Amex Expands HGZ by over 275 metres to 1,100 metres Vertically and Reports Multiple High Grade Intercepts Including 14.07 g/t Au over 8.75 metres

MONTREAL, October 7, 2020 - Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is pleased to report significant vertical depth expansion of the High Grade Zone (HGZ) of the Eastern Gold Zone, of the Perron property in northwestern Quebec, Canada. (Figure 1) The Company is reporting substantial high-grade gold mineralization in multiple drill hole intersections from the HGZ as detailed below and in Table 1.

Highlight results from the HGZ include: (Figure 2)

• Hole PE-20-187 intersected 3.85 metres of 25.04 g/t Au at a vertical depth of approximately 1,100 metres.
• Hole PE-20-187W1 intersected 7.65 metres of 7.13 g/t Au at a vertical depth of approximately 1,070 metres.
• Hole PE-20-190 intersected 9.75 metres of 14.07 g/t Au at a vertical depth of approximately 950 metres.
• Hole PEM-20-004 intersected 11.70 metres of 4.88 g/t Au at a vertical depth of approximately 230 metres. PEM-20-004 was drilled as large diameter PQ size core which provided substantially more rock mass than typical NQ size drill core for assaying and offers a more accurate representation of the gold mineralization.

Interpretation of the HGZ now suggests:

• Gold mineralization has been traced over 350 metres along strike, from near surface to over 1.1 km vertically and averages approximately 7 metres of width (core length).

Jacques Trottier, PhD Executive Chairman of Amex said, "Since discovery, my team and I have been convinced that the HGZ is a robust mineralized system that extends to significant depths. With these drill holes we have confirmed that the system carries high grade gold to depth greater than 1 kilometre vertically and is continually strengthening as we go deeper. Of particular interest to me, is that the highest grade core of the system, (i.e. with a metal factor greater than 100 g/t Au by meter as shown in pink on Figure 2) is more than double the vertical distance at depth in comparison to the near-surface portion of the HGZ. In addition, we have completed step out drilling at depth along strike and have identified significant visible gold mineralization, which will expand the strike length of the system. We look forward to the receipt of these assays and to continuing to grow this continuous high grade gold system."

Figure 1: Geology of Perron project and known gold zones (For enhanced image, click here)

Figure 2: HGZ Long Section (For enhanced image, click here)

*Note that the Metal Factor is the Gold average grade multiply by core length of an intersect.

Table 1: Assay Results from the HGZ at EGZ

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be ~75% in HGZ for all holes except those beginning with "PEM" which are estimated to be ~50%.

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. Core logging and sampling were completed by Laurentia Exploration. 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 4,560 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 else where in the province.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +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 of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

SOURCE: Amex Exploration Inc.