TIDMAEXG
RNS Number : 0985Z
AEX Gold Inc
16 September 2020
("AEX" or the "Corporation")
AEX Footwall Vein discovered on surface 70-100 metres below
Nalunaq Main Vein
TORONTO, ON / ACCESSWIRE / September 16, 2020 / AEX Gold Inc.
(AIM: AEXG; TSXV: AEX) provides an update on its 2020 Summer Field
Activities since mobilization in South Greenland on August 15(th) ,
2020.
References to figures relates to the version visible in PDF
format on the website by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/0985Z_1-2020-9-15.pdf
Key Highlights:
-- High-resolution aerial imagery drone has identified an
outcropping Footwall Vein which lies an estimated 70-100 meters
stratigraphically below the Main Vein on the north face of Nalunaq
mountain. Historically, two drill holes have intersected a
mineralised quartz vein at that level (refer to Figure 5)
-- AEX has so far drilled five holes at Nalunaq, for a
cumulative 1,200 metres of drilling this field season. The first
samples have been dispatched for assaying and the results of this
will be announced once received
-- GoldSpot Discovery Corp. has generated a preliminary list of
additional targets for the wider regional exploration asset
portfolio. These targets will be visited and prospected by our
geologists in September 2020.
Eldur Olafsson, CEO of AEX, commented:
"The drilling program at Nalunaq is well underway with samples
already being dispatched for assaying, which will further support
our development program in 2021. The high-resolution imagery from
our new state of the art drone is proving highly effective, and
will further assist us in progressing the Exploration Target at
Nalunaq by supporting evidence of other veins, which could
potentially be gold bearing.
"Due to the lack of vegetation in Greenland, the use of a Drone
is an extremely efficient, cost effective and safe way for our
geologists to prospect over this type of mountainous terrain. Its
ability to cover vast areas and yet closely focus and record
specific targets is a game changer for our regional exploration
efforts. Additionally, we feel confident about the prospecting
activities at our other regional assets as they have the potential
to open up new ground in South Greenland. Most importantly, we are
delighted with the early performance and execution of our
exploration team, particularly given the new health and safety
procedures implemented as a result of Covid-19 and are happy to
report that our camp at Nalunaq continues to be Covid-free. "
Update on 2020 Activities at Nalunaq
Since mobilizing to South Greenland on August 15(th) , the
drilling team has completed 1,200 meters of surface drilling,
completing holes AEX1909, AEX2001, AEX2002, AEX2003 and AEX2004.
See Figure 1.
The samples for these drill holes are currently being dispatched
to a lab in Canada for assaying, and the assay results will be
announced once received.
Additionally, the team on-site has been able to further evidence
the presence of an outcropping quartz vein, estimated to be 70-100
meters stratigraphically below the Main Vein as illustrated in
Figure 2 and Figure 3.
It is the first time this Footwall Vein has been identified on
the eastern flank of the mountain due to the challenging access and
topography.
The location of this quartz vein coincides with a footwall vein
modelled from historic exploration drilling intersections, Footwall
Vein 2, as illustrated in Figure 5 in the Nalunaq Leapfrog
model.
The high-resolution imagery of the Footwall and Hanging Wall
Veins will be combined with the ongoing development strategy
planning at Nalunaq in order to assess development and drilling
potential as early as in 2021.
A summary of the completed drilling in 2020 is shown in Table 1,
for which assays are pending. Details for the two historical
drilling intersections mentioned in Figure 5 are shown in Table 2
and Table 3.
Table 1 Summary of drill holes completed by AEX to date in 2020
(Projection WGS 84 UTM zone 23N)
Hole X Y Z Core Diameter(1) Dip(2) Azimuth End Depth
ID (m)
AEX1909 509413 6691190 236 NQ 85deg 315deg 287.5
------- -------- ---- ----------------- ------- -------- ----------
AEX2001 509413 6691190 236 NQ 55deg 315deg 215.7
------- -------- ---- ----------------- ------- -------- ----------
AEX2002 509116 6690840 308 NQ 80deg 315deg 231.0
------- -------- ---- ----------------- ------- -------- ----------
AEX2003 509116 6690840 308 NQ 70deg 315deg 219.0
------- -------- ---- ----------------- ------- -------- ----------
AEX2004 509116 6690840 308 NQ 60deg 315deg 200.8
------- -------- ---- ----------------- ------- -------- ----------
(1) NQ-size drill core has a 47.6mm diameter
(2) Positive Dip means downwards
Table 2 Summary of historical drill holes (Projection WGS 84 UTM
zone 23N) drilled by Crew Gold which intersect the modelled
Footwall Vein 2.
Hole X Y Z Core Diameter(1) Dip Azimuth End Depth
ID (m)
NQ-72 508618 6691398 617 BTW 57deg 333deg 170.0
------- -------- ----- ----------------- ------ -------- ----------
NQ158 508085 6691344 1028 NQ 66deg 037deg 371.0
------- -------- ----- ----------------- ------ -------- ----------
(1) NQ-size drill core has a 47.6mm diameter, and BTW-size drill core has a is 42mm diameter
(2) Positive Dip means downwards
Table 3 Summary of historical Footwall Vein 2 vein intersections
containing significant assays drilled by Crew Gold.
Hole From To Length(1) Au (ppm)
ID
(m)
NQ-72 134.00 135.55 1.55 1.2
------- ------- ---------- ---------
NQ158 350.00 350.70 0.70 5.1
------- ------- ---------- ---------
(1) True vein widths are estimated to be 60% - 80% of the
lengths quoted in the table above.
Sampling and QAQC Disclosure for the 2020 Drilling Campaign
The following text outlines the sampling and drilling protocols
for the 2020 drilling program:
Selected portions of drill core were cut in half using a diamond
blade core saw. Where a bottom of hole orientation line was
present, the cut line was marked approximately 5 degrees off axis,
and the right-hand side of the core was sampled. Drill core 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
Sudbury and Burnaby.
Assaying procedures will be outlined when results become
available.
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 Property and has verified the
technical information presented this press release.
Further Information:
AEX Gold Inc.
George Fowlie, Director and CFO
1-416-587-9801
gf@aexgold.com
Eldur Olafsson, Director and CEO
+354 665 2003
eo@aexgold.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Camarco (Financial PR)
Gordon Poole
Nick Hennis
+44 (0) 20 3757 4980
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 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.
Forward-Looking Information
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.
No securities regulatory authority has either approved or
disapproved of the contents of this press release. Neither TSXV nor
its Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Inside Information
This announcement contains inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAENSFDSEEAA
(END) Dow Jones Newswires
September 16, 2020 02:00 ET (06:00 GMT)
Amaroq Minerals (LSE:AMRQ)
Historical Stock Chart
From Feb 2024 to Mar 2024
Amaroq Minerals (LSE:AMRQ)
Historical Stock Chart
From Mar 2023 to Mar 2024