New Main Vein intersections in an area down-dip of historic workings in the past producing
Key Highlights
Nine holes drilled at Nalunaq for 1615 meters, seven reached target depth
Main Vein identified in six holes
0.87 meter @ 46.1 g/t Au from 124 meters in hole AEX1902
Drilling has identified the Main Vein structure 300 meters along strike from the South Block workings, and more than 350 meters down dip, improving confidence in the exploration target towards the northeast and under the valley towards
A comparison of gold grades from all historic surface drilling versus underground development samples suggests that drilling may underestimates true grade
Eldur Olafsson, CEO of
Drilling in 2019 aimed to test the projected extension of the South Block mineralization. Results are encouraging, with a high-grade intersection in AEX1902, and a 25 centimetres quartz vein intersected 350 meters from existing workings in hole AEX1905, confirming the presence of Main Vein at sea level, outside of the inferred resources described in the Nalunaq Technical Report. It should be noted that at Nalunaq, drilling is used primarily to determine the presence of Main Vein and has not been a good predictor of gold grades historically (this is discussed further in the following section).
The high variability of gold grades in high-nugget deposits such as Nalunaq means accurate estimation of grade from drilling data alone is challenging. Historic operators of the Nalunaq project defined mineral resources based predominantly on underground channel sampling from development drives, and drilling was only used as a guide to confirm the presence and thickness of the Main Vein. A comparison of all past surface drilling in mined areas with block model grades (estimated from underground channel samples which reconcile with production) suggests that surface drilling typically under-calls gold grade. This phenomenon is not unique to Nalunaq, and AEX emphasises that whilst drilling is useful for identifying the mineralised structure, it is not a reliable indicator of grade. With this in mind, the 2019 drilling program has been successful, locating the Main Vein structure in 6 holes. Ultimately, underground exploration development will be required in order to estimate grade and mineral resources above the inferred category.
Selective sampling of historic cores may have missed the Main Vein structure where there is no well-developed quartz vein. High gold grades can also occur in such cases, which are often subtle in appearance, for example the 46.1 g/t over a 0.87 meter true width intersection in hole AEX1902. In light of this, drill core from the 2017 drilling campaign will be resampled early in the 2020 season.
Sampling and QAQC Disclosure for the 2019 Drilling Campaign
Those parts of the drill hole which were selected for sampling were cut in half using a diamond blade core saw. Where a bottom of hole orientation line was present, the cut line was marked approximately 5 degrees off axis, and the right-hand side of the core was sampled. Drill core samples were placed into calico bags with a sample ticket, weighed, and assigned a sample ID. Each sample was sealed with a security tag, which assigns a unique security ID to the sample. Samples were transported from site to an accredited laboratory for analysis; ALS,
Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% less than 2mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by fire assay technique Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold and samples considered to be the Main Vein were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au.
Potential AIM Listing
AEX is in the preliminary stages of considering an additional listing on the AIM market of the
Contact:
Tel: 1-416-587-9801
Email: gf@aexgold.com
About AEX
AEX's principal business objectives are the identification, acquisition, exploration and development of gold properties in
Forward-Looking Information
This press release includes certain 'forward-looking statements'. All statements other than statements of historical fact included in this press release, including without limitation statements regarding the future plans and objectives of the Corporation and the ability of drilling results to accurately predict mineralization, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to long-term viability of restarting production at Nalunaq; the significance of the 2019 drill results presented in this press release; potential mineralization; the structure remaining open at depth and along strike; the ability of drilling at nugget-type deposits to accurately predict mineralization; the mineralized structure extending from the historical mining zones; the 2019 drill results validating the future growth of the Nalunaq mine; the growth potential of the company; the additional listing on the
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