Apex Resources Receives NI 43-101 Technical Report Recommending Aggressive 2 Phase Exploration Program for its Mt. Anderson Gold Project, Yukon
February 1, 2018
February 1, 2018, Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company") (TSXV: APX) announces it has received an independent NI 43-101 Technical Report for its 100% owned Mt. Anderson Gold-Silver Property located in southwestern Yukon Territory, Canada. The report was prepared by Carl Schulze, P. Geo, of Aurora Geosciences Ltd., ("Aurora") Whitehorse, Yukon, following the successful completion of the Company's 2017 exploration program (see News Release dated October 11, 2017). The report recommends an aggressive two phase exploration program: a $242,000 Phase 1 target definition program to be followed by a $497,000 Phase 2 drilling program.
In the NI 43-101 Technical Report, Aurora states that the property hosts numerous mineralized zones:
- the 47-Zone, consisting of vein-style high grade Au-Ag-Pb-Zn-Cu mineralization;
- the Adanac Zone,comprising polymetallic vein and skarn mineralization;
- the Ridge Zone, consisting of vein-style polymetallic precious and base metal mineralization, and
- the Rob and Fleming skarns, comprising Cu-Pb-Zn metasomatic mineralization.
Aurora reports that two main deposit setting models have influenced mineral emplacement at Mt. Anderson. The first deposit model is intrusion-related mineralization, emanating from the Mt. Anderson hornblende granodiorite. The second deposit model is hydrothermal mineralization associated with distal Eocene dyke emplacement originating from the Mount Skukum Volcanic Complex to the west. The Rob and Fleming skarns belong to the intrusion-related model, whereas the 47-Zone belongs to the Mount Skukum model whilst the Adanac Zone represents a hybrid of both settings.
The report recommends a two-phase exploration program for the Mount Anderson property. The first phase will comprise surface exploration to develop diamond drilling targets, whilst a second phase will comprise diamond drilling.
Phase 1 is recommended to focus on detailed geological mapping and rock geochemical sampling of the 47-Adanac Trend, extending beyond the Whirlwind Zone, and in the historic Ridge Zone area. Induced Polarization (IP) chargeability/resistivity surveying and surface magnetometer surveying are recommended to cover the 47-Adanac Trend Area. Mechanized trenching is recommended for the southern areas of this trend once an assessment of the surficial geology has been completed.
Phase 2 will comprise a diamond drilling program of 1,400 metres in 9 holes. Location of theses holes will be dependent upon the results from Phase 1. The main targets are expected to be the 47-Adanac Trend and the Ridge Zone, although other targets may be determined from the surface work. Some upgrading of existing trails may also be warranted.
Proposed expenditures for Phase 1, are estimated at about CDN$242,000.
Phase 2 proposed expenditures, are estimated at CDN$497,000.
The NI 43-101 Technical Report will be filed on SEDAR.
About The Mt Anderson Property:
The earliest exploration within the Mount Anderson property took place from 1909 through 1918. Four short adits were excavated in the Whirlwind Zone area. A small bulk sample was shipped and a small mill constructed, but no production records are available. In 1947, the Keno Hill Mining Co. Ltd. shipped a small bulk sample which assayed 34.3 g/t gold (Au), 432 g/t silver (Ag), 11.6% lead (Pb) and 5.3% zinc (Zn).
In 1968, the Adanac Mining and Exploration Company conducted bulldozer trenching and exposed a 15 m by 0.9 m wide ore shoot, sampling of which returned average grades of 62.2 g/t Au and 171.1 g/t Ag. Several other exploration programs included surface magnetometer surveying and geological mapping which were conducted from 1971 to 1985. Noranda Exploration Co. Ltd acquired the Tam claims, located within the current Mount Anderson Property boundaries, in 1985 and conducted a 528.7-metre diamond drilling program in seven holes. The best assay result returned was 1.2 g/t Au and > 200 g/t Ag across 0.8m.
In 1988, Total Erickson Resources Ltd. resampled historic underground workings and identified 15 mineralized ore shoots, from which sampling returned an average value of 7.5 g/t Au, 83 g/t Ag, 3.3% Pb and 0.03% Zn over 1.3 m. From 1986 to 1992, the Adda Minerals Company discovered and explored the "Ridge Zone". Sampling here returned values up to 196 g/t Au and 468.75 g/t Ag. Adda also identified and sampled the Rob Skarn to the east, returning values up to 7.068 g/t Au, 64.9 g/t Ag, 1.1% Cu and 4.5% Zn.
In 2011, Gold World Resources Inc. conducted an intensive Mobile Metal Ion (MMI) soil geochemical survey, and an airborne Total Magnetic Intensity (TMI) and radiometric survey. Gold World also completed detailed rock sampling and extracted a mini-bulk sample from the "47-Zone". The MMI survey revealed several Au-Ag-Pb-Zn-Cu anomalies, as well as Pb-Cu-Zn +/- Au anomalies, across the property. The TMI survey revealed a narrow, arcuate magnetic "low" anomaly marking a fault zone, and coincident with the Whirlwind, 47 and Adanac zones. The 435.7 kg mini-bulk sample returned a value of 14.3 g/t Au, 860.0 g/t Ag, 21.2% Pb, 8.42% Zn and 0.50% Cu. No further activity was recorded until acquisition by Apex in early 2017.
In 2017 a due-diligence rock geochemical sampling and detailed geological mapping program was conducted by Aurora Geosciences Ltd., under contract to Apex Resources Ltd. The 2017 exploration program confirmed the presence of significant precious and base metal mineralization at the 47 and Adanac zones, and of patchy base metal mineralization at the Rob and Fleming skarns.
- Assay values from the 47 Zone ranged from background up to 67.5 g/t Au, 2,058 g/t Ag, 0.835% Cu, > 10.0% Pb and 9.44% Zn.
- Assay values from the Adanac Zone ranged from background up to 26 g/t Au, 725 g/t Ag, 1.64% Cu, > 20.0% Pb and 0.389% Zn.
- Assay values from the Rob and Fleming skarns were highly variable, ranging from background up to 0.381 g/t Au, 4.0 g/t Ag, 0.1707% Cu and 1.22% Zn at the Rob Skarn, and from background up to 6 ppb Au, 16.5 g/t Ag, 0.111% Cu, 134 ppm Pb and 2.24% Zn at the Fleming Skarn.
- Sampling in 2017, between the 47 and Adanac zones, returned contiguous anomalous precious and base metal values, indicating a mineralized trend, called the "47-Adanac" trend.
The Mount Anderson exploration program is 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.
Arthur Troup, Apex's President and CEO stated, "This Technical Report summarizing all current and historical property work has successfully identified two styles of mineralization in six target areas. The compilation of this important historic data combined with the encouraging results of our 2017 program is intriguing and will be extremely useful in generating targets for our planned drill program."
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. 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.