"We are seeing classic VMS textures and zonation of metals, resulting in a significant transition from copper-rich to zinc-rich throughout the reported interval," Amex's executive chairman Jacques Trottier said.
"In addition to the base metal results announced today, Amex is also waiting on numerous assays from its drilling programme focused on gold mineralisation," he said.
The results included:
- 1.70% CuEq comprising 0.92% Cu. 1.60% Zn, 0.08g/t Au and 12.26g/t Ag over 14.80 metres including 3.58% CuEq comprising 3.10% Cu. 0.32% Zn, 0.19g/t Au and 28.80g/t Ag over 3.60 metres at a vertical depth of approximately 480 metres; and
- 0.58% CuEq comprising 0.29% Cu, 0.57% Zn, 0.03g/t Au and 5.32g/t Ag over 5.50 metres
Canaccord Genuity Capital Markets Michael Fairbairn said that while it remains "early days", the results show the possible indication of a "high-grade" core of mineralisation forming within QF, which has the potential to support a future resource for the zone.
"The QF zone presents intriguing optionality to base metals for Amex, particularly in light of the zone's ~200 metres proximity to [Perron's gold-hosting High Grade Zone] which may present opportunities for improved economics from sharing of underground infrastructure.
"Noteworthy is Glencore's Home smelter located nearby in Rouyn-Noranda, offering a hypothetical toll-mill processing option for copper-rich VMS ore from Perron in the future," he said.
Amex's share price was C$1.66 (US$1.66) on 7 September, giving the company a market capitalisation of C$171.38 million.
CG has a target price for Amex of C$3.75.
