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01 Feb 2021 | 13:25

AEX Gold upbeat on latest sampling at Kangerluluk

(Sharecast News) - Greenland-focussed gold company AEX Gold updated the market on its 2020 exploration campaign at the Kangerluluk property within the Nuna Nutaaq licence on Monday, with historic channel sampling returning high-grade results. The AIM-traded firm said the Kangerluluk prospect lay 120 kilometres north east of its Nalunaq project, and within the wider Nanortalik Gold Belt.

It said the prospect was deemed "highly prospective" by AEX, and during 2020 it carried out reconnaissance exploration designed to confirm historic grades from the main shear zone, sampling potential down-dip extensions, and capturing high resolution images to assist with 3D modelling and future exploration planning.

The company reported that historic channel sampling of the main shear zone returned high-grade results, with highlights of 175.1 grams of gold per tonne over 0.8 metres, and 35.4 grams of gold per tonne over 0.95 metres, and with grab samples up to 118 grams of gold per tonne.

One grab sample collected from the main shear zone in 2020 returned 22.3 grams of gold per tonne, the board said.

A float sample of highly altered metavolcanic rock, rich in malachite and pyrite, was collected close to the Kangerluluk fjord, about 100 metres east of the main shear zone, and returned 3.83% copper and 34 grams of silver per tonne.

The board said follow-up structural mapping and sampling at Kangerluluk was planned for 2021.

"Yet again, the grades reiterate our belief that we are uncovering one of the most exciting Gold provinces in the world," said chief executive officer Eldur Olafsson.

"We will continue to carry out exploration activity this year on this licence and over the rest of our portfolio of licences."

At 1308 GMT, shares in AEX Gold were up 7.82% at 54.99p.
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