AEX Gold Inc (AIM:AEXG, TSX-V:AEX) has released the results of its 2021 exploration campaign across the Vagar licence, South Greenland.
Vagar is a large gold exploration licence containing multiple high priority targets, including the Vagar Ridge, in the heart of the Nanortalik gold belt, in close proximity to AEX’s flagship Nalunaq project.
The 2021 program 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.
The exploration results more than double the Vagar Ridge footprint, confirming its potential to be a multi-million ounce prospect. AEX said it now believes that Vagar Ridge may host up to four Orogenic gold veins.
New rock chip samples have shown grades of up to 86.7 grams per tonne gold.
Historical exploration work has yielded grades of over 2,000 grams per tonne.
Granodiorite-hosted mineralisation was also identified, grading up to 14.4 grams gold, and therefore opening up the potential for large scale intrusion-related gold mineralisation.
The 2021 results also confirmed gold mineralisation within the host rock, verifying the presence of widespread granodiorite-hosted mineralisation, including 9.25 grams per tonne gold in scree samples from a previously unexplored northern target.
"The 2021 results from our Vagar licence, just 25km north of Nalunaq, are extremely encouraging,” said Eldur Olafsson, chief executive of AEX.
“It was always our belief that the Vagar Ridge discovery had the potential to be significantly larger than the previously mapped extent of around two kilometres. 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.”