Amex Significantly Expands High Grade Zone Along Strike and Reports Drill Results of up to 78.62 g/t Au over 5.90 m

Highlights include:

• Western (shallow) High Grade Zone
  • PE-21-366W1 returned 78.62 g/t Au over 5.90 m including 908.50 g/t Au over 0.50 m at a vertical depth of 630 m
  • PE-21-405 returned 43.74 g/t Au over 6.80 m including 583.34 g/t Au over 0.50 m at a vertical depth of 300 m
  • PE-21-410W1 returned 21.86 g/t Au over 5.56 m including 107.94 g/t Au over 1.05 m at a vertical depth of 630 m
  • PE-21-438 returned 123.53 g/t Au over 0.50 m at a vertical depth of 500 m
  • PE-21-452 returned 5.65 g/t Au over 9.95 m at a vertical depth of 360 m
• Eastern (deeper) High Grade Zone
  • PE-21-404W2 returned 35.89 g/t Au over 6.75 m at a vertical depth of 940 m
  • PE-21-440W1 returned 16.66 g/t Au over 9.10 m including 160.04 g/t Au over 0.50 m and 96.79 g/t Au over 0.70 m at a vertical depth of 510 m
  • PE-21-404W1 returned 13.54 g/t Au over 10.50 m at a vertical depth of 980 m
  • PE-21-380 returned 16.18 g/t Au over 6.80 m including 134.92 g/t Au over 0.70 m at a vertical depth of 460 m
  • PE-21-412 returned 14.85 g/t Au over 5.00 m at a vertical depth of 330 m
  • PE-21-436 returned 29.80 g/t Au over 2.05 m at a vertical depth of 600 m

Montreal, Quebec--(Newsfile Corp. - February 8, 2022) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce a total of 34 drill holes focused on the expansion and definition of gold mineralization on High Grade Zone ("HGZ") of the Perron project ("Perron" or the "Project"). See Figure 1 for a plan view of the geology of the eastern portion of Perron and currently known mineralized zones including the HGZ. A complete list of results is available in Tables 1 & 2 and presented in Figures 2, 3, & 4.

Today's results consist of drill holes focused largely on expansion and definition of both the Eastern (deeper) and Western (shallower) portions of the HGZ. The HGZ now stands at more than 300 m along strike to a depth of 1,200 m. On the Western portion, as shown in Figures 2 & 3, Amex targeted on-strike expansion as well as infilling the lower portions of the zone, which resulted in a significantly increased strike length as indicated by holes PE-21-439 and PE-21-441 as well as an increase of grade as indicated by holes PE-21-405, PE-21-444, PE-21-438, PE-21-366W1, and PE-21-410W1. On the Eastern portion, as shown in Figures 2 & 4, Amex completed definition drilling within the core of the zone as well as on-strike expansion towards the late-stage diabase dike as indicated by holes PE-21-412, PE-21-419, PE-21-426, PE-21-380, PE-21-380W1, PE-21-442, and PE-21-417W2.

Jacques Trottier, PhD, Executive Chairman of Amex Exploration commented, "As one can clearly see from the new longitudinal section, this batch of drill holes significantly expands the strike and the high grade core of the HGZ with a metal factor of more than 50 (g/t Au x core length in metres). As we tighten the drill spacing, we see the Western (shallower) zone developing a much higher grade profile than previously thought. We are also seeing a much larger envelope of gold mineralization surrounding the high-grade central core of the zone than previously thought. On the Eastern (deeper) portion of the zone, we are seeing consistent high-grade mineralization essentially from the top of the Eastern portion (~325 vertical metres) to the bottom of the defined area (~1,200 vertical metres) and are also expanding the horizontal footprint of the zone."

Figure 1: Plan view of the geology of the eastern portion of the Perron Project and known mineralized zones, including the HGZ, Denise, E2, Donna, E3, Upper HGZ, 210, and the QF VMS.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2667/113052_fb45087534cf1ad3_002full.jpg

Figure 2: Longitudinal Section of the HGZ Zone, with today's released hole locations in green.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2667/113052_fb45087534cf1ad3_003full.jpg

Figure 3: Western Upper HGZ Longitudinal Section, with today's released hole locations in green.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2667/113052_fb45087534cf1ad3_004full.jpg

Figure 4: Eastern Lower Portion HGZ Longitudinal Section, with today's released hole locations in green.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2667/113052_fb45087534cf1ad3_005full.jpg

Table 1: Results from the Western (shallower) portion of the HGZ. *Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be between 50 and 80 percent of core widths.

Table 2: Results from the Eastern (deeper) portion of the HGZ. *Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be between 50 and 80 percent of core widths.

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. Samples discussed in the press release were sent to Laboratoire Expert (Rouyn-Noranda) and AGAT Laboratories (Mississauga) for regional drilling 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 sample. For both laboratories, 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. Samples containing visible gold mineralization are analyzed by metallic sieve and just performed by Laboratoire Expert. 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. Copper and other elements were analyzed using the four-acid ICP-AES method by Laboratoire Expert. The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to historical drill results. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

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 4,518 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 elsewhere 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.

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