AEX Gold Inc (AIM:AEXG, TSX-V:AEX) has announced the results of its 2021 exploration drilling programme at Nalunaq in Greenland.
AEX holds an unrivalled land package of gold and strategic mineral assets covering an area of 4,090 square kilometres in Southern Greenland, and the Nalunaq project itself is a past-producing underground mine.
The 2021 drill program comprised 51 drillholes, primarily targeting the newly defined Valley Block, as predicted by AEX's dolerite dyke structural model.
Drilling intersected the main vein structure in 33 drillholes, 27 of which intersected gold, thereby confirming the presence of a fourth high-grade zone at Nalunaq.
The results verify that the Valley Block, unrecognised by previous operators, is a new high-grade zone, with multiple visible gold intersections confirming the presence of free gold, and can now be the focus for initial resource growth at Nalunaq.
"I am delighted to announce the 2021 drill results from Nalunaq, which has fulfilled all our objectives,” said Eldur Olafsson, chief executive of AEX.
“Our success rate in intersecting the main vein continues to increase and this season has been the most successful to date, where we have confirmed the existence of an entirely new high-grade zone. The Valley Block area holds the potential to materially increase the resources at Nalunaq and the confirmation of the company's Dolerite Dyke Model opens up the prospect of further resource discovery across five high-grade zones."
The main vein is a laterally extensive shallowly dipping auriferous quartz vein averaging around 70cm thick and hosting variable high grades of up to 5,240 grams per tonne gold.
AEX is exploring for a target of up to two million ounces of gold, and the current Inferred mineral resource stands at 251,000 ounces of gold at a grade of 18.5 grams per tonne.
Along this high-grade trend, highlights from the recent drilling include the intersection of five visible gold intervals confirming the existence of free gold, and a weighted average intersection in one hole that graded 61.43 grams per tonne.