Apex Resources Plans Drill Program for its Mt. Anderson Gold-Silver Property, Yukon
TSX VENTURE: APX
January 14, 2019 / TheNewswire / Vancouver, BC - Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX) is pleased to announce that it has received a final report from Aurora Geoscience Ltd. of Yellowknife, NWT ("Aurora") for its polymetallic Mt. Anderson Gold-Silver property. The report recommends a two-phase exploration program, for three important target areas, that includes 1,200 metres of diamond drilling in 9 holes. Estimated cost of the program is $579,200.
In 2018, mapping, sampling and IP geophysical surveys were carried out by Aurora Geoscience Ltd. over the Mount Anderson Property, located 55 kilometres south of Whitehorse in the Yukon Territory (see News Release of August 14, 2018). The surveys successfully tested a two square kilometre area that includes a strong multi-element soil geochemical anomaly and four gold-silver showings named: 47, Adanac, Whirlwind Adit and Ridge Zones.
The present study includes Inversion modeling of the 2018 IP geophysical results (see attached maps) and compiles and reviews the results of the 2018 mapping and sampling programs combined with 2017 and earlier work. The study makes the following conclusions:
A study of geochemical results indicates several geochemical assemblages; most notably a range from nearly massive galena to rocks having near-background lead values, for samples having comparably anomalous gold values ranging from 0.20 g/t to 67.5 g/t. This indicates multiple pulses of mineral emplacement from hydrothermal fluids.
Samples taken near the margin of the mid-Cretaceous Mount Anderson intrusion are bismuth-enriched; this is an association typically marking proximity of fluids to a source intrusion. This indicates the Mount Anderson intrusion is the likely source of mineralizing fluids.
The northern boundary of the Mount Anderson intrusion is marked by a strong contrast in chargeability responses. The adjacent Late Triassic stock has a high chargeability signature, possibly due to disseminated sulphide emplacement originating from the Mount Anderson intrusion, or from hornfelsing adjacent to it. The resistivity signature is less definitive in outlining intrusive margins.
The historic 47-Adanac Trend may extend a further 200 metres eastward, marked by a high-grade specific composite grab sample returning 8.996 g/t gold. This represents a significant prospective target for further exploration on the property.
The area extending west from the auriferous 2018 samples, directly west of the main trenched area north of the 47-Zone to the adits, represents another target for further exploration. This area is relatively underexplored, and may host further precious metal-bearing quartz veins.
A third target occurs in the northeastern IP survey area, comprising mineralized breccia zones adjacent to intermediate to mafic dykes. Although a breccia zone exposed in an older trench is narrow, the increase in intensity and extent of the chargeability high signature indicates possible widening with depth.
Aurora Geoscience Ltd. recommends a two-phase exploration program for the Mount Anderson property in 2019. The Phase 1 program is envisioned as a rock sampling and geological mapping project to finalize drill site locations. This work will concentrate along the 47-Adanac Trend, including its potential east and west extensions, and in the area north of the 47-Zone, and in the area of Adits A and B. The Phase 2 program would drill test sites outlined in Phase 1 and would represent approximately 1,200 metres in 9 holes.
The Mount Anderson exploration program is being conducted under the supervision of Ms. Linda Dandy, P.Geo., Director. Linda Dandy, VP Exploration for Apex, who has been working with Carl Schulze, P. Geo, of Aurora Geosciences Ltd., in planning the 2018-19 exploration programs. 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 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.
The Kena-Daylight gold property in southern BC under option to Prize Mining Corp.
The Jersey-Emerald tungsten-zinc property in southern BC.
The Ore Hill gold property in southern BC.
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 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.