AEX Gold Inc (AIM:AEXG, TSX-V:AEX) successfully achieved all of its revised goals in 2021, chief executive Eldur Olafsson said in a statement alongside the Greenland-focused group’s annual results.
“Notably we have made considerable progress at Nalunaq and across the portfolio,” he said.
Halyard completed a third-party engineering study, which is a major part of the technical work that will underpin the development of the Nalunaq project, he said.
"The last aspect of this study, which is in progress, is the proving up of an M&I Resource and underground mine planning which would enable the company to move into a Prefeasibility Study (PFS) stage.
“On the wider exploration front, we acquired more land in 2021 which has increased our total land package to 4,090 km2, mostly focusing on land that has potential for Strategic Minerals.
“Strategic Minerals are essential for electrification as the world transitions from hydrocarbon energy sources. The results of our exploration program conducted in 2021 have exceeded expectations and lead us to believe that we hold potential resources [of a scale] that could be of global significance.”
AEX said specific plans for 2022 include more exploration at Nalunaq with the optionality of investigating an underground bulk sample with an option for toll treatment off-site.
An update to the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) is ongoing and expected to be completed over the course of the next year.
Exploration drilling is also planned at the Vagar Ridge and Nanoq Gold Targets, while in Strategic Minerals AEX will carry out more surface sampling and scout drilling
Olafsson added that an all-weather camp for 50 people is now operational at Nalunaq, which "is the only mining exploration camp of such a standard and scale currently in Greenland and gives AEX the advantage of being able to advance its projects all year round".
AEX ended 2021 with cash of C$27.3mln (£17.2mln) and no debt.