TSXMovers Initiates Coverage on Apex Resources, Inc. (V:APX)

TSXMovers has been following Apex Resources, Inc. (V:APX) for the past 100 days and we are proud to announce we have started a market awareness program with the company.

Press Release (ePRNews.com) - VANCOUVER, British Columbia - May 25, 2017 - Apex Resources, Inc. is a Canadian gold exploration and development company focused on British Columbia, Canada. Apex’s business strategy is to acquire quality, under explored, precious metal properties with undiscovered resource potential in established mining camps. The company then advances the projects until they can be joint ventured or sold with a retained NSR royalty to Apex.

Apex Resources, Inc. (V:APX) currently has five active projects in British Columbia and Yukon Territory. Two projects, Jersey-Emerald and Kena, are under option to other parties. The remaining three projects, the Golden Triangle projects (Eldorado, Cloud and Wild properties) in B.C. and Red Ridge and Mount Anderson in Yukon, are being actively explored by Apex.

Apex property highlights 2017

Jersey-Emerald zinc-tungsten mine

The historic Jersey-Emerald zinc-tungsten mine located in southeastern B.C. was previously operated by Placer Dome. Total production was 9.6 million tonnes of combined zinc and tungsten ore. Apex has sold the property to Margaux Resources Ltd. subject to a 1.5-per-cent net smelter returns royalty. Apex will receive approximately $2.7-million in property payments over the next 30 months from the sale of the property.

Kena project

The Kena project, comprising the adjoining Kena and Daylight gold properties, is located in southeastern B.C. There are six small historic gold mines on the two properties. Exploration by Apex has outlined a large low-grade gold resource containing a drill inferred 1.9 million ounces of gold (Kena property technical report by Giroux and Park, May 15, 2013). The property is presently under option to Prize Mining Corp. which may acquire an 80-per-cent interest in the property. To exercise its option and earn its 80-per-cent interest in the project Prize must make annual cash and share option payments over 36 months totalling $1.25-million, issue 1.5 million shares and complete $3-million in Kena-project-related exploration expenditures over four years.

Golden Triangle projects

Within B.C.’s Golden Triangle, Apex acquired the three properties, the Eldorado, Cloud and Wild, in 2016 and conducted reconnaissance mapping and sampling programs in the fall.

Eldorado property, B.C.

Located 10 kilometres northeast of the Granduc mine, the Eldorado property overlies a magnetic anomaly that has similarities to the nearby Granduc orebody. Apex has recently completed an airborne magnetic and VTEM geophysical survey on Eldorado. Results of the survey are expected by early June.

Cloud property, B.C.

The Cloud property is located eight kilometres northwest of the Granduc mine. A high-level government geophysical survey shows a strong magnetic anomaly located on the property that is the principal target of interest. Apex has recently completed an airborne magnetic and VTEM geophysical survey. Results of the survey are expected by early June.

Wild property, B.C.

The Wild property is located south of two past-producing high-grade gold mines. The Snip mine is located 10 kilometres north of Wild and the Johnny Mountain mine is 4.5 kilometres north. Two gold target areas have been defined by stream sediment sampling, prospecting and a historic aeromagnetic survey. Apex’s geologist has recommended follow-up with aero geophysical surveys, a LiDar survey and ground prospecting and sampling programs.

Red Ridge silver-gold property, Yukon

The Red Ridge property is located in the southwestern Yukon Territory approximately 40 kilometres south of Whitehorse. The property covers part of a gossanous ridge known as Red Ridge located 23 kilometres from the former Mount Skukum epithermal gold mine. Previous work has discovered numerous high-grade silver and gold showings on the Red Ridge property within an area measuring 2.0 kilometres in length by 500 metres in width.

Preliminary sampling by Apex in 2016 confirmed the historic showings and grades. Highlights of the rock sampling program include 16,271 grams per tonne silver and 5.24 per cent copper from a grab sample in the East zone and 23.4 g/t gold from a 20-centimetre chip sample in the Saddle zone. P. Grunenberg, PGeo, has been contracted to complete a compilation of all historic property work in preparation for the 2017 exploration program.

Mount Anderson gold-silver property, Yukon

The road-accessible, 3,000-hectare Mount Anderson property is located 55 kilometres south of Whitehorse, Yukon. The claims are contiguous with the historic Mount Skukum gold property where New Pacific Metals Corp. has an indicated resource of 1,416,500 tonnes grading 8.59 g/t gold equivalent (New Pacific Metals website).

Exploration on the Mount Anderson property dates back as far as 1906. Historic work has focused on narrow but high-grade gold veins on the property. In 2011, previous property operator Gold World Resources Inc. sampled stockpiled bulk sample material that averaged 30.5 g/t Au, 532 g/t Ag, 9.1 per cent lead, 6.5 per cent zinc and 0.5 per cent copper (technical report for Gold World Resources Inc. by H. Lahti, 2012). Sampling of the nearby trenches from which the sample was collected returned 29.0 g/t Au, 417.2 g/t Ag, 20 per cent Pb and 6 per cent Zn.

Gold World also completed a mobile metal ion soil survey consisting of about 4,600 samples, covering approximately 60 per cent of the claim block. The program successfully identified several large, new gold and silver soil anomalies. Follow-up work involving prospecting, mapping, trenching and drilling was planned but due to financing difficulties Gold World was unable to maintain its option on the Mount Anderson property and it reverted to the vendors. In March, 2017, Apex acquired the property (see news release of March 1, 2017).

Apex plans to carry out a confirmation sampling program in 2017 to prepare the property for diamond drill testing.

Source : Apex Resources, Inc. (V:APX)
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CATEGORIES : Mining

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