TIDMAEXG
RNS Number : 7859O
AEX Gold Inc
14 June 2022
(" AEX " or the " Corporation ")
16.95g/t Gold Returned from Previously Untested Areas of the
Nanoq Gold Target and 2022 Exploration Activities Commence.
TORONTO, ONTARIO - June 14, 2022 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent mining company with an unrivalled land
package of gold and strategic mineral assets covering an area of
7,615.85 km(2) in Southern Greenland, is pleased to announce
results of its 2021 exploration campaign at its Nanoq gold project,
South Greenland.
Nanoq is a high priority gold target on the eastern side of the
Nanortalik Gold Belt. The 2021 program chiefly comprised
lithological and structural mapping designed to define the
geometries and the controls over mineralisation in a continual
progress to develop the target to a drill ready stage.
Further, the Corporation is pleased to announce the commencement
of the 2022 field program at Nalunaq and regional exploration
programme.
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/ .
Highlights
Nanoq 2021 Exploration Results
-- AEX's geological mapping and drone imagery at Nanoq,
conducted alongside SRK Exploration Services, has been shown to be
highly effective in this terrain and highlighted the presence of a
total of three key altered mineralised shear zones each over 20
metres wide. Only one zone was previously recognised, therefore
this discovery has materially increased the resource size potential
of the target.
-- Mapping highlighted areas of structural thickening and the
associated duplication of mineralised zones which hold the
potential for greater tonnage and resources, close to surface, than
previously thought.
-- Targeted sampling by AEX resulted in 26 rock chip samples,
returning up to 16.95 g/t Au in one of the newly identified zones
and infill sampling returned up to 5.65 g/t Au, confirming its
potential to host economic resources.
-- In addition, mineralisation appears to be open along strike
to the SW, potentially connecting Nanoq to the Jokum's Shear
gold/copper occurrence along a 25km structure. The scale of this
structure suggests the existence of a significant mineralised
system capable of hosting numerous deposits. AEX believe that this
structure may host a multimillion ounce target.
-- Historic channel sampling of the previously recognised
mineralised zone returned high grade results with highlights of
175.1 g/t gold over 0.8 metres and 35.4 g/t gold over 0.95 metres,
and with grab samples up to 118 g/t gold. There is also copper in
the system with up to 3.83% Cu in float samples collected by AEX in
2020.
-- This year, AEX intends to run a high resolution geophysical
survey across Nanoq and along the 25km long structure to Jokum's
Shear thereby testing the geological potential ahead of
drilling.
-- The results from 2020, 2021, and results from this year's
geophysical program, will provide AEX with a greatly improved
understanding of the structural geometries and will allow for
direct targeting of possible high-grade ore shoots in a future
maiden drilling program, aimed at defining a multi-million ounce
target.
2022 Field Activities Commence
-- The 2022 Nalunaq field program has commenced with infill core
drilling on the Valley Block and road preparation ahead of
extension core drilling at site.
-- Drilling at the Sava iron-oxide copper gold ("IOCG") target
has commenced on Target West, the first core samples of which
produced encouraging results (see accompanying presentation on
AEX's website)
-- The 2022 field program aims to continue to build resource
definition and size at Nalunaq, provide geological understanding at
Sava, provide understanding to the potential resource scale at
Vagar Ridge as well as conduct a number of regional exploration
objectives.
-- A detailed exploration plan and proposed budget will be
presented in the next quarterly update.
Eldur Olafsson, CEO of AEX, commented:
"These 2021 results from Nanoq provide yet further evidence of
the gold endowment across the Nanortalik Gold Belt of Southern
Greenland, across which a number of our identified assets sit. The
strategic landholding that AEX controls over this Gold Belt,
provides us with the access to explore and discover these potential
multimillion ounce plays. In a world where much of the prospective
ground has seen decades of extensive exploration, this situation is
rare.
"These results from Nanoq provides the Company with yet another
potential advanced gold development project alongside Nalunaq and
Vagar Ridge.
"Our geological teams have now fully mobilised in Southern
Greenland and have commenced the planned 2022 activities at Nalunaq
as well as the first drilling activities at our Sava IOCG target,
with drilling scheduled at Vagar Ridge in the coming month.
"I look forward to our 2022 field season and in providing the
market regular update on both are gold and strategic mineral
licenses as Greenland continues to emerge and a frontier mining
jurisdiction."
Discussion on Results
Nanoq 2021 Exploration Results
The Nanoq 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. Supracrustal rocks cover an
area of about 4 km(2) and consist of a 200-300 metre thick
volcano-sedimentary sequence that rests unconformably on granites
of the Julianehåb Batholith.
Gold has been reported in samples from the Nanoq 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 metres wide. Gold is associated with copper
and occurs in quartz veins and zones of hydrothermal alteration
that are 2-5 metres wide.
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 halo around the quartz veins,
potentially increasing the width of the mineralised zone.
Float samples collected by AEX in 2020, away from the main sheer
zone, returned up to 3.83% copper, although more work is required
to assess the potential for economic copper mineralisation.
As with AEX's Vagar Ridge discovery, in-house Mineral System
modelling has highlighted the importance of Nanoq to the
controlling geodynamics of the Nanortalik Gold Belt of Southern
Greenland. The area is also located upon a controlling boundary to
an important interpreted sedimentary basin within the Ketilidian
arc system the transects Southern Greenland and Eastern Canada.
Sedimentary basins within a subduction-arc system can be
significant sites of Orogenic or Intrusion-Related gold
mineralisation since they are often locations of structural
reactivation during collisional tectonics.
The 2021 exploration programme included follow-up geochemical
sampling, predominately focused away from the main mineralised
shear zone and detailed structural mapping and interpretation
across an area roughly 400 metres wide and 800 metres in strike
guided by high resolution drone imagery collected earlier in the
field season.
The key observations and conclusions from the 2021 results
include:
-- Three key mineralised shear zones have been documented (SZ1,
SZ2, SZ3) with varying dip direction with a shallower dipping shear
zone (SZ2) remaining significantly untested. These structures
appear to be up to 20 metres wide.
-- Sampling away from the main shear zone (SZ3), aimed at understanding the extent and style of mineralisation, resulted in the discovery of a quartz vein 1 metre wide, located approximately 50 metres away from SZ1, with a grade of 16.95 g/t Au, highlighting the potential for high grade mineralisation in the largely unexplored parts of the Nanoq area.
-- A sample from a previously unsampled area of the central part
of the main shear zone returned 5.65 g/t Au from a quartz vein up
to 2 metres thick, extending the footprint of the SZ1 shear
zone.
-- Previous copper grades of up to 3.8% identified at Nanoq were
observed to be associated by cross cutting epidote-garnet veining
and alteration, providing further evidence that economic copper
mineralisation could be present in the system.
-- SRK have interpreted a number of geological structures that
provide strong evidence for a quartz vein bearing, shear zone
hosted gold deposit which exploits rheological contrasts between
lithological units within a complexly folded volcano-sedimentary
sequence, providing further evidence of the overall prospectivity
of the target.
-- Strike-slip stretching has led to quartz veins within the
shear zones, which pinch and swell along the strike length.
Interpretations suggest that mineralisation may exhibit near
vertically plunging higher grades.
-- Quartz veining to follow fold hinge geometries which have been proven to carry grade.
-- Structural mapping suggests the presence of features such as
vertical and fold limb-parallel shear zones and saddle reef veining
that provide prospective mineralisation zones and zones for quartz
vein thickening and duplication which would aid in the
identification of significant near surface minable widths.
AEX further believes that the mineralisation observed here at
Nanoq may be the northern end of a mineralised structure extending
up to 25km south-west to the Company's Jokum's Shear gold
occurrence.
The Company now intends to follow up these results with a high
resolution airborne magnetic, radiometric and gravity survey to
cover the main Nanoq shear zone, similar geology observed on the
north side of fjord, and over this postulated 25km mineral
corridor.
2022 Field Activities
An outline of AEX's 2022 exploration objectives was announced on
30 May 2022. Since this time the field teams have all mobilized and
commenced work programme at both Nalunaq and Sava.
Nalunaq
AEX has commenced an approximately 2,500 metre infill core
drilling programme into the Valley Block at Nalunaq to build on the
positive results obtained in 2021. To date the Corporation has
already completed around 1,100m drilling from two drilling rigs
with a third due for arrival on the 15 June 2022. The key objective
of this stage of the programme is to provide additional confidence
in the resources of the Valley Block ahead of an updated Mineral
Resource estimation later in the year.
In parallel, AEX is constructing two new mountain access roads
to allow extension drilling up dip and along strike of the Valley
Block. The Corporation is planning an approximate 7,000 metre core
drilling programme as part of this programme to further increaseing
the resource. To date, the Corporation has completed the first of
two mountain access roads and hopes to complete all surface
construction by the second week of July, with extension drilling
commencing shortly after.
Sava
At Sava, AEX has commenced an approximate 500 metre maiden core
drilling programmeprogramme across a number of prospective IOCG
targets identified from the 2021 exploration results. The aim of
this programme it to provide the Corporation with geological data,
including mineralisation and alteration style at depth, below the
IOCG alteration and mineralisation seen at surface. These results
will guide AEX's further copper/gold exploration programme in 2022
and 2023.
To date AEX has commenced the first scout drillhole at Target
West with 10 m already complete. In parallel, AEX's geological
teams have continued with prospecting around Target West and North
to expand the footprints of these targets and provide further
geological data for interpretation.
Vagar Ridge
AEX is continuing its logistical planning ahead of an
approximate 2,500 metre core drilling programmeprogramme across the
expanded orogenic and intrusion related gold target at Vagar Ridge.
It is the Corporation's intention that this discovery will be
drilled during July/August dependent on weather conditions.
Sampling and QAQC Disclosure
All samples were placed into thick Hubco fabric bags with a
sample ticket. Each sample bag was sealed and transported from site
to an accredited laboratory, ALS Geochemistry in Loughrea in the
Republic of Ireland, for analysis.
Sample preparation scheme PREP-31BY was used on all rock
samples. This involves crushing to 70% under 2 mm, rotary split off
1 kg, and pulverizing the split to better than 85% passing 75
microns. Samples were then analysed by 50 g fire assay with Au-AA26
which has a detection limit of 0.01 ppm Au. In addition, all
samples were assayed with a 48-element Four-Acid Digestion ICP-MS
technique (ME-MS61).
The QA/QC programme 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 QA/QC type. In addition, ALS insert blanks and
standards into the analytical process. The average sample mass was
1.32 kg.
Qualified Person Statement
The technical information presented in this press release has
been approved by James Gilbertson CGeol, VP Exploration for AEX
Gold 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, Executive Director and CEO
+354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations
+44 (0)7713 126727
ew@aexgold.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
SI Capital Limited (Joint Broker)
Nick Emerson
Charlie Stephenson
+44 (0) 1483 413500
Camarco (Financial PR)
Billy Clegg
Emily Hall
Charlie Dingwall
+44 (0) 20 3757 4980
For Company updates:
Follow @AexGold on Twitter
Follow AEX Gold Inc. on LinkedIn
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold and strategic
metal 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 and strategic metal assets covering 7,615.85km(2)
, the largest mineral portfolio 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.
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