APEX RESOURCES INC.
The current resource estimate was triggered by a statement in Apex's MD&A filed on
In its MD&A filed on
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The following factors, among others, could affect the Mineral Resource estimate: commodity price and exchange rate assumptions; pit slope angles; assumptions used in generating the LG pit shell, including metal recoveries, and mining and process cost assumptions. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
The results of the current MMTS study confirm a significant increase in tonnage resulting from the 2014 drill program, but do not support the resource estimate reported in 2016. The present Inferred Resource of 5,128,045 tonnes at a tungsten grade of 0.227% WO3 is 6.4% lower than the 2016 estimate of 5,480,000 tonnes grading 0.273% WO3. The present Indicated Resource of 1,472,803 tonnes at a tungsten grade of 0.173% WO3 is less than 50.0% of the 2016 estimate of 3,071,000 tonnes grading 0.341% WO3. The difference between the two studies is partially due to the fact that remnant mineralization in the historic workings was not considered in the recent study due to concerns regarding eventual economic extraction.
The previously reported Pb-Zn in the Jersey-Emerald deposit of the property is not included in this Resource Estimate due to uncertainties in the location of previous underground mining voids, assay interval locations, incomplete Pb-Zn assay database, and uncertainties in 'reasonable prospects of eventual economic extraction' due to proximity to the existing openings.
The report concludes that the mineral resource estimate warrants further exploration. The QP recommends additional work to infill the WO3 mineralized zones and potentially add to the Mo and Au zones. The recommended exploration program will include two phases with Phase 1 to upgrade the Classification of known zones. It is recommended that for potential remaining Pb-Zn mineralization, the underground openings be re-surveyed, with follow-up re-assaying and drilling dependent on the result of the survey. The total recommended budget for these two phases of exploration is
Contact:
Marc Lee
Tel: (604) 628-0519
Fax: (604) 628-0446
This release was prepared by Apex's management. 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.
(C) 2021 Electronic News Publishing, source
