Apex Resources Reports Initial Results of Phase 1 Exploration on its Kena-Daylight Gold Projects
August 16, 2017
August 16, 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 released results for an initial batch of soil assay results from Phase 1 fieldwork on the Daylight portion of the Kena Project.
Results confirm the presence of at least two large prospective geochemical trends:
1) The Great Western geochemical anomaly is approximately 1km long by 300m wide and includes 48 samples over the 90th percentile of 100 ppb Au. A cluster of strongly anomalous samples in the northern part of geochemical anomaly returned up to 745 ppb Au. A 300m trench will be dug along that trend during the Phase II program.
2) The Daylight-Starlight trend had nine samples that returned greater than 100 ppb Au, including a best sample return of 8009 ppb Au. This is the highest gold-in-soil sample result in recorded history along the Silver King shear system dating back to the early 1970's. The pattern of soil anomalies along the 1.3km long Daylight-Starlight trend is narrower and somewhat spotty in comparison to the Great Western Trend, but an alignment of significant anomalous Au-Ag-and Bi in soils does coincide with known IP chargeability trends and with the known historical workings.
A detailed map outlining the results can be found on Prize's website at the following link:
Feisal Somji, president and chief executive officer of Prize Mining, commented: "We are excited to report the best soil samples to date on the Daylight property which highlight the potential for the discovery focused drill program. We will use a combination of the new encouraging soil results, historical soil samples and past drilling and geophysical analysis to refine the upcoming Phase -II trenching and Phase- III drilling programs schedule to start in August and September 2017."
ICP analysis of soils (AQ252) was performed by Bureau Veritas, in Vancouver BC, on a total of 462 samples on the Daylight property. All soil sample results for the Daylight property which includes the Great Western & Eastern zones, and the Daylight-Starlight trend are now available.
Remaining results for the Toughnut property are expected mid-August.
Jarrod Brown, a Qualified Person under NI 43-101, 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.