Apex Resources Acquires Ore Hill Gold Property
November 14, 2018
November 14, 2018, Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV: APX) reports that Margaux Resources Ltd. ("Margaux") has transferred the Ore Hill Gold property to Apex. The Ore Hill property is located within an area clause that surrounded the Jersey-Emerald lead-zinc-tungsten property and was therefore transferred to Apex in compliance with the terms of the Jersey Property Agreement which was terminated on October 1, 2018.
The property was one of the highlights for Margaux's work in 2018. At Ore Hill, a gold soil anomaly, 1,500 m long by up to 150 m wide is known from previous exploration work. In 2017 rock samples collected within a 950 m x 150 m area by Margaux, returned high-grade gold values including 119 g/t (or 3.8 oz/ton) and 105 g/t Au (or 3.4 oz/ton). A drill program planned for 2018 could not be completed due to forest fire conditions.
The Ore Hill property is located 5 km east of the Jersey Mine in the southern portion of the Sheep Creek Gold District and covers the historically known Ore Hill, Summit and Bonanza occurrences. There are two known styles of mineralization on the Ore Hill property; narrow high-grade gold (plus silver, lead and zinc) bearing veins occur within limestone; and a gold-bearing crackle zone, up to 10 m wide, associated with a north-northeast-trending fault zone and geological contact. There is limited historical production from the Ore Hill property, as follows: Summit: 1,205 tons averaging 0.72 oz/t Au, 1.01 oz/t Ag, 1.25% Pb, 1.18% Zn and Ore Hill: 2,470 tons averaging 1.15 oz/t Au, 2.19 oz/t Ag, 3.58% Pb, 3.37% Zn (BC Minfile 82FSW054 & 082FSW053) .In order to complete the acquisition of the Ore Hill property Apex must complete remaining outstanding option payments to the original property vendors comprised of $55,000 and 100,000 shares over three years. The property is subject to a 2% net smelter returns royalty ("NSR"). Apex may at any time purchase the NSR for $250,000.
For further information on Apex'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: moc.secruoserxpa@eelm or moc.secruoserxpa@ofni
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.