TIDMAEXG
RNS Number : 0484I
AEX Gold Inc
12 April 2022
("AEX" or the "Corporation")
2021 Sava Exploration Results Indicate Iron Oxide, Copper, Gold
Style Mineralisation
Multiple targets developed in a potential high grade,
multi-element play
TORONTO, ONTARIO - April 12, 2022 - AEX Gold Inc. (AIM: AEXG;
TSXV: AEX), an independent mining company with an unrivalled land
package of gold and strategic mineral assets covering an area of
4,090km(2) in Southern Greenland, is pleased to announce the
results of its 2021 exploration campaign at the Sava Project in
South Greenland. Sava is a newly recognised Iron Oxide, Copper,
Gold (IOCG) project in the South Greenland strategic mineral belt.
The 2021 program comprised a multi-faceted exploration program to
assess the licence's IOCG as well as porphyry style mineralisation
potential.
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
-- Historical sampling returned grades of up to 3.4% Copper,
3.7% Zinc, 0.28% Molybdenum, 382 g/t Gold, 100 g/t Silver, 19.9%
Niobium, in magnetite and hematite-mineralised granites and
breccias.
-- In the 2021 exploration season, AEX completed remote sensing,
airborne geophysics, geological mapping, rock chip and ionic
geochemistry studies and hyperspectral imagery across the Sava
licence.
-- AEX's ongoing Mineral System Modelling highlights the
potential of the area to host significant strategic metal deposits.
AEX believes that Sava sits within an interpreted Laurasian Mineral
Belt connecting Eastern Canada through Greenland to Scandinavia
that hosts World Class mineral deposits such as Voisey's Bay
(Canada), Gardar Province (Greenland), and the Kiruna IOCG belt
(Scandinavia).
-- Grab samples, while not expected to provide economic grades
at this stage of exploration, returned up to 0.9% Copper.
-- Significant and coherent multi element anomalies have been
developed, potentially indicative of IOCG mineralisation and are
also prospective for porphyry copper mineralisation.
-- Results define three high priority targets and show that
anomalies are open to the North and North East .
-- Results confirm the Company's belief that the geology of the
Sava licence has great potential, opening up the prospect of a new
IOCG belt in South Greenland, which warrants further exploration in
2022.
Eldur Olafsson, CEO of AEX, commented:
"Following on from our successful drilling program at Nalunaq,
I'm delighted to deliver these excellent results from within our
strategic metals portfolio. The Company has long considered the
Sava area as holding potential for significant copper, base metal
and rare earth element mineralisation. In 2021 AEX employed a wide
range of innovative and cutting-edge exploration techniques and our
results provide us with significant indications that an IOCG or
porphyry mineral system could be present. Our geological models
illustrate the region's similarity to world class strategic mineral
deposits at Voisey's Bay (Canada), Gardar Province (Greenland), and
the Kiruna IOCG belt of Scandinavia.
AEX shareholders now have additional exposure to critical metals
from within an OECD country, which are required as part of the
global energy transition. We intend to explore and develop these
opportunities responsibly, harnessing renewable energy and
deploying industry best practices.
We look forward to delivering more of our regional exploration
results from 2021 over the next few months and providing the market
with our work plan for 2022."
Discussion on Results
After acquiring the Sava licence in early 2021, AEX has been
reviewing the prospectivity of this area which is located alongside
the significant Ilimaussaq complex (part of the Gardar Province)
which hosts the Kvanefjeld and Tanbreez deposits. AEX have been
creating their own Mineral Systems model for South Greenland in
conjunction with Jon Hronsky of Western Mining Services, to assist
with the Company's future exploration targeting. This framework
model has highlighted the geodynamic association of the Sava area
to the Gardar and Voisey's Bay provinces that host globally
significant magmatic sulphide and REE deposits.
This association is further evidenced by the historical grades
recorded from within the licence with of up to 3.4% Copper, 3.7%
Zinc, 0.28% Molybdenum, 382 g/t Gold, 100 g/t Silver, 19.9%
Niobium, in magnetite and hematite-mineralised granites and
breccias.
This initial assessment suggest the potential for Iron Ore,
Copper, Gold (IOCG) mineralisation.
IOCG mineralisation is best known from the giant Olympic Dam
deposit located in Southern Australia (2.95Bt @ 1.2% Copper, 0.5g/t
Gold and 6g/t Silver). However, the term IOCG encompasses a
widespread and ill-defined group of deposits and end members, with
varying characteristics and target commodities. However, IOCG
deposits are all generally associated with hot mantle upwellings
with most significant examples located adjacent to the margins of
Archean cratons.
AEX believe that the Sava area, located close to the Archean
craton margin, has historically been misinterpreted and hosts
multiple nested intrusions related to the hot igneous upwellings of
the nearby Gardar Province and are structurally associated with the
Voisey's Bay deposits. As such the Sava/Gardar Province area could
exist as IOCG belt extensions of the Central Mineral Belt districts
and Kwyjibo deposits of Labrador and the Kiruna belt of Sweden.
Through 2021 AEX conducted the following exploration
activities:
-- Remote Sensing - conducted by SRK Exploration Services, the
licence area was assessed through the review of multispectral
satellite data in order to develop initial targets for ground
exploration
-- Airbourne Geophysics - 446 km(2) Airborne magnetics and
radiometrics flown by New Resolution Geophysics on 100m spaced
lines to provide evidence to the host granites and their
structure
-- Geological Mapping - surface geological and alteration
mapping conducted over priority targets
-- Rock Chip Sampling - 225 systematic rock chips collected and
assayed at ALS Geochemistry to provide insights to the alteration
and mineralisation anomalism
-- Ionic Geochemistry - 143 soil samples collected and assayed
using ionic geochemistry to assess very low detection limit
geochemical anomalism
-- Spectral Imagery - surface spectral images collected over the
highest priority targets to provide further insights into the
alteration assemblages.
These exploration activities provided a wealth of information on
the geological understanding of the licence area and particularly
on the alteration of the host rocks, a critical requirement when
assessing IOCG potential.
While AEX's geochemical exploration was not targeting obvious
surface mineralisation and economic grades were not expected, rock
chip samples returned anomalous grades over very wide areas with up
to 0.9% Cu recorded, illustrating the potential that a significant
mineral system is present.
Key observations from AEX's results include:
-- Numerous significant and coherent multi element anomalies
that provide important insights to the alteration, lithologies
present and the style of mineralisation.
-- Strong correlation between Au/Ag and Cu/U, which are
potentially indicative of IOCG mineralisation as well as
significant base metal association.
-- The recognition that the geology is significantly more
complex and detailed than originally thought.
-- Multiple zones of brecciation with hematite/calcite
alteration exist as evidence of a significant fluid system being
present.
-- That most host rocks are geochemically classified as Quartz
Monzonites that appear to be more depleted than other Gardar
rocks.
-- Alteration assemblages and geochemistry highlight three high
priority targets in the licence (North, South and West) with the
largest zone (North) remaining open requiring additional
sampling.
-- Anomalism in these three targets appears to be related to sericite dominate alteration.
-- When assessed the geochemistry results using both the IOCG
Index, developed by the Deep Exploration Technologies Cooperative
Research Centre, and industry standard porphyry copper potential
plots, Sava is shown to be prospective for both and, in particular,
that the West target show significant IOCG indices.
AEX continue to review and assess these results both internally
and through their external consultants and experts and will look to
action the recommendations of this work during the 2022 field
season.
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, Executive 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
SI Capital Limited (Joint Broker)
Nick Emerson
Charlie Stephenson
+44 (0) 1483 413500
Camarco (Financial PR)
Billy Clegg
Emily Hall
Charlie Dingwall
+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 and strategic
metal 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 and strategic metal assets covering 4,090km(2) ,
the largest mineral portfolio 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
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Corporation's obligations under
Article 17 of those Regulations. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Glossary
Ag Silver
Au Gold
Bt Billion tonne
Cu Copper
g/t Grams per tonne
Mo Molybdenum
Nb Niobium
U Uranium
Zn Zinc
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