Tickers: PINX:SLMLD, XTSE:APX
Tags: Mining
January 22, 2018 / TheNewswire / Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV: APX) is pleased to report that its Joint Venture partner, Prize Mining Corp ("Prize or the "Company") (TSX-V: PRZ) has released final assay results from its initial drilling program on the Daylight Property located in southeastern, BC.
Encouraging assay results have been obtained from an 18-hole drill program which tested a number of targets identified from a combination of soil geochemical anomalies, elevated surface rock sample results, geophysical indicators, historical drilling records and surface workings.
Drilling Highlights from the 2017 Program Include:
--Hole DL17005 which intersected 63.7 g/t gold over 0.9 metres at 46.4 metres depth on the Great Western zone. Above this interval, results returned 32.6 metres of 1.16 g/t gold hosted in strongly altered granodioritic rock of the Jurassic Silver King Formation ("Jsk"). This intercept includes 0.5 metres of 20.9 g/t gold, 0.79 metres of 11.6 g/t gold and 0.6 metres of 10.3 g/t gold associated with vuggy quartz-carbonate veins containing semi-massive pyrite and blebby chalcopyrite.
--Hole DL17007 which intersected 1.09 g/t gold over 71.22 metres at 74.28 metres depth in strongly altered Jsk. This interval includes 0.5 metres of 7.36 g/t gold and 4.91 metres of 4.39 g/t gold with a 0.48 metre spike of 21.2 g/t gold associated with quartz-carbonate veining/swarms containing pyrite and chalcopyrite. Also in DL17007, is a deeper 19 metre intercept of 1.0 g/t gold intersected at 168 metres depth.
--Hole DL17016 which intersected 5.77 g/t gold over 1.00 metres at 136.00 metres depth on the Daylight zone. The intersection occurs within a 5 metre intercept of 2.76 g/t gold from a set of quartz-carbonate veins hosted in intermediate to mafic volcanic rocks.
Feisal Somji, Prize's Chief Executive Officer, commented "These encouraging results confirm the presence of significant widths of mineralization along both the Great Western/Eastern and Victoria/Starlight/Daylight zones on the Daylight Property. We are particularly excited by the high-grade shoots located within the broad zones of gold mineralization. We are eager to start a follow up drilling program based on the results of the drill program."
The following table sets out all significant assay results of the drill program.
HOLE ID | FROM (M) | TO (M) | WIDTH* (M) | AU (g/t) | AG (g/t) | ZONE |
DL17001 | 44.00 | 44.52 | 0.52 | 2.71 | 4.09 | Victoria |
and | 52.07 | 52.38 | 0.31 | 0.75 | 145.53 | Victoria |
DL17002 | 64.55 | 65.12 | 0.57 | 1.04 | 7.39 | Victoria |
and | 75.43 | 93.00 | 17.57 | 0.58 | Victoria | |
including | 92.10 | 93.00 | 0.90 | 2.60 | 3.91 | Victoria |
DL17003 | 17.50 | 18.00 | 0.50 | 7.31 | 11.48 | Starlight |
and | 50.37 | 50.84 | 0.47 | 4.75 | 4.46 | Starlight |
and | 53.41 | 53.87 | 0.46 | 0.92 | 0.54 | Starlight |
and | 79.00 | 80.00 | 1.00 | 1.04 | 2.35 | Starlight |
DL17004 | 99.55 | 100.12 | 0.57 | 1.88 | 1.54 | Starlight |
DL17005 | 7.40 | 40.00 | 32.60 | 1.16 | Great Western | |
including | 9.30 | 9.80 | 0.50 | 20.9 | 32.53 | Great Western |
including | 18.21 | 19.00 | 0.79 | 11.6 | 28.56 | Great Western |
including | 30.00 | 30.60 | 0.60 | 10.3 | 8.87 | Great Western |
and | 46.40 | 47.30 | 0.90 | 63.7 | 24.43 | Great Western |
and | 64.07 | 66.00 | 1.93 | 1.72 | 2.11 | Great Western |
DL17006 | 113.00 | 115.00 | 2.00 | 2.56 | 3.81 | Great Western |
DL17007 | 17.00 | 19.00 | 2.00 | 1.12 | 0.99 | Great Western |
and | 64.48 | 64.96 | 0.48 | 1.54 | 0.73 | Great Western |
and | 74.28 | 145.50 | 71.22 | 1.09 | Great Western | |
including | 80.50 | 81.00 | 0.50 | 7.36 | 18.83 | Great Western |
including | 128.32 | 128.80 | 0.48 | 21.2 | 45.05 | Great Western |
and | 168.00 | 187.00 | 19.00 | 1.00 | Great Western | |
including | 176.34 | 176.84 | 0.50 | 9.0 | 7.08 | Great Western |
DL17011 | 59.09 | 60.35 | 1.26 | 3.21 | 4.67 | Great Eastern |
and | 90.00 | 91.06 | 1.06 | 5.76 | 10.84 | Great Eastern |
and | 125.00 | 126.06 | 1.06 | 1.37 | 2.49 | Great Eastern |
and | 138.00 | 139.20 | 1.20 | 1.28 | 2.78 | Great Eastern |
and | 142.00 | 143.00 | 1.00 | 1.06 | 1.91 | Great Eastern |
DL17016 | 95.21 | 96.50 | 1.29 | 1.15 | 0.42 | Daylight |
and | 136.00 | 141.00 | 5.00 | 2.76 | Daylight | |
including | 136.00 | 137.00 | 1.00 | 5.77 | 2.73 | Daylight |
*Widths indicated in the above table are drill core intercepts. Drill hole alignment was designed to intersect mineralization at near perpendicular orientations; however the core intervals listed in the above table do not represent true widths.
Diamond Drilling and Sampling Procedures:
The Company engaged TerraLogic Exploration Inc. ("TerraLogic") of Cranbrook, B.C. as contractor to carry out the drill program recently completed on each of the Daylight and Toughnut Properties.
All samples were assayed by Bureau Veritas, in Vancouver BC. Analytical packages utilized a strong acid ICP analysis (MA250) and gold fire-assay analysis on a large 50g split (FA450). Gravimetric analysis (FA550) were carried out on any over detection gold assays greater than 10 g/t.
Quality Control:
The Company follows a rigorous Quality Assurance/Quality Control program over the chain-of-custody of samples and the insertion of standards, blanks and duplicates into the sample stream submitted to the laboratory for analysis. TerraLogic personnel maintained a rigorous and independent QA/QC program throughout the duration of the core sampling program. Standards were inserted every 20 samples and duplicate samples of suspected high grade intervals were always followed by blanks to ensure smearing effect was not an issue.
Bureau Veritas is wholly independent of Prize Mining and TerraLogic and is accredited under CAN-P-4E (ISO/IEC 17025): General Requirements for the Competence of Testing and Calibration Laboratories ISO/IEC 17025-2005
Jarrod Brown, P.Geo., of TerraLogic, a Qualified Person under NI 43-101, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Brown has approved and verified the scientific and technical information in this news release based through his experience with the Daylight Property in general.
About Apex Resources Inc.:
Apex is a Canadian gold exploration and development company focused on British Columbia and the Yukon Territories. Apex has a portfolio of quality properties including:
1.The 1.9 million ounce Kena-Daylight gold property under option to Prize Mining Corp.
2.The Jersey-Emerald tungsten-zinc property under option to Margaux Resources Ltd.
3.The Mount Anderson gold-silver property in the Yukon.
4.The Red Ridge gold-silver property in the Yukon.
5.The Cloud, Eldorado and Wild properties in BC's Golden Triangle.
Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario.
For further information on the Company's projects, visit www.apxresources.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@apxresources.com or info@apxresources.com
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward-looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex's filings that are available at www.sedar.com or Apex's website at www.apxresources.com.
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