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AEX Gold says first samples from Greenland exploration have been sent to lab and an outcropping vein has been identified

The dual-London and Toronto-listed gold exploration group told investors that 1,200 metres of drilling had now been completed this summer season with first samples already sent to the lab

AEX Gold -
An aerial drone identified a footwall vein, which lies below the Main vein and in an area where two historic holes hit a mineralized quartz vein

AEX Gold Inc (LON:AEXG) (CVE:AEX) has said exploration at its main Nalunaq project in Greenland, where it has already drilled five holes since mid-August, has identified an outcropping Footwall vein.

The dual-London and Toronto-listed gold exploration group told investors that 1,200 metres of drilling had now been completed this summer season with first samples already sent to the lab.

READ: AEX Gold hails significant increase in exploration activity in first half

An aerial drone identified the footwall vein, which lies below the Main vein and in an area where two historic holes hit a mineralized quartz vein.

"The drilling program at Nalunaq is well underway with samples already being dispatched for assaying, which will further support our development program in 2021," AEX Gold chief executive Eldur Olafsson said in a statement.

"The high-resolution imagery from our new state of the art drone is proving highly effective, and will further assist us in progressing the Exploration Target at Nalunaq by supporting evidence of other veins, which could potentially be gold bearing."

Olafsson also noted that using a drone in Greenland, where there is a lack of vegetation, was an extremely efficient, cost effective, and safe way to prospect in the area.

"Its ability to cover vast areas and yet closely focus and record specific targets is a game changer for our regional exploration efforts," he said.

"Additionally, we feel confident about the prospecting activities at our other regional assets as they have the potential to open up new ground in South Greenland. Most importantly, we are delighted with the early performance and execution of our exploration team, particularly given the new health and safety procedures implemented as a result of Covid-19 and are happy to report that our camp at Nalunaq continues to be Covid-free."

AEX also said that GoldSpot Discovery Corp (CVE:SPOT), which it hired last month to apply its proprietary workflow and machine learning algorithm to identify new targets, has now generated a preliminary list of additional targets for wider regional exploration.

These targets will be visited and prospected by AEX this month, the group said.

On August 27, when reporting interim results, CEO Olafsson hailed a “significant increase in activity” across the group's portfolio in the first half of its current year.

He said that following a C$72.7mln fundraise and AIM listing in July, the gold group “is in a very strong position” and funded for planned work at its Nalunaq project, where it is currently performing exploration and pre-development work.

Contact the author at [email protected]

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Price: 47.88 GBX

AIM:AEXG
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Market Cap: £84.79 m
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AEX Gold discovers footwall vein at the Nalunaq Project in Greenland

AEX Gold's (LON:AEXG)(CVE:AEX) Eldur Olafsson speaks to Proactive about their discovery of a footwall vein seen on the surface of the 70-100 metres below Nalunaq main vein. Olafsson illustrates the findings of the high-resolution aerial imagery drone and their potential promise for the...

5 days, 4 hours ago

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