Apex Resources Confirms Gold-Silver Mineralization on its Red Ridge Property with Assays to 22.3 g/t Gold and 2,190 g/t Silver; Expands Claim Holdings
September 25, 2017
September 21, 2017, Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX) is pleased to announce that due to the success of its Phase 1 exploration program on the Red Ridge Gold-Silver Property, located 45 kilometres south of Whitehorse in the Yukon Territory, the Company has expanded its claim holdings.
A rock chip and soil geochemical sampling program completed in August by Aurora Geosciences Ltd. of Whitehorse, YT has confirmed and expanded a number of historic gold and silver showings on the Red Ridge property.
The 2017 soil and rock geochemical results are consistent with historic gold and silver grades obtained over adjacent and overlapping soil grids. The geochemical soil grid on the Red Ridge property now tests an area measuring 4.1 kilometres in length by 1.5 kilometres in width with a total of 1,525 soil samples. The soil results show a number of anomalous zones of elevated gold and silver values of 25 to 2,370 ppb gold and 1.0 to 36.0 ppm silver within the 6.0 square km soil grid (please see http://www.sultanminerals.com/s/Red_RidgeMaps.asp).
The largest and strongest areas of gold and silver soil enrichment are centred on the Saddle Zone and the Western Zone showings. The Saddle Zone anomaly is a 1.5 kilometres long north-south trending zone centred on the Saddle showing but also encompassing the Don and Vance Zones. This soil anomaly is up to 300 metres wide and extends to the north and south edges of the soil grid. The Western Zone soil anomaly is an irregular area of gold and silver enrichment that exceeds 1.5 kilometres in diameter. This anomaly is centred on the Western Zone showing but extends east to encompass the Miller Zone.
Previous exploration has reported eight mineralized zones, Western, Miller, Saddle, Don, Vance, East, Moly and North Slope to exist on the property (refer to news release of October 12, 2016). Five of these historical showings, the East, Don, Vance, Saddle and Western were located and sampled during the Phase I program. The following table shows results of several higher grade rock grab and chip samples collected from these showings.
|Showing||Sample Number||Sample Width (m)||Gold g/t||Silver g/t||Copper %|
|Saddle Zone||611316||2.00 m||1.832||11.2||-|
Results of the present program have confirmed the historical showings and suggest there to be mineral zoning across the 4.1 kilometer long sample grid. These preliminary rock sample results show higher gold values in the Saddle, Vance and Don zones, while silver values are highest in the East and Vance zones and copper values are higher in the Western Zone. True widths of the many mineralized showings could not be accurately determined due to extensive overburden cover and sluffing of the historic trenches. Excavator trenching followed by diamond drilling will be required to determine the geometry and true width of the mineralized zones.
Soil sample results suggest that the showings may be surrounded by extensive zones of gold and silver mineralization that was not previously recognized. In order to secure these extensions Apex has expanded the property with the staking of an additional 1,100 hectares of mineral claims, nearly tripling the size of the original claim block to a total of 1,630 hectares.
An expanded exploration program consisting of IP and magnetometer geophysical surveys and excavator trenching is planned for Phase 2 in order to prepare these targets for diamond drill testing.
The Red Ridge exploration programs are being conducted under the supervision of Ms. Linda Dandy, P.Geo., Director. Ms. Dandy is a "Qualified Person" for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
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.