BMEX Gold Inc (CVE:BMEX) (OTCMKTS:MRIRF) (FRA:8M0) has reported encouraging drill results from the first phase exploration at its King Tut gold project in Quebec and revealed it had appointed a new interim chief executive.
The explorer has now completed 19 holes at King Tut and today's assays come from two, which were drilled at the up-dip extension of the main mineralized trend.
Highlight assays included 1.8 grams per ton (g/t) gold over a length of 2.1 metres (m) from a depth of 15.7m in one hole, and 1.4 g/t of the yellow metal in an intercept of 1.8m from 3.7m depth. The company is still awaiting assays from over 1,180 samples from King Tut. Also assayed was 10.2 g/t of the yellow metal over 0.4m from a depth of 26.7m.
READ: BMEX Gold posts promising drill results from inaugural drilling at King Tut project in Quebec
In the statement, the company also told investors that Martin Demers, the VP of exploration at BMEX for the last year, had stepped in as Interim CEO following the departure of Amrik Virk, who the company thanked for his service.
Before joining BMEX, Demers led the re-discovery of the Casa Berardi mine that was bought by Hecla Mining for over $750 million.
"I am passionate about both our projects at BMEX and we are well-financed to continue our fully funded exploration program for the year with the focus now shifting, as planned, to Dunlop Bay," Demers told investors in a statement.
"We have completed the first phase of drilling on our King Tut Property and additional anticipated assays will be released once received. Today's results demonstrate that the system can host areas of concentrated gold mineralization.
"The goal of our King Tut exploration program will be to continue to define concentrated gold areas and better understand the structural controls that host the high-grade gold. We will be modelling all our drill assay results once received and we are planning geochemical and geophysical surveys for the coming summer at King Tut."
The company is now preparing to drill high-value targets at the flagship Dunlop Bay property that covers 4,226 hectares, immediately north of the Matagami Gold and Base Metals District.
More than 60 gold-bearing veins and veinlets were identified by the previous operator in the central part of the property and BMEX has access to data from 190 documented holes previously drilled.
BMEX is currently focused on earning 100% interest in King Tut and Dunlop Bay, both of which lie in the prolific Abitibi greenstone belt.
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