TIDMAEXG
RNS Number : 1928T
AEX Gold Inc
23 November 2021
("AEX" or the "Corporation")
AEX Gold Inc. Reports Positive Results from Geophysical Surveys
Conducted Across its Tartoq Licence
TORONTO, ONTARIO - November 23rd, 2021 - AEX Gold Inc. (AIM:
AEXG; TSXV: AEX), an independent gold company with a portfolio of
exploration licences in Greenland, is pleased to announce the
completion of its geophysical exploration programme conducted
across its 100% owned Tartoq gold exploration licences in Southern
Greenland.
The 248km(2) Tartoq licences host mineralisation that is
considered analogous to projects in Canada's Abitibi greenstone
belt and AEX believe that the licence holds the potential to host a
multi-million ounce Orogenic Gold deposit.
Historical drilling (460m of 'Winkie drilling' and 1,364m of
core) across the Nuuluk & Iterlak sub blocks include
intersections of 2.5 m @ 4.8 g/t Au at Nuuluk, 2.0 m @ 6.6 g/t Au
at Nuuluk and 1.97 m @ 8.28 g/t Au at Iterlak, (2020 SRK CPR).
Highlights
-- Successful completion of a 84km(2) airborne magnetics and
radiometrics survey across the prospective Tartoq Gold Belt
-- Machine Learning aided interpretation from Goldspot, the Company's technical partners
-- Clearer understanding of the controls to mineralisation within the Tartoq licence
-- Identification of structures prospective for the hosting of mineralisation
-- Programme materially improved AEX's structural understanding
of the licence with identification of a series of priority targets
for follow up exploration.
Airborne magnetics and radiometrics were flown over the Tartoq
licences in the summer of 2021 (both the Nuuluk and Iterlak sub
blocks) covering an area of 84km(2) of prospective Archean
greenstone belt (the Tartoq Gold Belt). This survey has been used
by Goldspot and AEX's geological team to interpret the underlying
geology and structural control to the mineralisation. This has
identified a number of key potential Orogenic Gold hosting sites.
This has greatly increased the geological understanding of the
licence and has been used to refine the Corporation's exploration
targets at Tartoq to allow AEX to focus its efforts on the most
prospective ground for follow up exploration in 2022.
Eldur Olafsson, CEO of AEX, commented:
"I am pleased to report on the further development of one of our
key gold exploration targets within our over 4000km(2) licence
portfolio within Southern Greenland. Tartoq is a highly prospective
Archean terrain and has always been one of our primary exploration
targets since we acquired the licence. This geophysical survey and
associated interpretation (the first of three completed by AEX in
2021), which has been run by our geological team with the
assistance of Goldspot, continues to increase our understanding of
the geology and the controls to mineralisation, critical to
refining our targets and concentrating our efforts towards further
gold discoveries.
"Furthermore, the techniques used, including the use of machine
learning assisted interpretation, is further evidence of our team
utilising the latest advances in mineral exploration within their
innovative discovery strategy.
"These results have increased our confidence and narrowed our
targeting and I remain excited for the next phase of our
exploration efforts over these licences."
Geological Detail
Background
During the summer field programme in Southern Greenland, AEX
contracted New Resolution Geophysics (NRG) to conduct a high
resolution XPlorer magnetic and radiometric survey between the 30
August and the 17 September 2021 across three licence blocks.
A total area of 84km(2) was covered at Tartoq both at 100m and
more detailed 50m line spacing in order to provide high resolution
imaging over the key target areas of the Tartoq Gold Belt.
Figure 1: Location of the Tartaq licences in Southern
Greenland
Figure 2: Outline of the geophysical surveys conducted at Nuuluk
and Iterlak sub blocks
Geophysical Results
Following a calibration period for the equipment, NRG conducted
the survey and provided AEX with a series of results which included
new high resolution:
-- Digital Terrain Models (DTM),
-- Process Potassium, Thorium and Uranium radiometrics
-- Process Radiometic Ternary plots
-- Total Field Magnetics
-- Analytical Signal (AS)
-- Reduced to Magnetic Pole (RTP)
-- First Vertical Derivative (VD1)
-- Total Horizontal Derivative (TDR)
The survey design, raw data processing and final outputs have
all been quality controlled by AEX's independent geophysical
consultant Henrik Sabra of Vanguard Geophysics providing the
Corporation with the confidence to use this data during its
interpretation and future planning and targeting.
Figure 3: RTP imagery of the Nuuluk and Iterlak sub blocks
Figure 4: Ternary Radiometics imagery of the Nuuluk and Iterlak
sub blocks
Interpretation
AEX contracted Goldspot to assist in the interpretation of these
results towards a clear understanding of the location and controls
to gold mineralization. During this process Goldspot produced a
number of additional images such as a Ternary RTP-VD1-VD2 image as
well as a unsupervised machine learning clustering map used to
assess similarities in RTP responses toward a better geological
assemblage map.
Figure 5: Goldspot produced Ternary RTP-VD1-VD2 imagery of the
Nuuluk and Iterlak sub blocks
From these images AEX along with Goldspot have produced a set of
interpretations and recommendations.
Nuuluk
The Nuuluk sub block hosts a volcano sedimentary belt within a
regional NE striking dextral shear corridor bordered by a set of
thrust faults. These highly sheared lithologies host an interpreted
positive flower structural pattern derived from a WNW-ESE
compressional regime. These structures as well as sheared hinges
and limbs of a series of antiform and synform folds identified,
exist as potential antiformal culmination trap sites ideal for
Orogenic Gold mineralisation and are possibly linked to
pre-existing deep seated architecture that could act as the fluid
conduit for such a system. They also hold a strong correlation to
rock chip samples >1.0g/t Au.
Iterlak
This sub block hosts a similar volcano sedimentary belt and a
similar structural and Orogenic Gold hosting potential has been
interpreted. In addition, a strong NE to ENE axial trace is
observed as a potentially significant fluid trap site.
Figure 6: Structural Interpretation of the Nuuluk and Iterlak
sub blocks
Future Targeting
Following these interpretations a series of prioritized targets
have been identified for follow up ground work and geological
verification. This has greatly narrowed down AEX's exploration
targeting and increased the structural understanding of the licence
area which allow the Corporation's geological team to focus its
exploration efforts on the most prospective Orogenic Gold trap
sites in subsequent field programmes.
Figure 7: Prioritized Target Sites across the Nuuluk and Iterlak
sub blocks
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
Enquiries:
AEX Gold Inc.
Eldur Olafsson, Director and CEO
+354 665 2003
eo@aexgold.com
Eddie Wyvill, Investor Relations
+447713126727
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
Emily Hall
+44 (0) 20 3757 4980
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
3,870km(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
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No. 596/2014 on
Market Abuse ("UK MAR"), as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018, and Regulation
(EU) No. 596/2014 on Market Abuse ("EU MAR").
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.
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