Apex Resources Inc. Confirms High-Grade Gold and Silver Values from Initial Exploration at Red Ridge
October 12, 2016
Vancouver, BC - October 12, 2016: Apex Resources Inc. (TSX-V: APX; "the Company", "Apex") is pleased to announce it has now received assay results from the initial exploration program on its Red Ridge Property located near Carcross, Yukon. The Red Ridge Property consists of 30 quartz claim units (530 hectares), covering a prominent gossanous ridge. Highlights of the rock sampling program include 16,271 g/t silver and 5.24% copper from a grab sample in the East Zone and 23.4 g/t gold from a 20 cm chip sample in the Saddle Zone.
A total of 13 rock grab and chip samples were collected from a series of historic trenches in the Miller, East, Don, and Saddle Zones. Where possible, chip samples were collected across structural or mineralized trends. When sufficient bedrock could not be exposed for chip sampling, grab samples representing select alteration or mineralization styles were collected. The following table shows the results of the rock sampling program.
|Sample||Zone||Type||Ag (g/t)||Au (g/t)||Cu (%)||Pb (%)||Zn (%)|
*Note: Results <16 g/t Ag, <0.5 g/t Au, < 0.1% Cu, <0.1% Pb and <0.1% Zn were not shown.
The East Zone consists of three subparallel alteration zones within siliceous sediments and altered granodiorite. Within the alteration zones, quartz and quartz-barite veins and veinlets are present containing variable amounts of tetrahedrite-freibergite, chalcopyrite, malachite and azurite. Three grab samples of quartz vein material returned 16 to 16,271 g/t silver, up to 0.9 g/t gold, 0.03 to 5.24% copper and minor amounts of lead and zinc.
The Don Zone consists of a one metre wide zone of sheared and strongly manganese altered granodiorite, exhibiting no fresh sulphide mineralization. Four grab and chip samples collected from the Don Zone returned 98 to 849 g/t silver, up to 1.3 g/t gold, lead values ranging up to 3.28% and minor zinc.
The Saddle Zone consists of silicified and manganese stained granodiorite cut by a 30 metre wide altered shear zone. Historic reports indicate a sulphide-bearing quartz stockwork zone up to 1.5 metres wide, but this was no longer exposed in the old trenches. Of the four chip samples collected in the Saddle Zone, the best results were from a 20 cm rusty quartz vein which returned 23.4 g/t gold, 52 g/t silver, 0.35% lead and 0.49% zinc.
The Miller Zone is very poorly exposed. It consists of a 2 to 3 metre wide zone of shearing and alteration, within a broad breccia unit, that contains galena/quartz pods throughout. In addition, 10 - 30 centimetre wide quartz veins containing galena and pyrite occur in both the footwall and hanging wall of the zone. Two grab samples were collected from the Miller Zone, returning elevated but low precious and base metal values. Historic reports state that high silver values were returned from trench and drill samples (see News Release dated September 29, 2016). Trenching is required to better expose bedrock mineralization for sampling in the Miller Zone.
This initial exploration program at Red Ridge achieved its goal of confirming the presence of high grade gold and silver, along with base metal values as reported in historic records from the East, Don, Saddle and Miller showings. An expanded exploration program including soil sampling, geological mapping and an excavator trenching program is planned for early 2017. The company has funds in place to conduct this expanded exploration program.
The exploration program was conducted under the direct supervision of Ms. Linda Dandy, P.Geo., Director who 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 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: 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.