Apex Resources Provides Shareholder Update Of Its BC And Yukon Gold-Silver Projects
May 25, 2017
May 25, 2017, Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX); is pleased to provide a shareholder update and review of its exploration projects. Apex currently has 5 active projects in British Columbia and Yukon Territory. Two projects, Jersey-Emerald and Kena are under option to other parties. The remaining 3 projects, the Golden Triangle Projects (Eldorado, Cloud and Wild Properties) in B.C. and Red Ridge and Mt Anderson in Yukon, are being actively explored by Apex. (Please see attached map.)
Apex Property Highlights 2017
Jersey-Emerald Zinc-Tungsten Mine
The historic Jersey-Emerald Zinc-Tungsten Mine located in southeastern BC was previously operated by Placer Dome. Total production was 9.6 million tonnes of combined zinc and tungsten ore. Apex has sold the property to Margaux Resources Ltd (TSXV-MRL) subject to a 1.5% NSR royalty. Apex will receive approximately $2.7 million in property payments over the next 30 months from the sale of the property.
The Kena Project, comprised of the adjoining Kena and Daylight gold properties is located in southeastern BC. There are 6 small historic gold mines on the two properties. Exploration by Apex has outlined a large low grade gold resource containing a drill inferred 1.9 million ounces of gold (Kena Property Technical Report by Giroux and Park, May 15, 2013). The property is presently under option to Prize Mining Corp who may acquire an 80% interest in the property. To exercise its option and earn its 80% interest in the Project Prize must make annual cash and share option payments over 36 months totaling $1,250,000, issue 1,500,000 shares and complete $3,000,000 in Kena Project related exploration expenditures over four years.
Golden Triangle Projects
Within BC's Golden Triangle, Apex acquired the three properties, the Eldorado, Cloud, and Wild, in 2016 and conducted reconnaissance mapping and sampling programs in the fall.
Eldorado Property, BC
Located 10 kilometres northeast of the Granduc Mine, the Eldorado property overlies a magnetic anomaly that has similarities to the nearby Granduc ore body. Apex has recently completed an airborne magnetic and VTEM geophysical survey on Eldorado. Results of the survey are expected by early June.
Cloud Property, BC
The Cloud property is located 8 kilometres northwest of the Granduc Mine. A high level Government geophysical survey shows a strong magnetic anomaly located on the property that is the principal target of interest. Apex has recently completed an airborne magnetic and VTEM geophysical survey. Results of the survey are expected by early June.
Wild Property, BC
The Wild property is located south of two past producing high grade gold mines. The Snip Mine is located 10 kilometres north of Wild, and the Johnny Mountain mine is 4.5 kilometres north. Two gold target areas have been defined by stream sediment sampling, prospecting and a historic aero-magnetic survey. Apex's geologist has recommended follow-up with aero geophysical surveys, a LiDar survey and ground prospecting and sampling programs.
Red Ridge Silver-Gold Property, Yukon
The Red Ridge property is located in the southwestern Yukon Territory approximately 40 kilometres south of Whitehorse. The property covers part of a gossanous ridge known as Red Ridge located 23 kilometres from the former Mt. Skukum, epithermal gold mine. Previous work has discovered numerous high grade silver and gold showings on the Red Ridge property within an area measuring 2.0 kilometres in length by 500 metres in width.
Preliminary sampling by Apex in 2016 confirmed the historic showings and grades. 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. P. Grunenberg, P.Geo., has been contracted to complete a compilation of all historic property work in preparation for the 2017 exploration program.
Mount Anderson Gold-Silver Property, Yukon
The road accessible, 3000 hectare Mount Anderson property is located 55 kilometres south of Whitehorse, Yukon. The claims are contiguous with the historic Mount Skukum Gold Property where New Pacific Metals Corp. has an indicated resource of 1,416,500 tonnes grading 8.59 g/t gold equivalent (New Pacific Metals website).
Exploration on the Mount Anderson property dates back as far as 1906. Historic work has focused on narrow but high grade gold veins on the property. In 2011, previous property operator Gold World Resources Inc. sampled stockpiled bulk sample material that averaged 30.5 g/t Au, 532 g/t Ag, 9.1% Pb, 6.5% Zn and 0.5% Cu (Technical Report for Gold World Resources Inc. by H. Lahti, 2012). Sampling of the nearby trenches from which the sample was collected returned 29.0 g/t Au, 417.2 g/t Ag, 20% Pb and 6% Zn.
Gold World also completed an MMI soil survey consisting of some 4,600 samples, covering approximately 60% of the claim block. The program successfully identified several large, new gold and silver soil anomalies. Follow up work involving prospecting, mapping, trenching and drilling was planned but due to financing difficulties Gold World was unable to maintain its option on the Mount Anderson Property and it reverted to the vendors. In March 2017 Apex acquired the property (see News Release of March 1, 2017).
Apex plans to carry out a confirmation sampling program in 2017 to prepare the property for diamond drill testing.
Arthur Troup, president of Apex, commented, "Our three new exploration projects give Apex an opportunity to become a significant explorer in BC's Golden Triangle and in the Yukon. Meanwhile our Joint Venture with Prize Mining Corp will see the Kena and Daylight properties advancing toward production. 2017 promises to be an exciting year for our company. On Behalf of the Management and Directors of Apex Resources Inc., I would like to express our gratitude to our many loyal shareholders who have continued to support us during the recent difficult market conditions."
Ms. Linda Dandy, P.Geo., Director, 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.