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A new gold discovery beneath an advancing underground ramp has given Amex Gold Mining Inc. (TSXV: AMX) another exploration story at its Perron project in Quebec. The company says the Rosé Zone sits approximately 165 metres below the current ramp development and returned 8.02 grams per tonne of gold over 4.30 metres in its first reported hole.
That result matters because the structure is not described as an isolated intercept. Amex Gold has traced the Rosé Zone approximately 275 metres vertically and 70 metres along strike, with the mineralization remaining open in several directions. In exploration terms, “open” means drilling has not yet defined the limits of the zone. That leaves room for additional drilling to determine whether the discovery develops into a larger body of mineralization.
The location is also important. The Rosé Zone lies below existing ramp work intended to support underground access to the Champagne Zone, the part of Perron that currently supports the project’s Phase 1 feasibility study. Amex Gold began underground ramp development earlier this month after completing the portal and conducting the first blast. The ramp is expected to reach approximately 235 metres in depth as part of work connected with a planned 40,000 tonne bulk sample.
This creates a direct link between exploration and development. Drilling from the ramp can test targets that might otherwise require longer surface holes, while underground access can eventually provide a better understanding of rock conditions and grade continuity. The discovery does not automatically change the mine plan, but it gives the company another target below an area already receiving development attention.
Perron is more than a single high grade gold zone. The project includes the Champagne, Gratien, Grey Cat, Central Polymetallic, N110 and Perron West zones, which reflect different exploration targets and styles of mineralization across the property. Some areas have produced high grade gold results, while others contain copper rich volcanogenic massive sulphide, or VMS, mineralization. VMS deposits form from mineral rich fluids associated with ancient volcanic activity and can contain copper, zinc, gold and silver.
The broader land position also needs to be put in context. Amex Gold describes the core Perron Project as covering approximately 65.72 square kilometres. The consolidated district scale land package is much larger, extending to approximately 570.94 square kilometres across Quebec and Ontario. The distinction matters because the Rosé Zone is a discovery within the core Perron development area, while the larger figure refers to the company’s wider exploration footprint.
The company also has a substantial backlog of drill and soil samples awaiting laboratory results. Amex Gold says thousands of assays remain pending from work in Quebec and Ontario. Those results could provide a continuing flow of information, although individual assays will need to be assessed for width, grade, continuity and geological setting rather than judged only by their headline numbers.
The Rosé Zone has not been incorporated into a mineral resource estimate or an economic study at this point. Until more drilling defines its size and continuity, investors cannot assume that the discovery will add mineable ounces or improve the project’s economics. The current feasibility study remains based on existing reserves, including approximately 774,500 ounces of gold at an average grade of 12.1 grams per tonne.
For now, Rosé gives Amex Gold a deeper exploration lead at a project moving toward underground work. Its importance will depend on whether follow up drilling confirms consistent mineralization and whether the company can connect the new structure with the broader Perron system. Until then, the discovery is best viewed as an untested opportunity, supported by a strong initial intercept but still requiring more evidence.
