Amex Options Gowan Property Near Kidd Creek Mine
MONTREAL, QUEBEC--(Marketwired - May 1, 2017) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is pleased to announce that it has entered into an option agreement to acquire an undivided 100% interest in the Gowan Property.
This property is located in the Gowan Township in the Porcupine Mining Division Ontario, approximately 16 km due east of Glencore's Kidd Creek Mine. The Kidd Creek Mine is considered to be a world class copper zinc volcanagenic massive sulphide deposit. The Kidd Mine has been in production for over 50 years and produced in excess of 150 million tons of ore. (ref. Kidd Operations Glencore).
The Gowan Property is a strategically located 256 hectare property covering a prospective package of felsic volcanic rocks similar to those which host the Kidd Creek Mine. The property hosts a number of historical drill hole intersections with significant copper, zinc, gold and silver intercepts. No significant work has been conducted on the property since the late 1970's. It is anticipated that "state of the art" geophysical surveys will be conducted on the project in the future to evaluate the property's potential at depth and further examine the extent of known mineralization. Subject to favourable results from the initial geophysical program a follow up program of diamond drilling would be conducted.
Mr. Victor Cantore, President of Amex Exploration stated, "We continue to add attractive prospective properties to our portfolio. With the addition of the Gowan property we are expanding into Ontario and into the highly prolific Porcupine Belt. Our goal is to be opportunistic and acquire appealing properties at excellent valuations. Our Team is very excited about the prospects of this property, and for a relatively modest exploration program we believe we can quickly identify the potential at Gowan, offering our shareholders additional discovery opportunities."
As per the terms of the Agreement, to earn its 100% interest, Amex must issue a total of 400,000 common shares of the Corporation and make cash payments totalling $20,000, to the vendor, all in equal instalments over a four year period and, incur exploration expenses in the total amount of $25,000. 100,000 common shares and the first cash payment of $5000 will be due at the closing of the transaction, expected to take place within the next ten days. In addition, upon exercise of the option, the vendor will be granted a 2.5% Net Smelter Royalty (NSR) of which 1% can be bought back for the amount of $1,000,000 within 6 months of the publication of a feasibility study.
This transaction remains subject to the approval of the TSX Venture Exchange and securities issued will be subject to a four months hold period.
Alain Vachon, P.Eng., who is a Qualified Person as defined by Canadian NI 43-101, have approved the technical information reported in this news release.
About Amex
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to develop and bring into production viable gold and base metals deposits in mining-friendly jurisdictions. Amex has two main projects: the 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 adjacent claims covering 4518 hectares; and the 100% owned Eastmain River gold properties consisting of 135 claims covering 7,102 hectares.
Forward-looking statements:
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements, which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.
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.