Tickers: PINX:SLMLD, XTSE:APX
Tags: #Mining
August 19, 2019 - TheNewswire - Vancouver, BC - Apex Resources Inc. ("Apex") (TSXV:APX) (OTC:SLMLD) is pleased to report results of a compilation of historic drill hole data from the Ore Hill Gold Project in southeastern British Columbia. This review suggests that the Ore Hill Property has potential for discovery of an important new style of gold mineralization within a conformable breccia zone that has been traced for 1,500 metres across the property. The study also suggests there may be potential for new reserves in the veins below the historic workings. Highlights of the study include the following historic drill intercepts:
- DDH 90-01 3.05m @ 8.09 g/t gold
- DDH 90-01 6.10m @ 2.91g/t gold
- DDH 90-01 0.33m @ 33.31g/t gold
- DDH 88-01 1.52m @ 4.42 g/t gold
- DDH 88-02 0.46m @ 11.04 g/t gold
- DDH 89-04 0.92m @ 5.59 g/t gold
The 2,000 hectare Ore Hill property encompasses two historic gold mines, the Ore Hill Mine and the adjacent Summit Mine. The properties were initially staked in 1901. Production was sporadic but between 1906 and 1940, a total of 3,335 tonnes of ore were mined at a grade 34.7 g/t gold, 60.7 g/t silver, 2.82% lead and 2.66% zinc (BC Minfile 82FSW054 & 082FSW053).
In 1988 and 1989 Baloil Lassiter Petroleum optioned the Summit Mine and explored the historic workings with 10 short diamond drill holes. Four of the holes; 88-1, 2, 4 & 9 intersected significant gold grades within a conformable, dolomitized, breccia zone that is up to 10 metres wide. The breccia zone trends at an oblique angle of 35o to the historic veins but follows a gold soil and rock chip anomaly that has been traced for 1,500 metres across the property, (see news release of Nov 14, 2018 and Mar 18, 2019). Gold assays for the four holes are tabled below:
Summit Mine Drilling 1988-89
Hole_ID | UTM E | UTM N | Sample Length_m | Gold_g/t |
88-1 | 489321 | 5440952 | 0.30 | 7.20 |
88-1 | 489321 | 5440952 | 1.52 | 4.42 |
88-2 | 489284 | 5440990 | 0.46 | 11.04 |
88-2 | 489284 | 5440990 | 0.30 | 8.64 |
89-4 | 489327 | 5440998 | 0.92 | 5.59 |
89-9 | 489353 | 5441020 | 0.30 | 2.47 |
89-9 | 489353 | 5441020 | 0.32 | 2.19 |
(Assays are taken from 1990 Summit-Ore Hill property report by D.L. Cooke and Associates.)
In 1990 Yellowjack Resources tested the soil anomaly on the Ore Hill property 150 metres north of the Summit Mine workings, with a 298 metre long diamond drill hole (DDH90-1). The hole successfully intersected 5 gold bearing zones across 215 metres of core from 45.7 metres to 260.3 metres. All five intersections occur below the depth of the lowest level of mining in the Summit Mine. Gold assays and intersection widths for hole DDH90-1 are as follows:
Ore Hill Drill Hole 90-1 UTM 489400E 5441150N
Hole_ID | From_m | To_m | Sample Length_m | Gold_g/t |
OH90-1 | 45.72 | 48.77 | 3.05 | 0.72 |
67.05 | 70.10 | 3.05 | 8.09 | |
210.3 | 216.40 | 6.10 | 2.91 | |
Including | 210.3 | 212.1 | 1.90 | 8.49 |
and | 211.8 | 212.1 | 0.30 | 33.31 |
235.6 | 236.2 | 0.60 | 12.74 | |
257.6 | 260.3 | 2.70 | 4.39 |
(Assays are taken from 1990 Ore Hill drill hole log by D.L. Cooke and Associates.)
In 1991 Yellowjack Resources drilled 8 holes near the Ore Hill mine workings 400 metres north of the Summit Mine. The holes tested a parallel horizon 100 metres east of the favorable breccia zone and the associated gold soil anomaly. No precious metal values were intersected but three holes intersected high grade lead and zinc mineralization in a conformable massive sulphide body. The Yellowjack drill results are as follows:
Ore Hill 1991 Drill Holes Intersections
Hole_ID | UTM E | UTM N | Sample Length_m | Lead % | Zinc % |
OH91-1 | 489517 | 5441270 | 1.5 | 5.36 | 10.03 |
OH91-2 | 489518 | 5441269 | 0.60 | 6.38 | 4.70 |
OH91-4 | 489534 | 5441320 | 1.0 | 11.50 | 11.55 |
(Assays are taken from 1991 Ore Hill drill hole logs by D.L. Cooke and Associates.)
When gold prices plummeted in 1992 work on the Ore Hill and Summit Properties was suspended. No additional property work was done until the recent mapping and geochemical work commenced in 2017 (see news releases of Nov 14, 2018, Mar 18, 2019, and Mar 25, 2019).
This review indicates that the Ore Hill property has potential for discovery of an important new style of gold mineralization within a conformable breccia zone as well as new reserves in the veins below the historic workings. The historical information also suggests the property has potential for stratiform lead-zinc mineralization similar to the nearby Jersey lead-zinc mine. The Jersey Mine, located 5 km west of Ore Hill, was BC's second largest zinc mine. A program of trenching, diamond drilling, geological mapping, and geochemical sampling is planned for Ore Hill. The property is fully permitted for the planned program.
Readers are cautioned that the grades and production figures quoted in this release are historical in nature and are based upon a variety of pre-NI 43-101 Standards for Disclosure sources, none of which can be verified at this time. The relationship between true widths and reported core length intervals is unknown at this time.
The contents of this news release have been reviewed and approved by Apex's consulting geologist, Perry Grunenberg, P.Geo. Perry Grunenberg is a "Qualified Person" for the purpose of NI 43-101. For further information on the Company's projects, visit www.apxresources.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@apxresources.com or info@apxresources.com
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward-looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex's filings that are available at www.sedar.com or Apex's website at www.apxresources.com.
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