Amex Exploration Inc. announces that Agnico Eagle Mines Limited (the "Optionee") has informed the Company of its decision to let its option to acquire 51% of the Perron property lapse.
Under the terms of the option agreement entered into June 21, 2013, and amended twice thereafter to extend the termination date at the request of the Optionee, the Perron Property fully reverts to Amex, who will now control and direct all exploration activities. Pursuant to an extensive review of the data to be provided by the Optionee on all the work completed to date, in the amount of $2.5M, Amex expects to launch an exploration program that will primarily focus on the original Amex discovery hole PE-13-03 which returned an intercept of 41.4 meters at 2.19 g/t Au, including of 19.1 g/t Au over 2 meters (see PR2013-03-19).
"Now that Perron is back in our hands, we will be launching an exploration program to be defined following a full review of the extensive database and the creation of a 3D model which will highlight the main gold features of Perron," said Jacque Trottier, Chairman of the Board and Head of Exploration at Amex. "We are eager to start working on the property again and to be able to focus our exploration efforts in areas which we feel have the highest potential to host a gold rich polymetallic deposit on the property. Since the original discovery hole made in 2013, Perron has always been a very interesting target and we are excited to be directing the exploration program again with the added benefit of the exploration work completed by Agnico Eagle in the area.
"I am very pleased to have recuperated 100% of this property so that Amex can put together a focused exploration program that can test the potential of our initial discovery, which was not the primary focus of recent exploration," said Victor Cantore, President and CEO.
The Optionee was to drill 6,500 meters in 2017, of which they completed drilling on 8 out of 16 targets. Most of the targets were located within the Normetal Mine Horizon where the Optionee has concentrated its exploration work since 2015. The Normetal Mine Horizon is approximately 1 km from the Amex Perron discovery area.