TIDMAEXG
RNS Number : 9908Q
AEX Gold Inc
02 November 2021
("AEX" or the "Company")
Corporate Update
TORONTO, ONTARIO - November 2(nd) 2021 - AEX Gold Inc. (AIM:
AEXG; TSXV: AEX), an independent gold company with a portfolio of
exploration licences in Greenland, provides an update on recent
corporate developments.
The Company has additionally published an updated corporate
presentation, which can be found on the Company's website at
www.aexgold.com .
References to figures and tables relate to the version visible
in PDF format on the website by clicking the link below:
https://www.aexgold.com/investors/regulatory-news-alerts/#tsx-news
Highlights
-- The de-risking of the Nalunaq resource continues with
approximately 7,000 metres of diamond drilling completed so far in
the Valley Block and 90% of drill holes reaching target depth and
intersecting the Main Vein
-- Core samples have been logged and sent for testing, with
results expected to start being received by the Company before the
end of the year
-- Four winterised drilling rigs will continue to operate on
site, targeting additional Main Vein intersections, with drilling
expected to continue through to December
-- AEX hopes to publish an updated Competent Persons Report
("CPR") in Q2 2022, with further updates to follow subsequent to
additional drilling activities
-- Infrastructure improvements to the camp, bridge and other
essential site components have been completed. The completed camp
is the same as that envisioned as the construction camp for Nalunaq
and enables year-round access and operations
-- Halyard Inc. ("Halyard") is on track to complete the
engineering study focused on the process plant and surface
infrastructure by end of Q4 2021. The engineering study is focused
on de-risking the Nalunaq Project cost and schedule through
additional and improved trade-off studies and advancing engineering
to feasibility level
-- Field work (geophysical, sampling and prospecting) has also
been completed across the Company's wider gold and strategic
mineral licences. Exploration continues to support the multi
commodity attractiveness of AEX's land package in Southern
Greenland
-- Mineral Licence and Safety Authority (MLSA) has confirmed
that it has awarded the Kobberminebugt licence to AEX, which will
be granted once the government has signed the licence document. The
Kobberminebugt licence, which has attractive iron oxide copper gold
("IOCG") and copper prospectivity, and will increase the Company's
total licence portfolio to 4,090km(2)
Eldur Olafsson, CEO of AEX, commented:
"I am pleased to provide an update to shareholders on the
progress we are continuing to make over our licence areas.
We continue to progress the Nalunaq Project, with drilling
completed and the Main Vein strike rate supporting our geological
model. Our disciplined and strategic approach is focussed on
quality of metres drilled and we anticipate commissioning an
updated CPR in the first half of 2022 to reflect the latest
drilling results.
The third party engineering study on Nalunaq is expected to be
completed by the end of the year and, combined with the results
from the 2021 drilling, provide increased definition around the
project development plan.
We continue to be extremely excited by the wider exploration
potential of our assets, including significant gold projects as
well as discoveries made in strategic minerals that include copper,
platinum group metals, graphite and rare earths. The Board looks
forward to being able to demonstrate the potential value of its
non-gold assets in due course.
AEX is a company driven by a strong set of core values, which
are set out in the updated Corporate presentation. In support of
our Core Purpose we encourage development of skills and knowledge
transfer to indigenous Greenlandic nationals and I am pleased to
report that during this field season on average 61% of our total
workforce has been Greenlandic, working across all areas of the
operation including site services, equipment operation, camp
support, geology, mining engineering and drilling.
I look forward to updating shareholders regularly as we enter a
busy period of activity and news flow, and I am confident that the
months ahead will result in significant value creation for all our
stakeholders."
Nalunaq Update
Infrastructure
The Company has made significant progress in improving the
infrastructure at Nalunaq to support its plans in 2022.
Nalunaq Camp
The camp construction has been completed as planned and the site
personnel have moved from a non-winter camp housing 14 personnel to
a 50 person all-weather camp.
Figure 1 Previous 14 man camp now replaced by 50 capacity
camp
Kirkespir Bridge Construction
The Bridge over the Kirkespir River has been expanded and
improved to provide continuous and reliable access between the
exploration camp and the historical mine site all year round.
Figure 2 New re-enforced all weather bridge crossing Kirkespir
River
Other infrastructure
Major components of the processing circuit, surface mobile
equipment and other surface infrastructure, including fuel tanks
and incinerator, have been purchased and are either deployed or are
ready to be delivered to site.
Third Party Engineering study
The Halyard third-party engineering study is nearing completion.
The results of the study will enable AEX to evaluate the execution
methodology (self-execution vs. EPC) in order to optimise and
further de-risk the project.
Drilling
7,000m of the 2021 drilling programme have been completed to
date at the Nalunaq project, with drilling to date focussed
exclusively on the Valley Block. The Company is pleased to announce
that 90% of drill holes have reached target depth and have provided
Main Vein intersection where predicted as part of the Company's
updated geological models.
Four winter drill rigs are now operating on site and are aiming
to produce a further 3000-8000m of targeted diamond drilling across
the Valley Block until December. The new winterized camp will give
us the option to restart site activities in early Q1 2022.
Figure 3 One of four winterised core rigs in operation at
Nalunaq
The drill core from the 2021 programme is logged, sampled and
stored within a newly constructed and fully equipped core handling
facility that is in close proximity to the new camp. This much
improved facility will further support exploration activities
during winter months. Samples from the drilling completed to date
have been sent for testing with initial results expected to start
being received by the Company before the end of the current
year.
Figure 4 Aerial view of AEX's newly contructed core handling
facility
Wider Exploration Update
AEX has successfully completed the 2021 field work on its wider
licences including:
-- Vagar Ridge (Au) - 385 km(2) airborne geophysics, surface
hyperspectral imagery and drill targeting and preparation work for
2022 field activities;
-- Tartoq (Au) - 84 km(2) detailed airborne geophysics;
-- Nanoq (Au, Cu) - detailed structural mapping and sampling as well as drill targeting;
-- Sava (Fe, Cu, Au, Zn, REE) - geological mapping, surface
sampling, ionic geochemistry and 446 km(2) airborne geophysics;
-- Saqqaa (PGMs) - ground geophysics and additional surface sampling;
-- Nørrearm (Graphite) - metallurgical sampling.
As part of the field work the Company has conducted additional
reconnaissance work to identify new targets across its licence
holding. This has included the identification of additional copper
mineralisation in float samples from Jokum's Shear and further
potentially high-grade gold mineralisation at a new target
currently termed Eagle's Nest just 30km from Nalunaq. AEX expects
to provide further updates on these activities during Q4 2021.
This total licence holding has now increased to 4,090km(2)
following the Mineral Licence and Safety Authority's confirmation
of the award of the Kobberminebugt licence, subject to final
signatures, which hosts the former producing Josva copper mine.
Qualified Person Statement
The technical information presented in this press release has
been approved by James Gilbertson CGeol, VP Exploration for AEX
Gold and a Chartered Geologist with the Geological Society of
London, and as such a Qualified Person as defined by NI 43-101.
Enquiries:
AEX Gold Inc.
Eldur Olafsson, Director and CEO
+354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations
+44 (0) 7713 126727
ew@aexgold.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Camarco (Financial PR)
Gordon Poole
Nick Hennis
Emily Hall
+44 (0) 20 3757 4980
For Company updates:
Follow @AexGold on Twitter
Follow AEX Gold Inc. on LinkedIn
Further Information:
About AEX
AEX's principal business objectives are the identification,
acquisition, exploration and development of gold properties in
Greenland. The Corporation's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq
gold mine. The Corporation has a portfolio of gold assets covering
4,090km(2) , the largest portfolio of gold assets in Southern
Greenland covering the two known gold belts in the region. AEX is
incorporated under the Canada Business Corporations Act and wholly
owns Nalunaq A/S, incorporated under the Greenland Public Companies
Act.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities legislation, which reflects
the Corporation's current expectations regarding future events and
the future growth of the Corporation's business. In this press
release there is forward-looking information based on a number of
assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to the factors discussed under "Risk Factors" in the Final
Prospectus available under the Corporation's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this
press release is based only on information currently available to
the Corporation and speaks only as of the date on which it is made.
Except as required by applicable securities laws, the Corporation
assumes no obligation to update or revise any forward-looking
information to reflect new circumstances or events. No securities
regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Inside Information
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