RNS Number : 8905W
AEX Gold Inc
24 August 2020
("AEX" or the "Corporation")
AEX's 2020 Summer Field Activities Update in South Greenland
TORONTO, ON / ACCESSWIRE / August 24, 2020 / AEX Gold Inc. (AIM:
AEXG; TSXV: AEX) provides an update on its 2020 Summer Field
Activities on its various licences in South Greenland.
References to figures and tables relate to the version visible
in PDF format on the website by clicking the link below:
-- AEX has safely mobilized its entire expatriate and local
Greenlandic workforce in Greenland, with the site fully staffed
since August 15, 2020.
-- Nalunaq's core exploration activities in 2020 ahead of
targeted underground development scheduled for 2021 will
o 3,000m of surface drilling, including infill drilling to
continue testing the down-dip extensions close to South Block, and
testing for near surface extensions at Target Block;
o Surface geological mapping to follow up on historic sampling
of hanging wall veins;
o Underground mapping and channel sampling to better understand
geological controls on high-grade mineralized zones, and to
identify geochemical signatures indicating potential high-grade
-- In addition, AEX will commence pre-development activities at
Nalunaq ahead of camp construction and underground development
activities, which will commence in 2021.
-- Additional reconnaissance work on regional assets, focussed
on targets in the Greater Amphibolite Ridge area, Lake 410, Jokum's
Shear and Kangerluluk, in preparation for drill testing in 2021.
Work will include verifying historic high-grade gold occurrences,
mapping the extent of gold occurrences at surface, and collecting
samples for gold deportment studies and metallurgical testwork.
Eldur Olafsson, CEO of AEX, commented:
"We are delighted to be moving forward with our work program
following the successful fundraise and admission to AIM in July.
Working closely with the Greenlandic authorities, we have safely
deployed our team in Greenland and are excited to begin work to
resume operations at Nalunaq, and progress our significant
exploration portfolio, which all have evidence of high-quality gold
deposits, towards drilling and development.
"With our near-term focus on Nalunaq, we are looking forward to
deepening our understanding of the Main Vein extensions as well as
other potential mineralized zones within Nalunaq Mountain that
could offer further gold resource and upside over and above the
demonstrated extensions to the Main Vein.
"Through this highly exciting exploration program, we are
confident that we can deliver significant upside to investors in
what is one of the most underexplored and highly prospective
regions in the world. This is the first step in our ambition of
becoming a full-cycle gold mining business, with Nalunaq the first
project in what we believe could be many from our existing
portfolio of gold assets."
Detail on 2020 Activities at Nalunaq
Mobilization & COVID-19 Procedures
AEX is pleased to report that it has successfully mobilized its
15-person crew on site at Nalunaq, including its g eological,
drilling and operational teams , despite the ongoing disruptions
resulting from the COVID-19 pandemic.
AEX has developed a COVID-19 protocol with the Greenlandic
authorities to ensure its activities minimize any risks associated
with the current pandemic. More information on this can be found on
the AEX website: https://www.aexgold.com/responsibility/#covid-19 .
AEX is pleased to announce that all staff currently stationed at
Nalunaq tested negative to COVID-19 after compulsory testing in
Greenland, as at August 15, 2020.
Exploration activities at Nalunaq in 2020 are primarily designed
to test for down-dip extensions of Main Vein through a diamond
drilling program. A drill rig is currently on site and drilling
activities began on August 12, 2020.
Drilling is designed to infill an area of high-grade
intersections approximately 150m south of South Block, to confirm
continuity of gold mineralization and to inform future exploration
development in this area, with drill holes located outside the
300-level portal and in the valley (see Figure 1).
Underground geological mapping will be undertaken to improve the
understanding of controls on high grade mineralized zones. Channel
samples will be taken over Main Vein from different parts of the
mine in order to compare trace element geochemistry and its
relationship to gold grades. The aim is to identify a geochemical
signature for high-grade mineralisation, which may help reduce
grade uncertainty associated with the high nugget effect deposit at
Detail on 2020 Activities on Regional Assets
As part of the 2020 field activities, the Corporation plans to
undertake exploration across its other properties.
Exploration on the Vagar licence will be focused in the
Niaqornaarsuk (Greater Amphibolite Ridge) sub-area, 25km northwest
of the Nalunaq property. The Corporation will visit historic
high-grade targets (see Figure 2) and collect additional samples to
confirm gold grades, better understand the controls on different
mineralisation styles, and map mineralised systems across the
licence to prioritise drill targets for the 2021 field season.
Larger bulk samples will also be collected from Vein 1, Vein 2 and
Femøren for gold deportment studies.
The Anoritooq licence covers areas to the north and west of the
Vagar licence, on the southern end of the Nanortalik peninsula
(including main target Lake 410, 15km southwest of Nalunaq), and
the inner parts of Kangerluluk fjord on the east coast (see Figure
3). In 2020, geologists will visit the Lake 410 target to collect
larger samples of the main gold-mineralised unit for gold
deportment studies, carry out follow-up prospecting on historic
scree sediment gold anomalies, and, depending on time, map the
northern side of Kangerluluk fjord and the head of the fjord to
identify strike extensions to the high-grade Kangerluluk gold
Priority targets for mapping and channel sampling in 2020 are
Jokum's shear and Kangerluluk on the east coast (see Figure 4),
with the aim of verifying historic gold grades, mapping extents of
mineralisation and locate strike extensions. The unexplored inner
parts of Søndre Sermilik fjord (immediately northeast of the Vagar
licence) will be visited by boat in conjunction with coastal areas
of the Vagar licence, where stream sediment samples will be
collected systematically to detect catchment-scale gold
The Corporation will visit the northern part of the Saarloq
shear zone to follow up on historic stream sediment gold
Additional Exploration Target Generation
AEX has engaged GoldSpot Discoveries Corp. (TSXV: SPOT)
("GoldSpot"), as reported in a press release by GoldSpot on August
11, 2020, to assist with target generation and prioritizing
exploration targets across AEX's significant portfolio of assets in
South Greenland. GoldSpot will assist AEX's exploration team with t
wo of its own geologists being deployed on site.
GoldSpot will apply its proprietary workflow and machine
learning algorithm to identify new exploration targets on AEX's
license portfolio in South Greenland. GoldSpot will work with AEX's
technical team to analyze all available geological and remote
sensing data to create high quality multivariate prospectivity
maps, enhancing the exploration opportunities for gold
mineralization at the properties. The gold belts of Greenland host
high-grade narrow vein mineralization, which is similar in style to
the mineralization found in the Abitibi Gold Belt of Canada, an
area where GoldSpot has experience working in.
Qualified Person Statement
The scientific and technical information presented in this press
release has been approved by James Purchase, P.Geo. (OGQ 2082),
Director of Geology and Resources of G Mining Services Inc. and
independent to AEX Gold Inc. for purposes of National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"). Mr. Purchase is a member of the L'Ordre des Géologues du
Québec, and a "qualified person" for purposes of NI 43-101. Mr.
Purchase has visited the Nalunaq and Vagar Properties and has
verified the technical information presented this press
AEX Gold Inc.
George Fowlie, Director and CFO
Eldur Olafsson, Director and CEO
+354 665 2003
Stifel Nicolaus Europe Limited (Nominated Adviser and
+44 (0) 20 7710 7600
Camarco (Financial PR)
+44 (0) 20 3757 4980
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 licence including the previously operating Nalunaq
gold mine. AEX is incorporated under the Canada Business
Corporations Act and wholly owns Nalunaq A/S, incorporated under
the Greenland Public Companies Act.
This press release includes certain "forward-looking
statements". All statements other than statements of historical
fact included in this press release, including without limitation
statements regarding the future plans and objectives of the
Corporation, are forward-looking statements that involve various
risks and uncertainties. These forward-looking statements include,
but are not limited to, statements with respect to pursuing
successful production and exploration programs, and other
information that is based on forecasts of future operational or
financial results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends" or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not
statements of historical fact and may be "forward-looking
statements". Forward-looking statements are subject to a variety of
risks and uncertainties that could cause actual events or results
to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Corporation's expectations include, among
others, risks related to the ability to raise additional capital
proposed expenditure for exploration work and general and
administrative expenses, international operations, the actual
results of current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans continue to
be refined as well as future prices of gold and other precious and
nonprecious metals. Although the Corporation has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. 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.
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(END) Dow Jones Newswires
August 24, 2020 02:00 ET (06:00 GMT)