AEX Gold Inc (AIM:AEXG, TSX-V:AEX) said its 2021 exploration program at the Sava project in Greenland has revealed multiple targets at what could be a high-grade, multi-element property.
The Toronto-based company completed remote sensing, airborne geophysics, geological mapping, rock chip and ionic geochemistry studies and hyperspectral imagery across the 4,090-square kilometre Sava licence.
Modeling indicated the potential of the area to host strategic metal deposits, according to AEX, with “significant and coherent” multi-element anomalies developed that could indicate iron oxide, copper, gold (IOCG) mineralisation.
READ: AEX uncovers more high-grade gold at Nalunaq in Greenland
Historical sampling at Sava has returned grades of up to 3.4% copper, 3.7% zinc, 0.28% molybdenum, 382 grams per tonne (g/t) gold, 100 g/t silver and 19.9% niobium, in magnetite and hematite-mineralised granites and breccias.
AEX told shareholders that the results of the program confirm its belief that the geology of the Sava licence has great potential, opening up the prospect of a new IOCG belt in South Greenland.
The junior exploration company said the results warrant further exploration in 2022.
“The company has long considered the Sava area as holding potential for significant copper, base metal and rare earth element mineralisation,” AEX CEO Eldur Olafsson said in a statement.
“In 2021 AEX employed a wide range of innovative and cutting-edge exploration techniques and our results provide us with significant indications that an IOCG or porphyry mineral system could be present.”
According to Olafsson, AEX’s geological models illustrate the region's similarity to world class strategic mineral deposits at Voisey's Bay in Canada, Gardar Province in Greenland, and the Kiruna IOCG belt of Scandinavia.
AEX said it will continue to review and assess the results both internally and through their external consultants and experts, and will look to action the recommendations of this work during the 2022 field season.
The group has a portfolio of gold and strategic metal assets in the largest mineral portfolio in Southern Greenland, covering the two known gold belts in the region.
Contact Angela at angela@proactiveinvestors.com
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