Apex Resources Targets Copper-Molybdenum along with Gold-Silver on its Red Ridge Property
TSX VENTURE: APX
Vancouver, BC / TheNewswire / March 15, 2018 - Apex Resources Inc. (TSX-V: APX) ("Apex") is pleased to announce that it has received the final report for the 2017 geological mapping and due-diligence rock sampling program on its Red Ridge property, Yukon. The program successfully confirmed the presence of lead-zinc-silver-gold and copper-molybdenum mineralization.
The 2017 results, combined with historic rock and soil values, suggest the Saddle Zone is structurally controlled, rendering this as a prime target for further exploration.
The 2017 soil sampling program revealed two proximal high gold soil anomalies located 1,200 metres west of the Saddle Zone, along the south flank of Red Ridge, indicating a newly identified target. Two kilometres west of the Saddle Zone a coincident copper and molybdenum anomaly of greater than 1.0 km in extent occurs downslope of the most pronounced limonitic staining along the Red Ridge. This gossan is interpreted as hornfelsed sediments overlying the Prospector Mountain Suite intrusion. Apex's consultants, Aurora Geoscience, suggest this copper-molybdenum anomaly indicates potential for a porphyry-style mineralized setting in the western property area.
Aurora Geoscience notes that the giant, 964 million tonne, Casino porphyry deposit is centered on a Prospector Mountain Suite intrusion, indicating this Red Ridge intrusive suite is prospective for similar mineralization. Lead-zinc-silver veins commonly occur outbound from porphyry centres. Local high-grade gold values may represent more distal "bonanza" veins.
Aurora Geoscience make the following recommendations for further exploration: an airborne magnetic/ DIGHEM and possible radiometric survey, combined with a LIDAR topographic survey; a Phase 1 program of surface exploration focusing on further rock sampling, grid soil sampling, and geological mapping focusing on alteration assemblages and determination of mineralized settings; and a Phase 2 diamond drilling program of 1,200 metres in eight holes.
The Phase 2 targets include:
- potential extensions of the Saddle Zone along a NW-SE trending lineament;
- the Miller Zone;
- a newly identified gold-in-soil anomaly; and
- the eastern Triassic intrusion.
Ms. Linda Dandy, VP Exploration for Apex, is presently working with Carl Schulze, P. Geo, of Aurora Geosciences Ltd., in planning and permitting the 2018 exploration programs for Red Ridge and the nearby Mt. Anderson property. Permit applications for both properties have now been submitted and letters describing the proposed programs have been forwarded to the Carcross-Tagish FN and Kwanlin Dun FN.
Ms. Dandy is a "Qualified Person" for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
About Apex Resources Inc.:
Apex is a Canadian gold exploration and development company focused on British Columbia and the Yukon Territories. Apex has a portfolio of quality properties including:
- The 1.9 million ounce Kena-Daylight gold property under option to Prize Mining Corp.
- The Jersey-Emerald tungsten-zinc property under option to Margaux Resources Ltd.
- The Mount Anderson gold-silver property in the Yukon.
- The Red Ridge gold-silver property in the Yukon.
- The Cloud, Eldorado and Wild properties in BC's Golden Triangle.
Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu-Au-Ag equivalent) in Malaysia now under development by Monument Mining Ltd. 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
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.