Apex Resources Intersects Gold Mineralization Including 289.97 g/t Gold Over 0.30 Metres at Ore Hill, BC

2019-12-17 / @thenewswire

(TheNewswire)

December 17, 2019 - TheNewswire - Vancouver, BC. - Apex Resources Inc. ("Apex”) (TSXV:APX) (OTC:SLMLD) is pleased to announce it has received positive drilling results from the two 2019 diamond drill holes at its Ore Hill property in southeastern BC. Gold mineralization was intersected in both drill holes. Of the 284 core sections assayed in the two drill holes results ranged from less than detection up to 289.97 g/t gold over 0.30 m.

Gold assays and intersection widths for the two NQ size diamond drill holes are summarized below. There is presently insufficient information to determine how intersection widths relate to true widths.

Gold Assays - Ore Hill Drill Holes OH19-01 & OH19-02

------------------------------------------------- |Hole ID |From (m)|To (m)|Length (m)|Gold (g/t)| |-----------------------------------------------| |OH19-1 |27.6 |41.0 |13.4 |1.13 | |-----------------------------------------------| |Including|27.6 |33.5 |5.9 |2.02 | |-----------------------------------------------| |Including|27.6 |29.1 |1.5 |6.84 | |-----------------------------------------------| |Including|27.6 |28.6 |1.00 |8.26 | |-----------------------------------------------| | |92.6 |92.9 |0.30 |7.49 | |-----------------------------------------------| | |178.6 |178.9 |0.30 |289.97 | |-----------------------------------------------| |OH19-2 |7.8 |8.8 |1.00 |2.35 | |-----------------------------------------------| | |62.0 |63.08 |1.08 |3.00 | |-----------------------------------------------| | |83.2 |83.7 |0.5 |5.22 | |-----------------------------------------------| | |190.9 |191.2 |0.3 |7.87 | |-----------------------------------------------| | |213.4 |213.7 |0.3 |1.99 | |-----------------------------------------------| | |222.7 |223 |0.3 |1.01 | |-----------------------------------------------| | |226.3 |227.15|0.85 |6.93 | |-----------------------------------------------| | |235.1 |237.2 |2.1 |1.54 | |-----------------------------------------------| |Including|235.1 |235.4 |0.3 |8.24 | -------------------------------------------------

The two holes were drilled to test a 1,500 metre long gold-in-soil anomaly located along a north northeast trending structural zone (see News Release of Nov 14, 2018). Hole OH19-1 was collared at UTM coordinates 489407E 5441150N and drilled to a depth of 183 metres at a dip of -60o and a bearing of 160o. Hole OH19-2 was collared 41 metres southwest of OH19-1 and drilled to a depth of 245.9 metres at a dip of -45o and a bearing of 160o. The two holes intersected multiple zones of gold mineralization associated with a sheeted quartz vein system containing native gold and sporadic silver-lead-zinc values.

Hole OH19-2 was collared at the approximate location of a historic hole OH90-1 (see Aug 19, 2019 news release) and drilled parallel (160 azimuth) to the former hole at a dip of -45o. The historic hole was drilled at a dip of -60o. Reported gold grades from the two holes are similar. Initial interpretation of results from these two holes indicates a possible vein system dipping at 55o to the northwest. Additional drilling will be required to confirm this. The 1990 drill hole results cannot be verified by the company and will be used only to assist in future exploration targeting. Significant assays for hole OH90-1 are given below:

Ore Hill Drill Hole 90-1 UTM 489400E 541165N

-------------------------------------------------------- |Hole ID |From (m)|To (m)|Sample Length (m)|Gold (g/t)| |------------------------------------------------------| |OH90-1 |45.72 |48.77 |3.05 |0.72 | |------------------------------------------------------| | |67.05 |70.10 |3.05 |8.09 | |------------------------------------------------------| | |210.3 |216.40|6.10 |2.91 | |------------------------------------------------------| |Including|210.3 |212.1 |1.90 |8.49 | |------------------------------------------------------| |and |211.8 |212.1 |0.30 |33.31 | |------------------------------------------------------| | |235.6 |236.2 |0.60 |12.74 | |------------------------------------------------------| | |257.6 |260.3 |2.70 |4.39 | --------------------------------------------------------

(Assays are taken from 1990 Ore Hill drill hole log by D.L. Cooke and Associates.)

The Ore Hill property was first staked in 1901 and had sporadic production from 1906 to 1940 at an average grade of 34.6 g/t gold (BC Minfile 82FSW054 & 082FSW053). The property is situated 42 km south of Nelson, B.C. at the south end of the Sheep Creek Gold Camp. Sheep Creek is a high-grade orogenic gold district similar to the Barkerville Camp (Geoscience BC Report 2017-15).

Arthur Troup President and CEO states “It’s very encouraging to obtain significant results from our initial two drill holes on this property. The 2019 drill program indicates potential for multiple zones of elevated gold grades within a broad structural zone associated with a 1,500 metre long gold-in-soil anomaly. We are looking forward to continuing our exploration program at Ore Hill in 2020.”

Qualified Person and Quality Control - Quality Assurance

Perry Grunenberg, P.Geo. is a "Qualified Person" for the project and has read and approved the contents of this news release.

On site the core is delivered to the Company's secure facility in Salmo, BC where it is logged, split, tagged, sealed and shipped for analysis. The Company's consulting geologist Susan E. Deane P.Geo. logs and supervises the splitting sealing and shipping of the samples for assay. Quality control is monitored by the insertion of certified standard reference materials and blanks at regular intervals into each sample shipment. For future reference half of all drill core is stored at the Company's secure facility in Salmo, BC

Drill core samples are submitted to MSA Labs geochemical laboratory services in Langley, British Columbia for preparation and analysis. The MSA facility is accredited to the ISO/IEC 17025 standard for analytical methods.

In the laboratory the entire sample is crushed, 1,000 grams is riffle split and 250 grams is pulverized. Analysis for gold is by 30 g fire assay fusion with an atomic absorption (AAS) finish having a lower limit of 0.01 ppm and upper limit of 10 ppm. Samples with gold assays greater than 1 ppm are re-analyzed using a 500 g screen metallic fire assay. All samples are also analyzed by a 48 multi-elemental Inductively Coupled Plasma (ICP) geochemical package using a 4-acid digestion.

2020 Exploration Program

In 2020, the company plans for continued exploration at Ore Hill. The scale of the exploration program is dependent upon completion of financing. All permits are in place for an expanded drill program which will commence upon completion of a structural geological mapping program to assist with fine tuning the drill target areas. Drilling will step out from these initial 2 holes to test the strike and down-dip extension of the gold mineralization encountered during the 2019 program.

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.