(TheNewswire)
July 19, 2021 – TheNewswire- Vancouver, BC. - Apex Resources Inc.("Apex”) (TSXV:APX) (OTC:SLMLF) announces an updated NI43-101 resource estimate for itsformer Kena Project consisting of the Kena and Daylight Properties,located in the Nelson Mining District of southeastern BritishColumbia. The current resource estimate wastriggered by Apex’s News Release dated April 11, 2013. In its April 11, 2013 news release the Company disclosed anincrease in mineral resources on its Kena Project related to aresource update reported by the Company's joint venture partner. Thatdisclosure was not supported by an independent technical report issuedby Apex.
This updated report was completed by Moose MountainTechnical Services (“Moose Mountain” or “MMTS”). The studywas a total project review that included all recent and historicdrilling on the properties. Using a cut off grade of 0.25 grams pertonne (g/t) the report shows 561,900 ounces of gold in the indicatedcategory as well as an additional 2,773,100 ounces of gold in theinferred category. The study has an effectivedate of April 7, 2021.
Table 1 below summarizes the total model resource forthe Kena Project at cut-off grades ranging from 0.1 g/t to 1.0 g/t. Using a gold price of US$1,600/oz the basecase cut-off grade within the “reasonable prospects of eventualeconomic extraction” constraining pit is 0.25 g/t gold (Au), ashighlighted in Table 1.
Table 1 Kena Mineral Resource Estimate –Total Project (effective date: April 7,2021)
Class | Cut-off | Tonnage | Au | NSR | Au Metal |
Au (gpt) | (ktonnes) | (gpt) | (CDN$) | (Koz) | |
Indicated | 0.1 | 44,006 | 0.449 | 34.51 | 635 |
0.15 | 41,895 | 0.465 | 35.69 | 625.7 | |
0.2 | 37,663 | 0.497 | 38.09 | 602.0 | |
0.25 | 32,146 | 0.544 | 41.48 | 561.9 | |
0.3 | 26,274 | 0.604 | 45.78 | 510.2 | |
0.5 | 11,863 | 0.869 | 65.92 | 331.4 | |
1 | 2,662 | 1.526 | 113.34 | 130.6 | |
Inferred | 0.1 | 348,491 | 0.330 | 23.78 | 3,697 |
0.15 | 281,957 | 0.378 | 27.59 | 3,428.2 | |
223,301 | 0.432 | 31.56 | 3,103.0 | ||
0.25 | 177,508 | 0.486 | 35.57 | 2,773.1 | |
0.3 | 135,814 | 0.552 | 40.83 | 2,410.1 | |
0.5 | 53,060 | 0.813 | 61.33 | 1,386.7 | |
1 | 9,136 | 1.588 | 115.44 | 466.4 |
The results agree favourably with results of the 2013resource estimate that triggered this study. The 2013 study wascarried out when the gold price was lower so a cut off grade of 0.30 g/t was used. The 2013 total resource figuresfor the Kena Project are summarized in Table 2 below, with the basecase cutoff grade highlighted.
Table 2 Previous Kena Mineral Resource Estimate(2013)
Class | Cut-off | Tonnage | Au | Au Metal | |
Au (gpt) | (ktonnes) | (gpt) | (Koz) | ||
Indicated | 0.1 | 43,980 | 0.44 | 615 | |
0.2 | 35,790 | 0.50 | 574 | ||
0.3 | 25.280 | 0.60 | 490 | ||
0.4 | 17,430 | 0.60 | 403 | ||
0.5 | 11,863 | 0.869 | 330 | ||
Inferred | 0.1 | 261,340 | 0.29 | 2,462 | |
0.2 | 167,900 | 0.37 | 2,008 | ||
0.3 | 90,440 | 0.48 | 1,399 | ||
0.4 | 49,640 | 0.59 | 946 | ||
0.5 | 27,270 | 0.72 | 627 |
At the respective base case cutoff grades, theindicated gold metal resource in the 2021 estimate is 13% higher thanthe 2013 estimate (1-2013/2021) and the inferred gold metal resourceis 50% higher than in 2013. The higher resource estimate in 2021 isdue to the difference in cutoff grade, updated geologicinterpretations and primarily due to the fact that the study was atotal project resource estimate. The 2021 study included the recent2017 drilling on the Daylight property and historic drilling on theGreat Eastern, Great Western, Kena Copper and Gold South zones. The2013 resource estimate was confined to the Kena Gold and Gold Mountainzones.
The updated Technical Report was prepared by Sue Bird,P.Eng., a Geological Engineer with Moose Mountain Technical Services.Sue Bird is a Qualified Person as defined in National Instrument43–101 Standards of Disclosure for Mineral Projects (NI 43–101)and has reviewed and approved the contents of this newsrelease.
The updated NI43-101 report has been submitted to theBC Securities Commission for approval. If approved, the report will befiled on Sedar.
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
Email: mlee@apxresources.com or info@apxresources.com
This release was prepared by Apex's management. NeitherTSX Venture Exchange nor its Regulation Services Provider (as the termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release. This newsrelease includes certain statements that may be deemed"forward-looking statements." All statements in thisrelease, other than statements of historical facts, that addressfuture production, reserve potential, exploration drilling,exploitation activities and events or developments that Apex expectsare forward-looking statements. Although Apex believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those in the forward-looking statements. Factors that could causeactual results to differ materially from those in forward-lookingstatements include market prices, exploitationand exploration successes, and continued availability of capital andfinancing, and general economic, market or business conditions. Investors are cautioned that any such statementsare not guarantees of future performance and those actual results ordevelopments may differ materially from those projected in theforward-looking statements. For more information on Apex, investorsshould review Apex's filings that are available at www.sedar.com orApex's website at www.apxresources.com .
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