|Thu Feb 13, 2020|
Apex Resources Engages Renaissance Geoscience Services Inc. to Undertake Updated Resource Estimates for its Emerald Tungsten and Kena Gold projects
|Apex Resources Inc. (APX - TSX Venture) ("Apex" or the "Company") is pleased to report that it has engaged Leopold J. Lindinger, P.Geo. of Renaissance Geoscience Services Inc. ("Renaissance") to prepare updated resource estimates for the East Emerald tungsten deposit on its Jersey-Emerald Property and for the Kena and Gold Mountain zones on its Kena-Daylight Gold property. Both properties are located in southeastern British Columbia. Leopold Lindinger, has 35+ years of experience in the mining industry including 5 years as an open pit mine geologist and grade control technician, and 3 years of underground gold mining experience. He is a Senior Associate geologist with Watts, Griffis and McOuat Ltd. he has extensive Canadian and International mining and mineral exploration experience.
The Jersey-Emerald property is located 45 km south of the town of Nelson in southeastern BC. The property is host to the former Emerald Tungsten Mine, Canada's second largest tungsten mine and the historic Jersey Lead-Zinc Mine, British Columbia's second largest lead-zinc producer. Significant zones of remnant mineralization exist in the historic tungsten workings (News Release of May 23, 2007). In 2006 Apex discovered a large new tungsten deposit, the East Emerald deposit, on the property (News Release of Mar 6, 2006). Drilling in 2014 traced the deposit for 1,200 metres along strike and 200 metres in width with 74 NQ diamond drill holes. The present study will use the results of these drill holes to calculate an updated tungsten resource estimate for the property. The updated resource estimate will also incorporate updated topography based on a 2017 Lidar survey.
The Kena property is located 25 km north of the Jersey-Emerald property. The property is under option to Boundary Gold and Copper Mining Ltd who may earn 80% interest in the property by completing $2.5 million in property exploration by October 3, 2022. In 2004 a now historic NI43-101 Technical Report on the Gold Mountain and Kena Gold showed a measured and indicated resource of 381,000 ounces of gold and an additional inferred resource of 389,000 ounces of gold. This resource estimate was based on 115 drill holes and showed an average grade of 1.0 g/t gold using a cut off grade of 0.50 g/t gold (News Release dated June 7, 2004). The deposits are exposed on surface and remain open along strike and at depth. The deposits have since been expanded with 7,527 metres of NQ diamond drilling in 41 drill holes completed in 2012. The updated resource estimate will incorporate these and older drill results with updated topography based on a recent Lidar survey.
The resource estimate program will involve site visits, drill core inspections and core sampling by Renaissance. The program will commence immediately. Preliminary reports are expected by early April.
Arthur G. Troup, P.Eng., Geological
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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.
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