TIDMAEXG
RNS Number : 4532N
AEX Gold Inc
01 February 2021
("AEX" or the "Corporation")
AEX reports encouraging results of sampling at Kangerluluk
TORONTO, ONTARIO - February 1, 2021 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent gold company with a portfolio of gold
licences in Greenland, announces an update to its 2020 exploration
campaign at its Kangerluluk property within the Nuna Nutaaq
licence.
The Kangerluluk gold prospect lies 120 km northeast of AEX's
Nalunaq project and within the wider Nanortalik Gold Belt. The
prospect is deemed highly prospective by AEX and during 2020 the
Company carried out reconnaissance exploration designed to confirm
historic grades from the main shear zone, sampling potential
down-dip extensions, and capturing high resolution images to assist
with 3D modelling and future exploration planning.
References to figures and tables relate to the version visible
in PDF format on the website by clicking the link below:
https://www.aexgold.com/investors/regulatory-news-alerts/#tsx-news
Highlights
-- Historic channel sampling of the main shear zone has returned
high grade results with highlights of 175.1 g/t gold over 0.8 m and
35.4 g/t gold over 0.95 m, and with grab samples up to 118 g/t
gold.
-- One grab sample collected from the main shear zone in 2020 returned 22.3 g/t gold.
-- A float sample of highly altered metavolcanic rock rich in
malachite and pyrite was collected close to Kangerluluk fjord,
approximately 100 metres east of the main shear zone and returned
3.83% copper and 34 g/t silver.
-- Follow up structural mapping and sampling at Kangerluluk is planned for 2021.
Eldur Olafsson, CEO of AEX, commented:
"I am very pleased to announce this preliminary data on our
Kangerluluk licence, our most northerly asset on the Nanortalik
Gold Belt where we hold the vast majority of the acreage. Yet
again, the grades reiterate our belief that we are uncovering one
of the most exciting Gold provinces in the world. We will continue
to carry out exploration activity this year on this licence and
over the rest of our portfolio of licences."
Introduction
The Kangerluluk gold prospect lies at the northern edge of the
Psammite Zone of the Ketilidian Mobile Belt in South Greenland,
approximately 120 km northeast of AEX's Nalunaq gold mine and
within the wider Nanortalik Gold Belt (Figure 1). Supracrustal
rocks cover an area of about 4 km(2) and consist of a 200-300 m
thick volcano-sedimentary sequence that rests unconformably on
granites of the Julianehåb Batholith.
Gold has been reported in samples from the Kangerluluk property
that are closely related to NNE-striking, steeply dipping
quartz-bearing shear zones in the supracrustal sequence (Stendal et
al., 1997). An alteration halo characterised by silicification and
epidotisation is found along these zones. The most prominent shear
zone is over 1 km long and up to 20 m wide. Gold is associated with
copper and occurs in quartz veins and zones of hydrothermal
alteration that are 2-5 m wide.
Historic work by the Geological Survey of Denmark and Greenland
(GEUS) includes mapping at 1:2000 scale, grab and channel sampling.
Goldcorp acquired the project in 1997 and carried out detailed
mapping and further channel sampling of the main shear zone.
NunaMinerals returned in 2010 to collect further rock samples,
confirming historic grades and noting that gold is present not only
in quartz veins, but also in the aureole around the quartz veins,
potentially increasing the width of the mineralised zone.
Mineralisation is open along strike where it is possible that
mineralisation extends underneath the inland icecap. Its strike
direction suggests a potential relation to the gold occurrence at
Jokum's Shear 25 km to the southwest, also held in AEX's Nuna
Nutaaq licence.
Historic channel sampling of the main shear zone has returned up
to 175.1 g/t over 0.8 m (Goldcorp, 1998), however gold grades are
very erratic and the controls on grade remain poorly understood. It
is possible that high grades are confined to steeply dipping ore
shoots, which often show a strong element of structural or
lithological / rheological control in orogenic gold deposits (e.g.
Nalunaq). Better understanding the controls on gold grades will be
the focus of work planned at Kangerluluk in 2021.
Figure 1 Geological map of South Greenland showing AEX's
licences and the location of the Kangerluluk gold prospect.
Results of 2020 reconnaissance
AEX carried out a one-day reconnaissance over the main shear
zone in 2020 with the purpose of confirming historic gold grades,
sampling potential down-dip extensions, and capturing high
resolution images to assist with modelling and future exploration
planning.
Main Shear Zone
One grab sample of quartz veining collected from the northern
part of the main shear zone in 2020 (see Figures 2 and 3) returned
22.3 g/t Au, confirming the potential for high grades at
Kangerluluk. Historic sample grades are very erratic and suggest a
high nugget effect. No visible gold has been identified at
Kangerluluk to date, however screen metallics analysis suggests
that free gold may be present in the samples because the coarse
fraction makes a significant contribution to the assay, e.g., in
sample 13407 (Table 1) 35% of the gold is in the coarse (+106 um)
fraction. AEX plans to collect a mini bulk sample in 2021 for gold
deportment studies and to gain more confidence in the average grade
of this part of the main shear zone.
One key aim of the visit was to locate and sample down-dip
extensions of the main shear zone in the steep cliffs adjacent to
Kangerluluk fjord. From the air, several veins were observed in the
cliffs but due to the short time available only two candidates were
sampled with a diamond rock saw. Neither structure returned
significant gold, although the steeper dipping vein returned up to
0.46% Cu. AEX considers it likely that the sampled veins post-date
the main gold mineralising event and that the main shear zone was
not located in the short time available. Further sampling is
required in this area.
Figure 2 View looking southwest along main gold-mineralised
shear zone with selected sampling highlights in g/t Au (true
widths). Highlights include historic sampling and results from
2020. Simplified interpretation of main shear zone.
Figure 3 View of the Main Shear Zone looking east over
Kangerluluk fjord. Historic sampling of quartz veining in the rusty
zone near the centre of the image has returned up to 175.1 g/t Au
over 0.8 m (Goldcorp, 1998)
Other significant results
A sample of highly altered metavolcanic rock rich in malachite
and pyrite was collected from the scree approximately 100 metres
east of the main shear zone and returned 3.83% copper and 34 g/t
silver, with trace amounts of gold. To date only limited work has
been carried out away from the main shear zone, and the high copper
grades warrant follow up prospecting.
Table 1 Summary of significant results from sampling in 2020.
(Projection WGS 84 UTM zone 23N).
Sample True Length
ID X Y Z Sample type (m) Au (ppm) Ag (ppm) Cu (ppm)
13407 597913 6774490 495 Rock Chip - 22.27 <2 72.2
------- -------- ---- ------------- ------------ --------- --------- ---------
13410 598153 6774982 221 Sawn Channel 0.5 <0.01 3 4597
------- -------- ---- ------------- ------------ --------- --------- ---------
13411 598153 6774982 221 Sawn Channel 0.5 <0.01 <2 523
------- -------- ---- ------------- ------------ --------- --------- ---------
13412 598153 6774982 221 Sawn Channel 0.5 <0.01 <2 882
------- -------- ---- ------------- ------------ --------- --------- ---------
13413 598201 6774990 210 Sawn Channel 0.65 <0.01 <2 140
------- -------- ---- ------------- ------------ --------- --------- ---------
13414 598279 6775033 193 Rock Float - 0.05 34 38300
------- -------- ---- ------------- ------------ --------- --------- ---------
Next steps
-- Detailed structural mapping will be carried out to better
understand the controls on potential high-grade ore shoots within
the wider shear zone which could then be targeted with an initial
phase of diamond drilling.
-- Examine multielement data to establish geochemical signatures
for different phases of mineralisation and assess relative
mineralisation timing
-- A mini bulk sample will be collected for gold deportment studies.
-- Mapping and sampling will be carried out over the area to the
east of the main shear zone, and over the unexplored volcanic
inliers on the north side of Kangerluluk fjord.
-- Prospecting is required to locate the source of the
high-grade copper float and to assess the potential for economic
mineralisation of this type within the wider Kangerluluk area.
Sampling and QAQC Disclosure
Samples were placed into calico bags with a sample ticket,
weighed, and assigned a sample ID. Each sample was sealed with a
security tag, which assigns a unique security ID to the sample.
Samples were transported from site to an accredited laboratory for
analysis; SGS Burnaby, BC, Canada.
Sample preparation scheme PRP94 was used on all samples, with
the addition of a rotary split. This involves crushing to 75%
passing 2 mm, rotary split off 1 kg, and pulverizing the split to
better than 85% passing 75 microns. Samples were then analysed by
screen-metallics fire assay technique GO FAS50M which has a
detection limit of 0.01 ppm Au. This involves screening 1 kg of
pulverised sample to 106 um followed by 50 g fire assay of the
entire plus fraction and duplicate analysis of the minus fraction.
In addition, all samples were assayed with a Four-Acid Digestion /
33 element ICP-AES package, technique GE_ICP40Q12 with overlimits
for Cu with technique GO_ICP42Q100.
The QA/QC program of AEX consists of the systematic insertion of
certified standards of known gold content, and blanks, at a rate of
1 in 20 or 5% per QAQC type. In addition, SGS insert blanks and
standards into the analytical process. The average sample mass was
2.62 kg.
Qualified Person Statement
The technical information presented in this press release has
been approved by James Gilbertson CGeol, who is a full-time
employee and Managing Director of SRK Exploration Services Limited
and a Chartered Geologist with the Geological Society of London,
and as such a Qualified Person as defined by NI 43-101.
Enquiries:
AEX Gold Inc.
Eddie Wyvill, Investors Relations +44 7713 126727
ew@aexgold.com
Eldur Olafsson, Director and CEO +354 665 2003
eo@aexgold.com
Stifel Nicolaus Europe Limited (Nominated +44 (0) 20 7710
Adviser and Broker) 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 3757
Camarco (Financial PR) 4980
Gordon Poole
Nick Hennis
Emily Hall
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq
gold mine. The Corporation has a portfolio of gold assets covering
3,870 km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Inside Information
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Corporation's obligations under
Article 17 of those Regulations. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Glossary
Au Gold
Ag Silver
Cu Copper
g grams
g/t Grams per tonne
kg Kilograms
um Micrometer
mm Millimeter
oz. Ounces
ppm Parts per million
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