TIDMAEXG
RNS Number : 8343H
AEX Gold Inc
08 December 2020
("AEX" or the "Corporation")
AEX Granted New Mineral Exploration Licence at Kangerluarsuk in
South Greenland
Licence considered highly prospective for Gold and other
commodities including Copper, Zinc and Molybdenum
TORONTO, ONTARIO - December 8, 2020 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent gold company with a portfolio of gold
licences in Greenland, announces that it has been granted a new
Mineral Exploration Licence in South Greenland by the Mineral
Licence and Safety Authority ("MLSA"). The licence covers 335 km(2)
in South Greenland and is considered highly prospective for
multiple commodities including Gold, Copper, Zinc and
Molybdenum.
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
-- New Mineral Exploration Licence "Kangerluarsuk" (MEL 2021-02)
has been granted totalling 335 km(2) (Figure 1)
-- The licence covers granitic rocks of the late Julianehåb
igneous complex in South Greenland and is prospective for multiple
commodities
-- Historic prospecting in the licence has returned grab samples
grading up to 382 g/t Au, 100 g/t Ag, 3.4% Cu and 3.7% Zn
-- The Company believe that there are similarities between the
late Julianehåb igneous complex in South Greenland and similar age
granites in Sweden which host several porphyry copper deposits
-- The granite north of Kangerluarsuk fjord hosts abundant
quartz veins, widespread propylitic alteration and locally
malachite staining, suggestive of a potentially large
magmatic-hydrothermal mineral system
-- The area is readily accessible, adjacent to deep water fjords
close to the regional population centres of Narsaq and Qaqortoq, 30
km SW of Narsarsuaq international airport
-- AEX is working with GoldSpot Discoveries Corp. to generate
exploration targets and work programmes for 2021.
Eldur Olafsson, CEO of AEX, commented:
"Our geologists have spent considerable time assessing various
exploration licence opportunities in South Greenland and we believe
this is one of the most exciting and prospective we have seen
outside the known gold belts, where we already hold the prime
acreage. This new licence is highly complementary to our existing
portfolio and will provide further optionality for the Company as
we seek to prioritise targets for future development as part of our
strategy of creating a full cycle gold mining company.
The historic grab samples on this licence and the nature of the
intrusions are exactly what we are looking for and are highly
prospective for gold not to mention copper, zinc and molybdenum.
Through our partnership with GoldSpot we are compiling and
analysing data with the aim of targeting a more detailed
exploration programme on the ground in 2021. Speaking as a
geologist myself, this type of deposit is exactly what makes
Greenland so exciting and we look forward to updating the market as
we progress."
Figure 1 Geological map of South Greenland showing new licence
MEL 2021-02 in black and AEX's existing licence holdings in yellow.
The late Julianehåb igneous complex is coloured dark pink on the
map and occupies the northern part of the batholith.
Licence Summary
New Mineral Exploration Licence MEL 2021-02 "Kangerluarsuk"
totals 335 km(2) and covers granites north of Kangerluarsuk fjord
(Figure 1). The area benefits from excellent bedrock exposure, is
surrounded by deep-water fjords and is close to the regional
population centres of Narsaq and Qaqortoq, and Narsarsuaq
International Airport which is located 30 km to the northeast.
Aside from some work by the Geological Survey of Greenland in the
late 1970s as part of regional uranium exploration programs
(SYDURAN and SYDEX), the area has not seen any significant
commercial exploration and AEX believes that the northern part of
the Julianehåb batholith has been overlooked.
Regional Geology
The geology of South Greenland is dominated by the
Paleoproterozoic Ketilidian orogenic belt (1850 - 1725 Ma), formed
during subduction of an oceanic plate under the Archean North
Atlantic Craton. The orogen can be divided into three broad zones
from northwest to southeast (Figure 2):
1. The Border Zone, where crystalline rocks of the Archean
craton are unconformably overlain by Ketilidian supracrustal
rocks
2. The Julianehåb Batholith, a large polyphase calc-alkaline
batholith which was emplaced in a continental arc setting, along
with numerous appinite dykes
3. Ketilidian supracrustal rocks that are psammitic close to the
contact with the batholith and more pelitic in the southeast, with
subordinate mafic volcanics and volcaniclastics, intruded by a
post-orogenic suite of rapakivi granites.
Figure 2. Geological map of South Greenland showing the
principal geological domains and new licence MEL 2021-02. Modified
from Secher et al., 2008.
The Ketilidian orogen in South Greenland is effectively a
western extension of the Paleoproterozoic Svecofennian orogen in
northern Sweden, one of Europe's major metallogenic provinces which
hosts numerous gold and base metal deposits. The late northern part
of the Julianehåb Batholith emplaced between 1800-1780 Ma is
considered by the Company as being analogous to granites of similar
age in Sweden which host several porphyry copper deposits including
Aitik, one of the largest copper mines in Europe.
Exploration History
Known mineralisation within the late Julianehåb granites
includes a small copper deposit worked during the 19(th) Century at
Frederick VII mine near Qaqortoq, and widespread uranium
mineralisation which was discovered during a regional uranium
exploration program, SYDURAN (later SYDEX), in the late 1970s and
1980s. Regional geological mapping was carried out in the late
1950s and early 1960s, largely from aerial photographs.
The SYDURAN project included a regional stream sediment sampling
campaign in 1979 covering most of South Greenland, which was
followed up in 1990 by NunaOil who collected heavy mineral
concentrates in 20 sub-areas identified as anomalous for gold,
including parts of the Kangerluarsuk licence. There has been no
commercial exploration since, however local prospectors have
discovered several mineral occurrences in the area as part of the
Ujarassiorit 'National Mineral Hunt' initiative. Selected samples
are shown in Table 1 and Figure 3.
Table 1 Selected grab samples from the Ujarassiorit program. Projection WGS 84 UTM zone 23N.
Sample Year Easting Northing Au (ppm) Ag (ppm) Cu (ppm) Zn (ppm) Mo (ppm)
ID
2011-0033 2011 437826 6774594 382 86.9 290 1090 0.2
----- -------- --------- --------- --------- --------- --------- ---------
2007-0496 2007 438140 6768642 0.044 14.8 2440 481 15
----- -------- --------- --------- --------- --------- --------- ---------
60575 2006 433542 6769761 0.199 100 1120 1700 3.34
----- -------- --------- --------- --------- --------- --------- ---------
97824 1997 432204 6772361 0.099 34.7 34467 134 1230
----- -------- --------- --------- --------- --------- --------- ---------
2014-0093 2014 431550 6772573 0.032 19.8 1090 36700 10.8
----- -------- --------- --------- --------- --------- --------- ---------
2014-0092 2014 431574 6772805 0.029 19.3 933 28200 12.3
----- -------- --------- --------- --------- --------- --------- ---------
2014-0265 2014 431651 6772976 0.014 3.55 2780 39 2840
----- -------- --------- --------- --------- --------- --------- ---------
2014-0102 2014 433673 6772357 0.001 0.61 1030 20 525
----- -------- --------- --------- --------- --------- --------- ---------
2019-0099 2019 432331 6767698 0.025 8.86 276 8374 6.11
----- -------- --------- --------- --------- --------- --------- ---------
297726 1984 449137 6776945 - - 17080 160 -
----- -------- --------- --------- --------- --------- --------- ---------
297727 1984 449137 6776945 - - 31312 225 -
----- -------- --------- --------- --------- --------- --------- ---------
Samples collected as part of the regional SYDEX uranium
exploration project (Nyegaard, 1986) - not assayed for gold.
Figure 3 Yellow triangles mark selected grab samples highlighted
in Table 1. Red points mark other Ujarassiorit samples. Licence
boundary MEL 2021-02 shown in black over Sentinel-2 satellite
imagery.
Following the discovery of a sample with visible gold in 2011
(Figure 4), the Geological Survey of Denmark and Greenland (GEUS)
visited the area for one day in 2013, describing the granite north
of Kangerluarsuk fjord as hosting abundant quartz veins with
pronounced hematite alteration (Figure 5), widespread propylitic
alteration and locally malachite staining (Figure 6) (Kolb and
Bagas, 2013). Of particular interest is the description of
widespread epidote-quartz-magnetite alteration, with up to 7 vol.%
magnetite, and malachite staining after chalcopyrite, which are
typical features of magmatic-hydrothermal copper mineralisation
(e.g. Sillitoe, 1997).
Steenfelt, 2016 notes that the highest regional stream sediment
values for molybdenum are found in samples from the area, and a
rock sample from the area with molybdenite won the 2014 national
mineral hunt competition (Naalakkersuisut, 2015).
Figure 4 Visible gold in Ujarassiorit sample 2011-0033. Sample
assayed 382 g/t Au. (Kolb and Bagas, 2013).
Figure 5 Hematite alteration halo around a milky quartz vein in
the Kangerluarsuk area. This type of alteration is commonly
associated with gold mineralisation in deposits globally (Kolb and
Bagas, 2013).
Figure 6 Malachite staining after chalcopyrite in
quartz-magnetite-sulphide altered granites in the Kangerluarsuk
area (Kolb and Bagas, 2013).
Despite the limited amount of information collected to date, the
above points to the potential that porphyry type Cu-Mo-Au or Iron
Oxide Copper Gold "IOCG" style mineralisation could be present in
connection with the late Julianehåb igneous complex. AEX believes
that the Kangerluarsuk area has excellent potential to host
magmatic-hydrothermal mineral systems and is prospective for
multiple commodities.
Next Steps
-- Properly assess the existing stream sediment database and
available geochemistry data for the area.
-- Visit the known mineral occurrences on the property and
conduct detailed geological and structural mapping. Porphyry type
systems are much better understood since the area was last mapped
in the 1950s.
-- Complete high-resolution geophysical surveys including
magnetic and radiometric surveys to help identify intrusive centres
and prospective host structures for gold-quartz veins.
-- Assess the potential of hyperspectral imaging to rapidly map hydrothermal alteration.
Sampling and QAQC Disclosure
The Qualified Person has not verified the data disclosed in
Table 1, through sampling, analytical, nor test data. The
information was obtained from historic reports and from a database
of Ujarassiorit samples sourced from the MLSA. Locations of
Ujarassiorit samples are not always accurately recorded.
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.
Eldur Olafsson, Director and CEO +354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations +447713126727
ew@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
This announcement does not contain inside information.
Glossary
Au Gold
Ag Silver
Cu Copper
Zn Zinc
Mo Molybdenum
g/t Grams per tonne
ppm Parts per million
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