AEX Gold Inc (AIM:AEXG, TSX-V:AEX). said progress is continuing at its Nalunaq gold project in Greenland, with 7,000 metres (m) of the 2021 drilling programme completed to date.
Some 90% of drill holes reached target depth and provided main vein intersection where predicted as part of the updated geological models, the gold company said in a statement.
Core samples have been sent for testing, with results expected to start coming in before the end of the year.
AEX said it hopes to publish an updated Competent Persons Report (CPR) in the second quarter of 2022 and added that Halyard Inc. is on track to complete the engineering study focused on the process plant and surface infrastructure by end of this year.
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The company also said field work has been completed across its wider gold and strategic mineral licences.
Greenland’s Mineral Licence and Safety Authority (MLSA) has confirmed that it has awarded the Kobberminebugt licence to AEX, which will be granted once the government has signed the licence document. The Kobberminebugt licence has attractive iron oxide copper gold and copper prospectivity and will increase AEX’s total licence portfolio to 4,090 square kilometres (km2).
The company also said it has identified additional copper mineralisation in float samples from Jokum's Shear and further potentially high-grade gold mineralisation at a new target currently termed Eagle's Nest, some 30km from Nalunaq.
AEX said it expects to provide further updates on these activities during the fourth quarter of this year.
“We continue to be extremely excited by the wider exploration potential of our assets, including significant gold projects as well as discoveries made in strategic minerals that include copper, platinum group metals, graphite and rare earths,” commented AEX chief executive Eldur Olafsson.
“The board looks forward to being able to demonstrate the potential value of its non-gold assets in due course.”