- Team has track record of developing large scale resources
- Canada is a favorable mining jurisdiction
- Several gold producing deposits in the area, including Kirkland Lake, Matagami, Detour and Larder Lake
What BMEX Gold does:
BMEX Gold Inc (CVE:BMEX) is a junior explorer with two assets in the prolific Abitibi greenstone gold belt in mining-friendly Quebec.
The district has churned out 170 million ounces of gold since 1901 and the company's projects span 9,800 hectares and have had what the company calls 'historically significant' drill results.
The Dunlop Bay project consists of 76 contiguous claims, covering 4,226 hectares, while the group's King Tut property has 120 contiguous claims that cover 5,206 hectares.
Notably, many producing mines are situated nearby. King Tut lies around 65 kilometres (km) east of the Perron high-grade gold deposit drilled by Amex Exploration (CVE:AMX). Dunlop Bay is near such assets as Glencore’s (LON:GLEN) Matagami Lake mine plant, which processes zinc, silver and gold from the Bracemac-McLoed mine.
King Tut was operated by Falconbridge & Lac Minerals from 1985 to 1990, which carried out more than 3,300 metres (m) of drilling and had several gold intercepts.
At Dunlop, over 60 gold-bearing veins and veinlets have been located (by Minière du Nord) in the central part of the property since 1956. More than 18,695m of drilling in 114 holes was completed between 1985 and 1995 on the main gold occurrence. Historical results range from 3 grams per ton (g/t) to 20 g/t over 0.3m to 1.3m from individual veins.
In 2020, BMEX completed a rebranding exercise and made changes at the top, including the appointment of Amrik Virk, who joined as president and CEO, while Micky Goldstein became chief financial officer.
How is it doing:
On November 26, 2020, drilling started at King Tut and by December 30, 1,634m had been sunk across six holes over a strike of around 200m. The firm said 1,072 samples were sent to two labs and assays are expected to start coming through this month.
Reportedly, visible gold was apparent in two holes, which appeared to be associated with pyrite and chalcopyrite bordering quartz veins.
The current drill program will continue at King Tut through the first quarter of 2021, with about 2,000m yet to be completed in between 10 and 15 holes.
The work will focus on the Authier East target (which is believed to be over 250m wide) and its extensions covering a strike length of about 500m with the goal to cross-cut the entire width of this high potential structure.
At Dunlop Bay, BMEX has been focused on compiling data and reviewing historical work, which includes about 30,000m of drilling.
The site has been prepared and a winter road access has been completed. The company is now planning a first drilling program to start during the second quarter this year, with around 4,000m planned, primarily to confirm the continuity of the historical vein system.
- Drill results from King Tut
- First pass drilling at Dunlop Bay
- Gold price moves
What the boss says:
In a 2020 year-end update statement released on January 6 this year, BMEX's chief executive Amrik Virk told investors: "2020 has been a transformational year for BMEX. We have a highly experienced technical team and strategic advisors that have demonstrated, in the past and present, success in the basin, and we are continuing to leverage their expertise in Quebec and in particular this region.
"I look forward to 2021 and to reporting our initial results from both King Tut and Dunlop Bay."
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