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AEX Gold applies for new exploration licence in South Greenland

The area hosts numerous copper-gold showings, including the small past-producing Josva copper mine

AEX Gold Inc -
Visible gold from a drillcore. Photo credit: AEX Gold Inc

AEX Gold Inc. (LON:AEXG, TSXV: AEX) said it applied for a new exploration licence in the Kobberminebugt region of South Greenland covering an area of approximately 266 km2.

The area hosts numerous copper-gold showings including the small past-producing Josva copper mine, which was last worked in 1914 with reported grades up to 5% copper, 1.5 grammes a tonne (g/t) gold and 250 g/t silver. 

The mineralisation has been interpreted as Iron-Oxide-Copper-Gold (IOCG) style by the Geological Survey of Denmark and Greenland, said the gold explorer.

"I am very pleased to announce that we have applied for this new exploration licence in South Greenland, which if granted, will further expand our footprint in this exciting and wholly underexplored area," said chief executive Eldur Olafsson. "In addition to growing our land package, the licence would continue to grow our holding of assets with attractive strategic metal potential, in this case copper."

The company, which has a portfolio of exploration licences in Greenland, also provided an update on its Nalunaq project.

Construction of an expanded temporary camp and new exploration camp to support a team of geologists and drilling engineers is progressing well. The exploration team has also started the drilling programme at Valley Block

AEX said the authorities in Greenland continue to review drafts of the Environmental Impact Assessment and Social Impact Assessment covering the Nalunaq project and that it continues to have a constructive dialogue with the government as it works towards finalising these reports ahead of public consultation later this year.

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Price: 26.125 GBX

Market Cap: £46.27 m

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on 7/8/20

2 min read