Apex Resources Files Updated Resource Estimate on its Jersey-Emerald Tungsten Project
September 14, 2021 – TheNewswire - Vancouver, BC - Apex Resources Inc. ("Apex" or "the Company") (TSXV:APX) (OTC:SLMLF) 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.
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
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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.