And	250.45	264.15	12.70	3.33	1.05	~180
Including	250.45	251.25	0.80	47.73	14.50
PE-26-942	206.10	206.60	0.50	0.79	0.10	~167
And	216.00	217.50	1.50	0.66	0.10	~176
And	267.50	269.30	1.80	0.91	0.27	~217
And	413.70	414.20	0.50	0.59	0.10	~333
PE-26-956	136.00	137.50	1.50	0.55	0.10	~115	East Denise Zone	Conversion
And	161.25	161.75	0.50	0.53	0.20	~136
And	215.05	215.55	0.50	0.75	0.50	~180
PE-26-957	83.00	83.50	0.50	0.97	0.30	~74
And	96.00	96.70	0.70	1.18	0.10	~89
And	99.80	100.30	0.50	1.22	0.30	~98
And	113.80	115.30	1.50	0.55	0.10	~102
And	165.15	166.50	1.35	2.87	0.40	~148
And	228.50	229.50	1.00	1.44	0.20	~204
And	233.20	234.00	0.80	1.20	0.20	~208
And	247.90	250.40	2.50	29.86	6.42	~220
Including	249.90	250.40	0.50	126.24	20.80
PE-26-959	23.00	23.50	0.50	2.68	1.60	~30	West Denise Zone	Conversion
And	148.50	152.50	4.00	0.69	0.34	~139
And	169.00	169.70	0.70	0.91	0.30	~156
And	217.10	218.10	1.00	114.07	9.15	~187
Including	217.10	217.60	0.50	227.46	17.90
PE-26-960	63.70	66.30	2.60	0.68	0.38	~54	West Champagne Zone	Conversion
And	76.00	76.75	0.75	0.68	0.40	~64
And	126.00	126.50	0.50	1.70	0.10	~108
And	164.90	165.40	0.50	1.05	0.10	~142
And	572.65	574.50	1.85	11.42	2.41	~471
Including	573.65	574.50	0.85	23.79	5.00
And	706.00	706.50	0.50	0.78	2.10	~557	West Denise Zone	Conversion
PE-26-961	132.40	133.00	0.60	2.31	1.00	~123
And	139.50	141.00	1.50	4.70	0.20	~130
And	163.50	165.00	1.50	1.53	0.70	~153
And	178.00	178.50	0.50	1.35	0.80	~167
PE-26-962	208.50	209.00	0.50	1.11	0.10	~178	E2 Gold Zone	Conversion
And	216.90	218.40	1.50	1.40	0.20	~186
And	350.00	350.50	0.50	2.04	0.10	~291
And	351.30	351.80	0.50	3.67	0.40	~293
And	366.20	366.70	0.50	0.74	0.60	~304
And	569.90	570.45	0.55	11.83	0.70	~456	East Denise Zone
And	641.80	642.30	0.50	3.46	0.20	~509

 

*Intervals are expressed in core length and not true thickness. True thicknesses are approximated at 50-80 % of core intervals.

Table 2: Drill hole coordinates for today's results on the Perron Property.

Hole ID	Azimuth (°)	Dip (°)	From (m)	To (m)	Length (m)	Easting (m)	Northing (m)	Elevation (m)
PE-26-936	150	-45	0	420	420	615536.4	5430728.8	349.6
PE-26-942	165	-55	0	505	505	615535.6	5430729.2	349.6
PE-26-956	199	-58	0	265	265	614948.9	5430720.0	341.6
PE-26-957	148	-64	0	268	268	614723.5	5430627.5	341.0
PE-26-959	176	-60	0	265	265	614721.6	5430627.0	341.0
PE-26-960	174	-63	0	736	736	614447.0	5431028.0	340.0
PE-26-961	180	-68	0	280	280	614721.4	5430627.2	341.0
PE-26-962	173	-59	0	694	694	615086.7	5430968.8	347.8

 

About Amex

Amex Gold Mining Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project. It is located in the territory of Valcanton in northern Quebec, approximately 110 kilometres north of Rouyn-Noranda.

The Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and "hybrid" gold-rich VMS mineralization.

When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The Project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. Being in close proximity to several processing plants owned by major gold producers also constitutes a strategic advantage.

Qualified Persons and QA/QC

The technical information in this news release has been reviewed and approved by Aaron Stone, P.Geo (OGQ - 2170, PGO - 3708), Vice President, Exploration of the Company and Jérôme Augustin Ph.D. P.Geo., (OGQ - 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration.

The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert and AGAT Laboratories Ltd., during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc., Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

For all analyses targeting gold and base metals mineralization, gold, platinum and palladium values are estimated by lead fusion fire assay with atomic absorption spectroscopy finish, by AGAT Laboratories. Metals and trace elements values are estimated using four acid digestion with ICP-OES/MS finish, by AGAT Laboratories. For additional quality assurance and quality control, all samples were crushed to less than 2 mm, and then to 85% passing 75 µm, in order to homogenize samples which may contain coarse gold.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Gold Mining Inc.: +1-514-866-8209

Neither the 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.

Forward-looking statements

This News Release contains forward-looking statements. All statements, other than statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Gold Mining Inc. on April 13, 2026 (the "Feasibility Study" or "FS") (as such results are commented in the text of this News Release), including CAPEX, OPEX, NPV and IRR, the estimated value of the Perron Gold Project, operations development scenarios for the Perron Gold Project, commercial and technical parameters, the attractive economics for the Perron Gold Project, LOM plans, the Company's intended marketing strategy, market trends, future gold prices, the impact of the Perron Gold Project on the local communities, including job creation, the projected annual production of the Company's operations, the timelines and costs related to the various initiatives, deliverables and milestones described in this News Release and their expected results, the Company's expected financial and operational performance, the nature of relationships with stakeholders such as the local community including the Abitibiwinni First Nation, Mineral Resource estimates (including assumptions and estimates used in preparing the Mineral Resource estimates), the general business and operational outlook of the Company, the Company's future growth and business prospects, and those statements which are discussed elsewhere in the News Release which essentially describe the Company's outlook and objectives, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws, and are based on expectations, estimates and projections as of the time of this News Release.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for gold, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms, sustained labour stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, various tax assumptions, CAPEX and OPEX estimates, the Perron Gold Project permits' status, all economic and operational projections relating to the project, local infrastructures, the Company's business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favourable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company's assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Company's businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks.

A further description of risks and uncertainties can be found in the Company's annual Management's Discussion and Analysis, including in the section thereof captioned "Risk Factors", which is available on www.sedarplus.ca. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321561

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Amex Gold Mining's initial Perron resource-conversion drilling highlights?

Denise hole PE-26-959 returned 114.07 g/t gold over 1.00 m, including 227.46 g/t over 0.50 m. Denise hole PE-26-957 returned 29.86 g/t over 2.50 m, and Champagne hole PE-26-960 returned 11.42 g/t over 1.85 m.

How far could Amex Gold Mining's Denise Zone extend eastward?

Exploration drilling potentially extended Denise approximately 320 m eastward, but further drilling is required to confirm continuity. Hole PE-26-936 returned 3.33 g/t gold over 12.70 m, including 47.73 g/t over 0.80 m.

Do Amex Gold Mining's Perron drill intervals represent true mineralized thickness?

The reported intervals are core lengths, not true thicknesses. True thicknesses are approximated at 50–80% of the core intervals.