The Montreal-based explorer said Wednesday that hole PEX-22-118 had intersected 1.7% copper-equivalent, comprising 0.92% copper, 1.6% zinc, 0.08 grams gold per tonne and 12.26 grams silver per tonne over 14.8 metres of core length, from 480 metres depth. The hole also returned a higher-grade interval of 3.58% copper-equivalent, entailing 3.1% copper, 0.32% zinc, 0.19 grams gold per tonne and 28.8 grams silver per tonne over 3.6 metres.
Amex said hole PEX-22-107W1 intersected 0.58% copper equivalent comprising 0.29% copper, 0.57% zinc, 0.03 grams gold per tonne and 5.32 grams silver per tonne over 5.5 metres, from 625 metres depth.
The results are the latest batch from the ongoing multi-year 300,000-metre drilling campaign designed to expand the known mineralization of the polymetallic VMS target, located some 200 metres from Perron’s previously defined gold-hosting High Grade Zone (HGZ).
Amex currently has one rig dedicated to the QF Zone to support a 5,000-metre program following the zone’s discovery in the second half of 2021. Discovery hole PEX-21-076 returned 2.4% copper, 0.72% zinc, 0.27 grams gold per tonne, and 22.15 grams silver per tonne over 7.8 metres from 663.1 metres depth.
Canaccord Genuity Capital Markets noted the latest results entailed the longest high-grade intersection released from the VMS target to date, which analyst Michael Fairbairn believes supports a material expansion of known mineralization at the zone.
The nearby Normetal mine, a polymetallic copper-gold-silver-zinc deposit that was in production for about 50 years, producing about 10.1 million tonnes grading 2.24% copper, 5.41% zinc, 0.53 grams gold per tonne and 44.45 grams silver per tonne, helped to establish and support the town of Normetal.
