Apex Resources Confirms High Grade Gold Assays at Ore Hill
March 18, 2019
March 18, 2018, Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV: APX) is pleased to announce that its data compilation for the Ore Hill Property has confirmed the reported 1,500 metres long by up to 150 metres wide gold soil anomaly reported from previous exploration work. Numerous grab samples returned high-grade gold assays, including 119.0 g/t and 105.0 g/t, demonstrating widespread mineralization on the property. The Ore Hill property is located 15 km east of the community of Salmo in southeastern British Columbia.
Apex has now reviewed historic assessment reports and compiled the recent database and laboratory assay sheets for the Ore Hill project. The database indicates that in total 90 rock samples were taken for assay during the three-year period from 2016 to 2018. The previous operator, Margaux Resources Inc., obtained assays for 88 rock samples in their 2017-2018 exploration programs. Assays were also obtained for two rock samples taken by the property vendor in 2016. The rock sampling database indicates that 35 of the 90 rock samples returned gold values of 1.0 gram per tonne (g/t) or better. Samples also contained significant silver values, along with some samples containing significant lead and zinc concentrations.
The following table and figure summarize the 35 samples that assayed greater than 1.0 g/t Au.
Table of Ore Hill Rock Sample Results
Thirty-three samples reported in this release were obtained by Margaux Resources Ltd and were primarily grab samples collected from outcrop or from the dumps of historic workings. Grab samples are designed to show the presence or absence of mineralization and to characterize mineralization. They are not intended to provide a representative indication of average grade of mineralization.
Map showing Ore Hill rock sample locations, with gold values posted
The results show that many of the high-grade samples occur along a gold-bearing crackle zone, up to 10 m wide, associated with a north-northeast-trending fault zone. The fault marks the contact between a quartzite formation and a limestone formation both of Lower Cambrian age. Near the north end of the sample area several parallel trends are observed suggesting there may be multiple shear zones on the property. This style of mineralization is distinctly different from the narrow high-grade gold veins that were worked historically. Historical production from the Ore Hill property is 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).
The Ore Hill property overlies the south end of the Sheep Creek Gold District ("SCGD"). The district has historical gold production of 785,000 ounces at an average grade of 14.4 g/t gold from multiple high-grade orogenic gold veins. The SCGD is the third largest past-producing orogenic gold district in British Columbia. There are seven major historic gold districts within the Cordillera Region. They include the Motherlode District in California, the Bralorne, Cariboo, and SCGD in British Columbia, the Klondike/White Gold District of the Yukon, and the Juneau and Nome Districts in Alaska. Gold mineralization related to the Cordilleran orogeny has potential for both high-grade veins and bulk tonnage deposition.
In the historic SCGD, mining was directed at high-grade gold-bearing veins. The bulk tonnage potential was not previously investigated. Apex has applied for a 5-year area-based exploration permit including trenching and diamond drilling on the Ore Hill property.
The contents of this news release have been reviewed and approved by Apex's consulting geologist, Perry Grunenberg, P.Geo. Perry Grunenberg 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
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.