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

High-grade drill results at Perron show resource upgrade and expansion potential.

What the company is saying

Amex Gold Mining Inc. (TSXV:AMX, FSE:MX0, OTCQX:AMXEF) is reporting the first results from its resource conversion drill program at the Perron Project in Quebec. The company frames the narrative around upgrading Inferred resources to Measured and/or Indicated categories for future economic studies, emphasizing high-grade gold intersections in the Denise and Champagne Zones. Management, specifically Vice President Exploration Aaron Stone, highlights that most conversion drilling to date has targeted the Denise Zone, as the Champagne Zone's resources in the upper 600 metres were already largely Measured and Indicated. The announcement spotlights headline intercepts such as 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) and 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), positioning these as well above the targeted inferred stope grade of 2.5 g/t Au. The company also draws attention to a potential 320 m eastward expansion of the Denise Zone, based on 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), but clearly states further drilling is needed to confirm continuity. The tone is confident and data-driven, with detailed assay tables and QA/QC protocols, but avoids overpromising on resource upgrades or economic outcomes.

What the data suggests

The disclosed drill results show multiple high-grade gold intersections, with headline values such as 114.07 g/t Au over 1.00 m and 227.46 g/t Au (plus 17.90 g/t Ag) over 0.50 m in hole PE-26-959, and 29.86 g/t Au over 2.50 m including 126.24 g/t Au (plus 20.80 g/t Ag) over 0.50 m in hole PE-26-957. The Champagne Zone also returned 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 471 m depth. Exploration drilling east of Denise suggests a possible 320 m expansion, with 3.33 g/t Au over 12.70 m and a high-grade subinterval of 47.73 g/t Au (plus 14.50 g/t Ag) over 0.80 m. The targeted grade for inferred stopes is 2.5 g/t Au, so these results, especially in the Denise Zone, materially exceed that threshold. True thicknesses are estimated at 50–80% of core intervals, and all intervals are reported with precise core lengths and depths. The program is still at the drilling and resource conversion stage, with no updated resource estimate or economic study figures provided. The data is robust for an exploration-stage update, with full QA/QC protocols and detailed drill hole coordinates disclosed.

Analysis

The announcement provides detailed and specific technical results from the resource conversion and exploration drilling at the Perron Project, including assay grades, drill hole IDs, and locations. The language is generally proportionate to the evidence, with most claims supported by disclosed drill results and operational facts. Forward-looking statements, such as plans to upgrade resources and expand the mineralized footprint, are clearly identified as future intentions and are not overstated relative to the technical data. There is no evidence of exaggerated claims about imminent production, economic impact, or profitability, and no large capital outlay is disclosed in this update. The benefits of the program (resource upgrades, potential resource expansion) are inherently long-term, as is typical for exploration-stage mining companies. The gap between narrative and evidence is minimal, with the company appropriately caveating forward-looking statements and providing robust technical disclosure.

Risk flags

• ●Resource upgrade and expansion are not yet realized; all benefits depend on further drilling and successful conversion of Inferred to Measured and Indicated resources. If continuity or grade is not confirmed in step-out areas, the expansion potential may not materialize.
• ●No updated resource estimate or economic analysis is provided, so the impact of these results on project economics or mine planning remains unquantified. Investors cannot yet assess how much these results will change the overall resource base or project value.
• ●Exploration-stage projects are inherently high risk, with uncertainty around continuity, metallurgical recoveries, and eventual permitting or development. The company acknowledges that further drilling is required, especially for the 320 m eastward Denise Zone expansion.
• ●The announcement does not address funding for continued drilling or future studies, so there is potential financing risk if capital markets conditions change or if results do not support a compelling resource upgrade.

Bottom line

Amex Gold Mining Inc.'s latest drill results at the Perron Project in Quebec deliver high-grade gold intercepts well above the 2.5 g/t Au target for inferred stopes, particularly in the Denise Zone. The company provides detailed technical disclosure, including assay grades, intervals, and QA/QC protocols, but does not yet offer an updated resource estimate or economic assessment. The potential 320 m eastward expansion of the Denise Zone is promising but remains unconfirmed pending further drilling. All value realization is long-dated, with months to years required for resource upgrades and economic studies. The narrative is credible and proportionate to the evidence, but the investment case remains speculative until continuity, scale, and economics are demonstrated. The key takeaway is that these results are a positive technical milestone, but investors should wait for resource and economic updates before reassessing project value.

Announcement summary

(TSXV:AMX) (FSE:MX0) (OTCQX:AMXEF) Amex Gold Mining Inc. announced the first results from its resource conversion drill program at the flagship Perron Project in the northwestern Abitibi region of Quebec. The program is designed to upgrade Inferred resources to Measured and/or Indicated categories for inclusion in future advanced economic studies. Initial conversion drilling has focused on the first 600 vertical metres of the Denise and Champagne Zones, with most drilling concentrated on the Denise Zone as the majority of Champagne Zone resources in this interval were already classified as Measured and Indicated. Drill highlights 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 ~187 m depth in hole PE-26-959 (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 ~220 m depth in hole PE-26-957 (Denise Zone); and 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 ~471 m depth in hole PE-26-960 (Champagne Zone). Exploration drilling east of the Denise Zone has potentially expanded the mineralized footprint by approximately 320 m, with hole PE-26-936 returning 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 ~172 m depth. The company notes that further drilling is required to confirm continuity of mineralization in the 320 m eastward expansion. The targeted grade of the inferred stopes averages approximately 2.5 g/t Au. True thicknesses of intervals are approximated at 50-80% of core intervals. The Perron Project consists of 183 contiguous claims covering 65.72 km² in Quebec, and, combined with adjacent projects in Ontario, the consolidated land package totals 570.94 km². The project is accessible by year-round road, is 30 minutes from an airport, and 6.5 km from the Town of Normétal. The technical information was reviewed and approved by Aaron Stone, P.Geo (OGQ - 2170, PGO - 3708), Vice President, Exploration, and Jérôme Augustin Ph.D. P.Geo., (OGQ - 2134), Independent Qualified Person. Core logging and sampling were completed by Laurentia Exploration. Quality assurance and quality control protocols included insertion of blank or standard samples every 10 samples, with additional blanks, duplicates, and standards accredited by Laboratoire Expert and AGAT Laboratories Ltd. Gold values were estimated by fire assay with atomic absorption finish, and values over 3 ppm Au were reanalyzed by fire assay with gravimetry. Samples with visible gold were analyzed by metallic sieve. All samples were crushed to 90% less than 2 mm prior to pulverization, and for gold and base metals, samples were further crushed to 85% passing 75 µm. Metals and trace elements were analyzed using four acid digestion with ICP-OES/MS finish. The company plans further exploration drilling in the southeast extremity of the Beaupré Block. The release includes detailed assay results and drill hole coordinates for holes PE-26-936, PE-26-942, PE-26-956, PE-26-957, PE-26-959, PE-26-960, PE-26-961, and PE-26-962.

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