Tickers: PINX:SLMLD, XTSE:APX
Tags: Mining
February 28, 2019 / TheNewswire / Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX) is pleased to announce its planned 2019 exploration program. In 2019, Apex plans to focus its exploration activities on its Mt Anderson and Ore Hill projects.
Apex Resources will be attending the 2019 PDAC (March 2-6) in Toronto. Please visit us at Booth #3326.
Apex's portfolio of 6 high-quality base and precious metal projects in British Columbia and the Yukon include:
1. The Mount Anderson gold-silver property, Yukon
2. The Red Ridge gold-silver-copper property, Yukon
3. The Ore Hill gold property in southern BC
4. The historic Jersey-Emerald tungsten-zinc mine in southern BC
5. The Kena-Daylight gold property in BC (currently under JV)
6. Three exploration projects in BC's Golden Triangle
In 2019, Apex plans to focus its exploration activities on the Mt Anderson and Ore Hill projects.
Mount Anderson Gold-Silver Property, Yukon
The road accessible, 3000 hectare Mount Anderson property is located 55 kilometres south of Whitehorse, Yukon next to the historic Mount Skukum Mine where New Pacific Metals Corp. has an indicated resource of 1,416,500 tonnes grading 8.59 g/t gold equivalent (New Pacific Metals website).
In 2017 and 2018, Apex contracted Aurora Geoscience Ltd. ("Aurora") of Whitehorse, YT to carry out mapping, rock and soil sampling and an IP geophysical survey on the property. The mapping and geochemical sampling surveys successfully located and confirmed previously identified strong multi-element soil geochemical anomalies and four gold-silver showings named: 47, Adanac, Whirlwind Adit and Ridge Zones. The recent surveys indicate multiple pulses of mineral emplacement from hydrothermal fluids. The IP survey successfully delineated several chargeability and resistivity anomalies. The largest and strongest anomaly represents a new discovery and remains open.
Based on Aurora's recommendations, a two-phase exploration program for the Mount Anderson property is planned for 2019. Phase 1 will include rock sampling and geological mapping to finalize drill site locations. The Phase 2 diamond drilling program will test the Phase 1 targets with approximately 1,200 metres of diamond drilling in 9 holes.
Red Ridge Silver-Gold Property, Yukon
The 1,600 hectare Red Ridge Property, located 17 kilometres north of Mount Anderson, centres on several high-grade silver-gold veins surrounding a porphyry copper-molybdenum zone. Historic exploration focused on five historic silver-gold showings with reported assays of up to 28.9 g/t gold and 1,519 g/t silver across 0.5 metres. Sampling by Apex in 2017 confirmed the historic grades with rock chip and grab samples returning assays up to 22.3 g/t gold and 2,190 g/t silver (please see News Release September 21, 2017). Soil sampling showed extensive silver and gold soil anomalies surrounding a copper-molybdenum soil anomaly. Apex's consultant, Aurora Geoscience has determined that this zone is centered on a Prospector Mountain Suite Intrusion that is similar in age and composition to that hosting the 964 million tonne Casino porphyry deposit.
A $250,000 phase 1 exploration program involving geological mapping and sampling, geophysical surveys and mechanized trenching is recommended for the Red Ridge Property in order to define phase 2 drill targets. Apex obtained a multi-year drill permit for the property in 2018 in order to expedite a phase 2 program.
Ore Hill Property, British Columbia
The Ore Hill property is located 45 kilometres south of the town of Nelson, BC in the historic Sheep Creek gold mining camp. The 2,000 hectare, road accessible property contains several polymetallic gold bearing quartz veins that were initially staked in 1901. The veins have been explored with nine adits and over 1,200 metres of underground development. Between 1906 and 1940, a total of 3,335 tonnes of ore were mined and 115,671 grams of gold (equivalent to a grade of 34.7 g/t gold), 202,307 grams of silver (equivalent to a grade of 60.7 g/t silver), and 93,985 kilograms of lead and 88,639 kilograms of zinc were recovered (BC Minfile 82FSW054 & 082FSW053).
In 2017 and 2018, mapping and sampling programs carried out on the Ore Hill property by then operator Margaux Resources Ltd. demonstrated potential for widespread mineralization. Assay results showed a number of high grade gold samples with associated high silver, lead and zinc values. The high grade samples including 119 g/t (or 3.8 oz/ton) and 105 g/t Au (or 3.4 oz/ton), were collected over a strike length of almost 1 kilometre demonstrating a mineralizing system with potential for significant size and strength (Margaux Resources Ltd Website.; News Release dated May 21, 2018).
Apex has contracted Perry Grunenberg, P. Geo. of Kamloops, BC to compile all historic information on the property and to plan and permit the property for a 2019 mapping, sampling, trenching and diamond drilling program.
Jersey-Emerald Zinc-Tungsten Mine
The Jersey Zinc and Emerald Tungsten Mines, historically operated by Placer Dome, are located in southeastern BC. These mines represent Canada's second largest tungsten mine and British Columbia's second largest lead-zinc mine. Total production was 9.6 million tonnes of combined zinc and tungsten ore. In 1973, the mine was closed due to low metal prices and negative economic factors. Apex acquired the property in 1996 and has since explored it with expansive surface and underground drilling programs. NI 43-101 Technical Reports completed in 2010 and 2017 show the following resource:
Lead - Zinc underground resource at a 3.5% cut off:
M+I: 1.90 Mt @ 6.06% combined Pb-Zn
Inf.: 4.98 Mt @ 5.32% combined Pb-Zn, or
Lead - Zinc open pit resource at a 1.5% cut off:
M+I: 5.3 Mt @ 3.6% combined Pb-Zn
Inf.: 17.0 Mt @ 3.6% combined Pb-Z
Note: the property is located 40 highway kilometres from Teck's lead-zinc smelter in Trail, BC.
Tungsten Resource:
M+I: 3.1 Mt @ 0.341% WO3
Inf.: 5.5 Mt @ 0.275% WO3
There is potential to expand the known resources with brownfields and greenfield exploration on numerous mineralized showings within the surrounding 14,000 hectare property.
In 2013, Apex entered into an option to purchase agreement for the Jersey-Emerald Property with Margaux Resources Ltd (TSXV-MRL) subject to a 1.5% NSR royalty. The property reverted to Apex in October 2018 when Margaux were unable to fund the purchase.
Kena Gold Project
The Kena Project comprised of the adjoining Kena and Daylight gold properties is located in southeastern BC, 10 kilometres south of Nelson. Exploration by Apex has outlined a large low grade gold resource containing a measured and indicated resource of 500,000 ounces and a drill inferred 1.4 million ounces at a 0.30g/t gold cut-off (Kena Property Technical Report by Giroux and Parks, May 15, 2013). The property is presently under option to Prize Mining Corp who may acquire an 80% interest in the property. To exercise its option and earn its 80% interest in the Project Prize must make annual cash and share option payments over 36 months totaling $1,250,000 issue 1,500,000 shares and complete $3,000,000 in Kena Project related exploration expenditures over four years. To date Apex has received $1,000,000 and 1,125,000 shares from Prize Mining Corp.
Golden Triangle Project
The Golden Triangle Project is comprised of three claim blocks comprising the Cloud, Eldorado and Wild properties located in BC's renowned Golden Triangle northwest of the historic Granduc Mine and south of the historic Snip Gold Mine. Apex acquired the three properties in 2016 and explored them with reconnaissance mapping and sampling programs and an airborne VTEM geophysical survey in 2016 and 2017.
Several gold and base metal exploration targets have been identified by stream sediment sampling, prospecting and geophysical surveys. Apex's geologist has recommended follow-up exploration programs including additional aero-geophysical surveys, a LiDar survey and ground prospecting and sampling programs.
The Company is seeking a Joint Venture Partner for the continued exploration and development of the Red Ridge, Golden Triangle and Jersey-Emerald Properties
The contents of this news release have been reviewed and approved by Ms. Linda Dandy, P.Geo., Director. Ms. Dandy is a "Qualified Person" for the purpose of NI 43-101.
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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