AEX Gold Inc (AIM:AEXG, TSX-V:AEX) chief executive Eldur Olafsson has told investors that the company is very excited about results of drilling at the Valley Block, in Greenland, where initial indications point to higher success rates versus prior campaigns.
Some 51 holes have been drilled in 2021 and data available to date confirm 29 main vein intersections and 10 possible intersections, the company noted in a statement.
The drilling was designed to increase gold resource and boost “funding optionality”, AEX highlighted, whilst noting that so far the latest campaign has supported the company’s Dolerite dyke structural model to provide “a clear explanation for the location of high-grade gold features within the deposit.”
The anticipated resource upgrade for the project is now significantly de-risked and further drilling is planned for 2022, AEX added.
"We are very excited about the results from our drilling campaign on the Valley Block, where the early signs continue to be very encouraging,” Olafsson said.
“We are gaining a better understanding of the size and potential of the Nalunaq project ahead of underground development.
“Our commissioning of the Halyard 3rd party engineering study, in conjunction with the drilling results from the programme this year, will allow us to progress Nalunaq towards being pre-feasibility level study stage, providing an optimal plan for the Nalunaq project, thus increasing future funding optionality.”
He added: “At the same time we are progressing our understanding of the strategic mineral potential of our unrivalled acreage in Greenland, which we believe will offer the company significant value and play a major role in supporting carbon neutrality globally.”
It is expected that the full assay results for the 2021 drilling campaign will be released in early Q1 2022.