AEX Gold's exploration results double Vagar Ridge footprint

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AEX Gold Inc said on Monday its ‘extremely encouraging’ exploration campaign results have more than doubled the Vagar Ridge footprint.

The Greenland-focused gold miner said Vagar Ridge may host up to four orogenic gold veins with new rock chip samples giving up to 86.7 grams per tonne gold.

This confirms its potential to be a multi-million ounce prospect, the company noted.

Vagar is a large gold exploration licence containing multiple high priority targets including the Vagar Ridge in the heart of the Nanortalik Gold Belt.

The 2021 programme comprised mineral system modelling, high-resolution airborne geophysics, surface hyperspectral imagery and reconnaissance sampling designed to assess, define and prepare a number of key targets for more substantial exploration into 2022.

Vagar Ridge was historically sampled and drilled across 2 kilometres discovering up to 2,533 grams per tonne gold in vein material and 13 metres at 70.1 grams per tonne gold from follow up channel sampling and a core drilling program.

Back in April the company had said drill results from the Nalunaq project in south Greenland fulfilled all of its 2021 exploration objectives.

Chief Executive Officer Eldur Olafsson said: ‘The 2021 results from our Vagar licence, just 25km north of Nalunaq, are extremely encouraging. It was always our belief that the 'Vagar Ridge' discovery had the potential to be significantly larger than the previously mapped extent of ~2km. With the conclusion of our exploration studies in 2021, this has materially increased in footprint with not only Orogenic but also Intrusion Related Gold mineralisation potential.’

AEX Gold shares were down 1.1% at 43.50 pence each on Monday afternoon in London.

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