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AEX Gold mobilises to site in Greenland and initiates ambitious exploration and pre-development programme

AEX could have as much as two million ounces of gold under licence at Nalunaq

AEX Gold -

AEX Gold (LON:AEXG) has mobilized its workforce in Greenland, with the site fully staffed since August 15, 2020.

The company plans extensive exploration work in Greenland ahead of planned underground development work, which is scheduled for 2021.

The current programme includes 3,000 metres of surface drilling at the Nalunaq project, including infill drilling, surface geological mapping, and underground mapping and channel sampling.

In addition, AEX will commence pre-development activities at Nalunaq ahead of camp construction and underground development activities, which will commence in 2021.

Elsewhere, the company will undertake additional reconnaissance work on regional assets, focused on targets in the Greater Amphibolite Ridge area, Lake 410, Jokum's Shear and Kangerluluk, in preparation for drill testing in 2021. Work will include verifying historic high-grade gold occurrences, mapping the extent of gold occurrences at surface, and collecting samples for gold deportment studies and metallurgical testwork.  

"We are delighted to be moving forward with our work program following the successful fundraise and admission to AIM in July,” AEX Gold chief executive Eldur Olafsson said in a statement.

"Through this highly exciting exploration program, we are confident that we can deliver significant upside to investors in what is one of the most underexplored and highly prospective regions in the world. This is the first step in our ambition of becoming a full-cycle gold mining business, with Nalunaq the first project in what we believe could be many from our existing portfolio of gold assets," he added.

Quick facts: AEX Gold

Price: 48.5 GBX

AIM:AEXG
Market: AIM
Market Cap: £85.89 m
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on 7/8/20

2 min read