Apex Resources Inc. Applies for Multi-Year Permit to Test High Grade Gold Mineralization at its KGM Gold Deposit
Vancouver, BC / TheNewswire / July 28, 2016: Apex Resources Inc. (TSX-V: APX; "the Company, "Apex") is pleased to report that it has filed an application with the BC Ministry of Energy and Mines for a multi-year permit to carry out a trenching, drilling and metallurgical sampling programs within the Company's KGM Gold Deposit on its Kena property. The proposed 5 year work program, calls for 47 drill pads and 30 trenches to test high grade gold zones within the multi-million tonne KGM deposit with the first year's program involving construction of 17 drill pads and excavating 20 trenches. The permit application has been accepted by the Ministry and is currently being circulated for approval.
About Apex Resources Inc.
Apex Resources Inc. (previously known as Sultan Minerals Inc. - please see news release of July 15, 2016) is a Canadian gold exploration and development company with current projects in 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.
In 2016 the Company will focus its efforts on the advancement of its 100% owned Kena and Daylight Gold properties. The two adjacent properties are located 90 km northeast of the historic Rossland gold camp in southeastern British Columbia. They are host to six, historic, high grade gold mines along an 18 km long gold belt. The properties have the advantage of major highway and logging road access, an adjacent power corridor and a nearby skilled workforce.
The 8,000 hectare Kena property is host to two styles of gold mineralization; high grade veins and large, low grade, porphyry gold deposits. An updated NI43-101 resource estimate completed on the low grade deposit in April 2013 shows a measured plus indicated resource of 25.28 million tonnes containing 490,000 ounces of gold and an additional drill-inferred resource of 90.44 million tonnes containing 1,399,000 ounces of gold, using a 0.30 g/t Au cutoff. The low grade mineralization is comprised of a series of high grade veins and shoots that remain open along strike and at depth. (Apr 11, 2013, News Release).
The Daylight property, initially staked in 1893, is host to 4 historic gold and gold-copper mines that operated intermittently prior to closure due to low gold prices in1949. In 2014 a prospecting and sampling program on the Daylight property discovered four new zones of significant gold mineralization. The highlight of the program was a 20 cm wide quartz vein that assayed 80.40 g/t gold and 117.00 g/t silver.
The proposed budget for the first year exploration program is estimated to be $500,000. The proposed work programs are subject to financing.
In addition to its two gold properties Apex is involved with the historic Jersey-Emerald Tungsten-Zinc mines near Salmo, BC. The Jersey-Emerald project was recently sold to Margaux Resources Ltd with a retained 1.5% NSR to Apex. Over the next three years Apex will receive monthly property payments totaling $3,000,000 from the sale of the property.
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. 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.
Copyright (c) 2016 TheNewswire - All rights reserved.