AEX Gold Inc (AIM:AEXG, TSX-V:AEX) has set out its aims and aspirations for the rest of 2022.
The company has just over 7,600 square kilometres of ground in Southern Greenland, and plans to bring the formerly producing Nalunaq gold project back into production.
Nalunaq will then be used as a platform to discover and develop other world class gold and strategic mineral assets both directly and through partnerships in Greenland.
Core drilling at Nalunaq will be undertaken this year by up to four rigs. These will operate within and in the extension to the Valley Block. The aim is to increase resources and confidence and to prepare the ground for potential new infrastructure development and bulk sample.
At Vagar Ridge there will be a new core drilling programme using two rigs aimed at quantifying the scale of the discovery as well as the depth potential.
On the wider Vagar licence further geological mapping and sampling will take place across five new targets identified by the 2021 exploration programme.
At Nanoq the company's intent is to prepare for an airborne geophysical survey across the target and along a 20 kilometre structural corridor linking the discovery to the Jokum's Shear gold-copper occurrence.
At Sava and North Sava a maiden scout core drilling programme will be undertaken to test iron-oxide-copper-gold-style mineralisation identified within three target areas in 2021. There will also be an extended airborne geophysical survey and geochemical sampling programme across North Sava.
At Stendalen airborne geophysical surveys and geological reconnaissance will be undertaken on recorded nickel-copper sulphide mineralisation to define best drilling locations for a 2023 core drilling programme.
Further geological reconnaissance and sampling will also take place across the Eagle's Nest gold target and Kobbermineburgt copper targets as well the Paatusoq rare earth target.
The company had cash of US$23.8mln as at March 31, 2022.
"After a very positive year of drilling and exploration in 2021 where amongst other things we confirmed a new high grade resource block at Nalunaq and a much larger scale to the Vagar Ridge discovery than we had imagined, we plan to build on this success in 2022 with an active drilling and geological programme across our ever-growing portfolio to test the size and prospectivity,” said AEX chief executive Eldur Olafsson.
“We expect this programme to evolve as the season goes forward as we are still expecting results from our Nanoq licence, which are due imminently, from regional assets and results from our Nørrearm Graphite samples, expected in the second half. We have also made great strides within our strategic mineral and rare earths business, where Greenland is fast becoming the last frontier for Western developed nations to secure these valuable minerals.”
The company intends to change its name from AEX Gold to Amaroq Minerals following its AGM on 16 June.
Exploration and evaluation expenses during the first quarter amounted to US$1mln. The net loss was US$4.1mln.