Amex Exploration Inc. (TSX-V: AMX) (FSE: MX0) (OTCQX: AMXEF) is pleased to announce assay results from a number of drill holes focused on expansion drilling of the High Grade Zone, part of the Eastern Gold Zone, of the Perron Project as shown in Figure 1. Today’s drill results demonstrate that the HGZ is expanding along strike, outside of the main high grade central ore shoot.

Highlights include:

• 15.52 g/t Au over 15.85 m, including 198.36 g/t Au over 1.20 m, in hole PE-22-511W3 at a vertical depth of 750 m; and
• 11.27 g/t Au over 11.00 m, including 203.72 g/t Au over 0.50 m, in hole PE-22-511W2 at a vertical depth of 785 m

As part of its resource definition program, Amex has been focused on expansion of known zones of mineralization through much of the 2022 drilling program. This drilling targeted the margins of the known gold mineralization as shown in Figures 2 & 3, outside of the main “core” of the HGZ that regularly delivers multi-ounce assay results. These results from the HGZ expansion are definitively adding significant tonnage and potential ounces to the overall ore zone. Of particular interest are the results from holes PE-22-511W2 & PE-22-511W3, which returned very high assay values (see Figure 4 for images of visible gold mineralization) in an area that low grade mineralization was expected. This is highly encouraging for exploration as it shows that high grade lenses exist outside of the main mineralized zone.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, “The expansion drilling program on the HGZ is going very well. I was very excited seeing the strongly mineralized core especially in the two highlight holes. In addition to the high grade holes, the lower grade mineralization that we have been intercepting on the fringes of the system is adding significant strike and tonnage to the system which should enhance the future resource on the HGZ.”

Figure 1: Plan view of the geology of the Eastern Gold Zone comprised of the High Grade Zone and the Denise Zone as well as the newly discovered E2 Gold Zone.

 Figure 2: Longitudinal section of the High Grade Zone, with today’s released hole locations in green labels. Assay results are presented in core length (m). True width is approximately 45-70% of reported intercepts. Metal factor is defined as gold grade in grams per ton multiplied by core length in metres.

 Figure 3: Zoomed in longitudinal section of Western HGZ, with today’s released hole locations and grades labelled in green. Assay results are presented in core length (m). True width is approximately 45-70% of reported intercepts. Metal factor is defined as gold grade in grams per ton multiplied by core length in metres.

 Figure 4: Highlight photos of visible gold and associated sphalerite and pyrite within quartz veins of the High Grade Zone from holes PE-22-511W2 and PE-22-511W3.

Table 1: Assay results from the High Grade Zone

In addition, the Company wishes to make a correction to the press release issued February 17, 2022, which stated that the quantity of shares issued in connection with the financing was 10,295,500. The correct quantity of shares issued was 10,292,500.

Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and 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. Core logging and sampling were completed by Laurentia Exploration.

About Amex

Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold projects in the mining-friendly jurisdiction of Quebec. Amex is focused on its 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and elsewhere in the province.