Apex Resources Reports Completion of Phase 1 Drill Program on its Daylight JV Gold Project
November 17, 2017
November 17, 2017, Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV: APX) is pleased to report that its Joint Venture partner, Prize Mining Corp ("Prize" or the "Company") (TSXV:PRZ), has completed its initial drilling program on the Daylight Property located near Nelson in southeastern British Columbia as announced on October 24th, 2017.
A total of 18 diamond drill holes were completed totaling 2,694.74 meters from 11 drill pad locations on 11 prospective target areas. The drill core is currently being logged and split and the Company anticipates that more than 1,700 core samples will be assayed. To date holes 1 to 6 and 8 and 9 have been sent for assaying.
The Daylight claims have four historical producing mines with reported grades as follows:
- Great Eastern Mine area with historical grades* of 37.53 g/t gold and 52.2 g/t silver (BC Minfile 082FSW172).
- Starlight Mine area with historical grades* of 28 g/t gold and 140 g/t silver (BC Minfile 082FSW174)
- the Daylight Mine area with historical grades* of 27 g/t gold and 15 g/t silver (BC Minfile 082FSW175)
- Victoria Mine area with grades* reported of 28.9 g/t silver, 2.56% copper (BC Minfile 082FSW173)
*NOTE: historic mining took place in the early 1900s and reported grades cannot be verified. It can be assumed that some hand sorting of ore took place.
Feisal Somji, Prize's Chief Executive Officer, commented "We are excited to have completed our Daylight Property drill program and eagerly await our assay results.
Jarrod Brown, P.Geo., with Terralogic Exploration Inc. of Cranbrook, BC is overseeing the Daylight exploration programs. Diamond drilling was carried out by Lucky Drilling Ltd. of Castlegar, BC. As a 3rd party contractor, Terralogic personnel maintained a rigorous and independent QA/QC program throughout the duration of the Daylight drilling and trenching program. Sample chain-of-custody was instituted with analysis being completed by Bureau Veritas, in Vancouver BC. Analytical packages utilized include a strong acid ICP analysis (MA250) and gold fire-assay analysis on a large 50g split (FA450). Gravimetric analysis (FA550) will be carried out on any over detection gold assays greater than 10 g/t. Bureau Veritas is wholly independent of Prize Mining, Apex Resources and TerraLogic and is accredited under CAN-P-4E (ISO/IEC 17025): General Requirements for the Competence of Testing and Calibration Laboratories ISO/IEC 17025-2005.
Jarrod Brown, P.Geo., is a Qualified Person under NI 43-101 and has reviewed and approved the scientific and technical information in this news release.
Prize Mining Corp has an option to acquire an 80% interest in Apex's Kena and Daylight properties. To exercise its option and earn its 80% interest in the project, Prize will make annual cash and share option payments over 36 months totally $1,250,000 and issue 1,500,000 shares and complete $3,000,000 in Kena Project related exploration expenditures over four years.
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.