APEX RESOURCES INC. : http://www.apxresources.com/ : QwikReport

News Releases

#Tue Sep 14, 2021
Apex Resources Files Updated Resource Estimate On Its Jersey-Emerald Tungsten Project

 

September 14, 2021, Vancouver, BC., Apex Resources Inc. ("Apex" or "the Company") (TSXV: APX) has filed the technical report for the updated Tungsten Resource Estimate on its Jersey Emerald Project as per its September 10, 2021 news release.

The study is a total deposit resource that included the Emerald, East Emerald, Invincible, Dodger, East Dodger and Dodger 4200 tungsten zones. The results of the study confirm a significant tungsten (WO3) resource on the property with associated gold and molybdenum. The report shows an Indicated Resource of 1,472,803 tonnes at a grade of 0.173% WO3, 0.050g/t Au and 0.021% Mo.  There is an additional Inferred Resource of 5,128,045 tonnes at a grade of 0.227% WO3, 0.081g/t Au and 0.026% Mo.

The report concludes that the mineral resource estimate warrants further exploration to upgrade the classification of known zones.  The QP recommends a two phase $1.3M re-assay and drilling program to infill the WO3 mineralized zones, potentially add to the associated Mo and Au zones and to better define the remaining Pb-Zn mineralization.

The updated Technical Report was prepared by Sue Bird, P.Eng., a Geological Engineer with Moose Mountain Technical Services. Sue Bird is a Qualified Person as defined in National Instrument 43--101 Standards of Disclosure for Mineral Projects (NI 43--101) and has reviewed and approved the contents of this news release.

About Tungsten:

Tungsten is an extremely hard and durable metal with the highest melting point of all elements.  Because of these qualities it is vital to a broad range of commercial and military applications. A recent U.S. Geological Survey assessment ranked tungsten near the top of its list of mineral commodities that are most at risk to supply disruptions. The EU's 2020 list of Critical Raw Materials gave tungsten the highest score of all metals in terms of economic importance. There are currently no North American mines producing tungsten. Instead, the U.S. and Canada depend on recycling and imports to meet their tungsten needs.

According to the U.S. Geological Survey annual report, China has a near monopoly on the mining of tungsten and accounts for more than 80% of global production. Recently China's tungsten production has been dropping and the tungsten price has been rising. Because of possible supply disruptions tungsten is on the Critical Minerals Lists for the USA, Canada and the EU.

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: or

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.

 
#Fri Sep 10, 2021
Apex Resources Announces Updated Resource Estimate For Its Jersey-Emerald Tungsten Project

 

September 10, 2021, Vancouver, BC., Apex Resources Inc. ("Apex") (TSXV: APX) announces an updated NI43-101 resource estimate for its Jersey-Emerald Tungsten Project located in the Nelson Mining District of southeastern British Columbia. The current resource estimate was triggered by a statement in Apex's MD&A filed on May 26, 2016.

In its MD&A filed on May 26, 2016 the Company disclosed an increase in tungsten resources on its Jersey Emerald Project related to a resource update filed by Apex's current joint venture partner. That 2016 disclosure was not supported by an independent technical report issued by Apex.

The present updated report was completed by independent qualified person ("QP") Sue Bird, P.Eng, of Moose Mountain Technical Services ("MMTS"). The study was a total deposit resource that included the Emerald, East Emerald, Invincible, Dodger, East Dodger and Dodger 4200 tungsten zones. The study involved reviewing 28,997 metres of diamond drilling in 241 holes on the property. Table 1 below summarizes the total model resource for the Jersey-Emerald Project which has an effective date of July 26, 2021. 

Table 1 Jersey-Emerald Mineral Resource Estimate -- Total Project

Source Class Cut-off Tonnage NSR Wo3 Mo Au Wo3 Metal Mo Metal Au Metal
(CDN$/t) (tonnes) (CDN$) (%) (%) (gpt) ('000 lbs) ('000 lbs) (ounces)
Open Pit Indicated 25 1,045,153 55.04 0.157 0.015 0.029 3,618 334 958
30 970,440 57.14 0.163 0.015 0.031 3,483 323 958
35 864,486 60.16 0.171 0.016 0.034 3,255 311 945
40 739,976 63.93 0.181 0.018 0.039 2,950 289 925
50 461,891 75.51 0.211 0.024 0.042 2,148 246 628
Inferred 25 1,472,801 63.06 0.175 0.025 0.012 5,689 802 559
30 1,398,473 64.94 0.180 0.026 0.011 5,559 792 504
35 1,285,247 67.78 0.188 0.028 0.011 5,313 782 471
40 1,095,164 72.98 0.201 0.031 0.012 4,853 741 412
50 797,312 83.52 0.227 0.039 0.009 3,994 680 231
Underground Indicated within CDN$60 shape 427,650 82.40 0.213 0.036 0.101 2,007 342 1,387
Inferred 3,655,244 90.79 0.248 0.026 0.109 20,017 2,087 12,857
Open Pit & Underground at Base Case Indicated varies as above 1,472,803 62.99 0.173 0.021 0.050 5,625 676 2,345
Inferred 5,128,045 82.82 0.227 0.026 0.081 25,706 2,889 13,415

Notes for Table 1:

  • Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • The Mineral Resource has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions: 150% pit case using an Wo3 price of US$300/tonne, an Mo price ofUS$15.00/lb and an Au price of US$1600/oz at a currency exchange rate of 0.77 US$ per $CDN; 90% payable Au, 99% Mo payable, 3% conversion to APT of Wo3; and typical roasting, refining, transport, and insurance costs. A 1.5% royalty is applied to the NSR calculation.
  • Metallurgical recoveries of 85%, 80% and 75% Tungsten, Molybdenum, and gold respectively.
  • Pit slope angles are assumed at 45º. Mining costs are CDN$5.00/tonne, and Processing plus General and Administration (G&A) costs of $25/tonne milled.
  • The specific gravity of the deposit has been assigned as 3.55 in mineralized domains and 3.21 outside domains
  • Numbers may not add due to rounding.

The total model resource for the tungsten project at current metal prices assuming cut-off grades of CDN$25 for open pit and CDN$60 for underground is highlighted in the above table.

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 CDN$1.2M

The following recommendations are made by the QP:

  • Future drilling programs employ QAQC sample inclusion rates consistent with current practice to include blanks, field duplicates, coarse duplicates, and CRMs, and that certified blank material be sourced for future assaying.
  • Re-assaying of significant intervals in holes from 2014 and 2017 is recommended due to lower-than-expected results in CRMs and overlimit assays for tungsten not being done.
  • Check assays for gold in 2014 drilling is recommended due to issues with a provisional standard that was used. 
  • A collar survey is recommended to remove any questions regarding drillhole locations that have been changed to reconcile with topography or errors induced during conversion from mine grid coordinates.
  • For drilling outside of the resource area, there is a significant amount of assay values of metals that could be of interest that are not included in the resource database from both historic and non historic drilling.  It is recommended that a full review of the assay database be accomplished to take advantage of all existing data prior to further resource modeling. 

The updated Technical Report was prepared by Sue Bird, P.Eng., a Geological Engineer with Moose Mountain Technical Services. Sue Bird is a Qualified Person as defined in National Instrument 43--101 Standards of Disclosure for Mineral Projects (NI 43--101) and has reviewed and approved the contents of this news release.

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

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.

 
#Fri Jul 9, 2021
Apex Resources Announces Warrant Extension

 

July 9, 2021, Vancouver, British Columbia -- Apex Resources Inc. (TSX-V: APX)  ("Apex" or the "Company") announces that, subject to the approval of the TSX Venture Exchange, it intends to extend the expiration date of 5,769,231 warrants (the "Warrants") originally issued by the Company on July 24, 2020 pursuant to a non-brokered private placement by one year.

The Warrants are exercisable into common shares of the Company at a price of $0.14 per common share and currently have an expiry date of July 24, 2021.

The Warrants are subject to an acceleration clause whereby if the volume weighted average closing price of the Shares on the Exchange is $0.30 or more for 20 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the warrants, then the Company will earn the right by providing notice to the warrant holders, to accelerate the expiry date of the warrants to that date which is 30 days from the date of the acceleration notice.

The Company wishes to extend the expiry date of the Warrants to 4:00PM PST on July 24, 2022.  All other terms and conditions of the Warrants, including the exercise price, remain the same.

About Apex Resources Inc.

Apex is a Canadian gold exploration and development company focused on British Columbia and the Yukon Territory.  Apex has a portfolio of quality properties including:

  1. The Mount Anderson gold-silver property in the Yukon.
  2. The Jersey-Emerald tungsten-zinc property in southern BC.
  3. The Ore Hill gold property in southern BC.

Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu equivalent) in Malaysia now under development by Monument Mining Ltd.

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: or

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.

 
#Wed May 5, 2021
Apex Resources Inc. Announces Closing of Kena Property Sale

 May 5, 2021, Vancouver, BC., Apex Resources Inc. ("Apex", or the "Company") (TSXV: APX) is pleased to announce that it has closed its previously announced transaction (the "Transaction") with West Mining Corp. ("West") for West to acquire the Company's remaining 20% interest in the Kena and Daylight Gold-Copper Properties (the "Project") in British Columbia in exchange for: aggregate cash payments of $300,000; an aggregate of 1,500,000 common shares of West (each, a "Share"); and West granting the Company a 1.0% net smelter returns royalty on the Project, with West having the right to purchase the NSR for $500,000 at any time prior to the commencement of commercial production on the Project.

The Company was issued a Cease Trade Order (the "Cease Trade Order") by the British Columbia Securities Commission (the "Commission") on November 19, 2020 related to the Commission's technical disclosure review previously announced in the Company's press release dated December 13, 2019. The Company is still reviewing all options to correct this situation as quickly as possible. The Company confirms that the Transaction will not violate the terms of the Cease Trade Order, and that once the Company files the required disclosure with the Commission, the Company will seek to have the Cease Trade Order revoked. The Company will provide updates as and when warranted.

For further details regarding the transaction, please refer to the Company's press release dated April 12, 2021. For further details regarding the Cease Trade Order, please refer to the Company's press release dated November 23, 2020. The Company's press releases are posted on the Company's website www.apxresources.com.

About Apex Resources Inc.

Apex is a Canadian mining exploration and development company focused on British Columbia and the Yukon Territories. Apex has a portfolio of quality properties including:

  1. The Jersey-Emerald tungsten-zinc property in southern BC.
  2. The Ore Hill gold property in southern BC.
  3. The Mount Anderson gold-silver property in the Yukon.

Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu equivalent) in Malaysia now under development by Monument Mining Ltd.

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: or

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.

 
#Mon Apr 12, 2021
Apex Resources Sells Remaining Stake in the Kena Property to West Mining

 

April 12, 2021, Apex Resources Inc. ("Apex”) (TSXV: APX) is pleased to announce that subject to regulatory approval, it has entered into an asset purchase agreement (the “Agreement”) on April 7, 2021 with West Mining Corp. (“West”) for West to acquire Apex’s remaining 20% interest in the Kena and Daylight Gold-Copper Properties (the "Project") in British Columbia in exchange for: aggregate cash payments of $300,000; an aggregate of 1,500,000 common shares of West (each, a “Share”); and West granting Apex a 1.0% net smelter returns royalty on the Project, with West having the right to purchase the NSR for $500,000 at any time prior to the commencement of commercial production on the Project.

Closing of the Agreement is subject to receipt of approval of the Canadian Securities Exchange (if and required) by West and of the TSX Venture Exchange by Apex.Apex has received a $100,000 cash payment on execution of the Agreement, with the remaining $200,000 due upon regulatory approval. West will issue the Shares to Apex on the closing date as follows:375,000 Shares will be subject to a four month hold period; additional 375,000 Shares will be subject to a four month hold period and a voluntary six month escrow period; and additional 750,000 shares will be subject to a four month hold period and a voluntary 12 month escrow period.

The Project covers approximately 8,000 hectares of mineral claims located near Nelson, British Columbia. The Kena property is comprised of the Kena Gold, Gold Mountain and Copper King showings together with the historic Euphrates and Gold Cup gold mines. The adjacent Daylight property is comprised of the historic Daylight, Starlight, Victoria and Great Eastern gold mines.

Apex had previously entered into an option agreement (“the Option”) (see Apex’s News Release of September 26, 2016) with 1994854 Alberta Ltd. (“1994854”), a wholly owned subsidiary of Boundary Gold and Copper Mining Ltd. (“Boundary”),whereby 1994854 has an option to earn an 80% interest in the Project.In conjunction with the asset purchase agreement with Apex, West has also entered into an amending agreement dated April 7, 2021 with Boundary and 1994854 which amends a share option agreement dated as of January 25, 2021 between the parties (see the West’s press release dated January 26, 2021 for a description of the share option agreement).Under the share option agreement, West has the right to acquire all of the issued and outstanding shares of 1994854 from Boundary. The amending agreement provides that West can complete its acquisition of all of 1994854’s shares from Boundary.

On closing of the acquisition of the Project from Apex and of the 1994854 shares from Boundary, West will hold a 100% interest in and to the Project, subject to the NSR granted to Apex described above and the underlying NSRs described in West’s press release respecting the Project dated January 26, 2021.

Arthur Troup, President and CEO of Apex, stated, “Apex wishes to thank the Management of West Mining Corp., Boundary Gold and Copper Mining Ltd. and 1994854 Alberta Ltd. for the professionalism and cooperation in facilitating this transaction.This transaction will allow Apex to focus resources on the further advancement and development of Apex’s other projects: the Jersey Emerald, Ore Hill and Mt. Anderson properties.”

About Apex Resources Inc.

Apex is a Canadian mining exploration and development company focused on British Columbia and the Yukon Territories. Apex has a portfolio of quality properties including:

  1. The Jersey-Emerald tungsten-zinc property in southern BC.
  2. The Ore Hill gold property in southern BC.
  3. The Mount Anderson gold-silver property in the Yukon.

Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu equivalent) in Malaysia now under development by Monument Mining Ltd.

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: or

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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