Apex Resources Discovers Large Open Ended IP Anomaly on Its Mount Anderson Property, Yukon
August 14, 2018
August 14, 2018, Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX) is pleased to announce that it has received encouraging results from the Phase I Induced Polarization (IP) survey completed on its road accessible Mount Anderson Gold-Silver Property, located 55 kilometres south of Whitehorse in the Yukon Territory. The IP survey has successfully delineated several chargeability and resistivity anomalies over the two kilometre length of the survey area. The largest and strongest anomaly represents a new discovery and remains open.
The IP geophysical survey was carried out by Aurora Geoscience Ltd. of Yellowknife, NWT. The survey was designed to test a two square kilometre area that includes a strong multi-element soil geochemical anomaly and four gold-silver showings named the 47, the Adanac, the Whirlwind Adit and the Ridge Zones. In 2017, rock grab and chip sampling returned anomalous precious and base metal values ranging from trace up to 67.5 g/t gold, 2,058 g/t silver, > 10.0% lead, 9.44% zinc and 9.84% copper between the 47 and Adanac Zones, a distance of 500 metres (see News Release dated October 11, 2017).
The IP survey shows that the Whirlwind Adit Zone comprised of the historic A, B, C and D adits is located at the western end of an elevated IP chargeability response (see attached maps). This chargeability anomaly extends for 800 metres to the east where it intersects a much stronger IP anomaly. The historic 47 Zone is situated over a resistivity low along the southern margin of this chargeability zone. The Ridge Zone is situated along the northern margin of the chargeability zone. The Adanac zone, located 500 metres east of the 47 Zone, is situated over an east-west trending resistivity low in an area where there is no chargeability response.
Over the north-east portion of the IP grid the survey has defined a very strong chargeability anomaly that has been traced over 800 metres in length and is up to 500 metres in width. The highest chargeability values follow an east-west trending resistivity low. This anomaly is located 400 metres north of, and trending parallel to, the Adanac Zone vein system. The strong anomaly is open to the north, northeast and northwest. Mapping shows that the IP anomaly is situated over Triassic aged granodiorite that has been intruded by a diorite dyke. Outcrop is sparse but weathered, limonitic, quartz vein float was found coincident with this chargeability and resistivity anomaly.
These preliminary IP results show chargeable material extends over a strike distance of more than 1.5 kilometres and remains open to the north and east. Chargeability values increase with depth suggesting that surface mineralization has been leached by weathering. These results suggest that better mineralization may be found at depth and along strike from the known showings.
Aurora Geoscience Ltd. has recommended a Phase 2 program to test the geophysical targets with 1,400 metres of diamond drilling in 9 holes. In preparing the targets for follow-up drilling Aurora have mapped the anomalous areas and where possible taken rock chip samples over the best target areas. Assays are expected in about two weeks. The Mt. Anderson property is fully permitted for diamond drill testing.
Mr. Arthur Troup, President and CEO of Apex states: "We are very pleased with the results of this IP survey. These results have exceeded our best expectations. The survey confirms there is strike extension to the Whirlwind Adit Zone and the Adanac Zone. The IP results have also partially defined a large, strong and previously unknown target located northeast of the Adanac Zone. The results support our belief that there is potential for finding a significant gold-silver deposit on the Mt. Anderson property."
The Mount Anderson exploration program is being conducted under the supervision of Ms. Linda Dandy, P.Geo., Director. Linda Dandy, VP Exploration for Apex, has been working with Carl Schulze, P. Geo, of Aurora Geosciences Ltd., in planning the 2018 exploration program. Ms. Dandy is a "Qualified Person" for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
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:
- The Mount Anderson gold-silver property in the Yukon.
- The Red Ridge gold-silver property in the Yukon.
- The Cloud, Eldorado and Wild properties in BC's Golden Triangle.
- The Kena-Daylight gold property in southern BC under option to Prize Mining Corp.
- The Jersey-Emerald tungsten-zinc property in southern BC under option to Margaux Resources Ltd
Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu equivalent) in Malaysia now under development by Monument Mining Ltd.
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.
PLEASE SEE MAPS ATTACHED BELOW