Apex Resources Inc. Acquires Three Properties in BC's Golden Triangle.
Vancouver, BC / TheNewswire / August 24, 2016: Apex Resources Inc. (TSX-V: APX; "the Company, "Apex") is pleased to announce it has entered into an option agreement (the "Agreement") with Mr. Richard Billingsley and Mrs. Gaye Richards (the "Vendors") of Surrey, British Columbia, to acquire 100% of the rights, title and interest in and to three exploration properties located in British Columbia's Golden Triangle area approximately 50 km north of the community of Stewart, BC. The Agreement is subject to regulatory approval.
The three properties are called the West Block (mineral claims Gaye 3-8), Centre Block (Gaye 9-10) and the East Block (Gaye 1-2) and together encompass an area of 7,925 hectares. The East Block is located 8.0 km northwest of the historic, 15.5 million tonne, Granduc copper, gold and silver mine. The Centre Block is located 12 km west of the East block and adjoins Colorado Resources Ltd. KingPin Property where several polymetallic gold vein occurrences are reported. In addition, the Centre Block is 6 km south of Tudor Gold Corp. DOC Developed Prospect, which has a reported historic mineral inventory grade of 8.85 g/t gold and excellent potential for future development.
The West Block is located 45 km northwest of the Centre Block and adjoins both the KSP property of Colorado Resources Ltd and the optioned Snipgold property where drilling has recently intersected 25.7 m of 9.24 g/t Au (Colorado Resources Ltd. News Release, dated August 08, 2016).
Apex has an option to acquire a 100% interest in the properties by making an initial cash payment of $5,000 and a further cash payment of $35,000 and issuing 300,000 shares of the Company upon receiving Exchange approval. The property is subject to a 2% NSR royalty with a buy back of 1% for $1 million.
British Columbia's Golden Triangle is host to several high-grade past-producing mines including the Premier, Eskay Creek and Snip deposits. Several large new deposits are approaching potential development including Seabridge Gold Inc.'s KSM Project and the Valley of the Kings deposit of Pretium Resources Inc.
Government aeromagnetic coverage and regional geochemical surveys show several areas of interest on the 3 Golden Triangle properties. Apex plans to explore the properties with helicopter assisted prospecting, reconnaissance mapping and geochemical surveys.
Arthur Troup, president of Apex, commented, "We are very excited about the acquisition of these properties. This purchase gives Apex an opportunity to become a significant explorer in British Columbia's Golden Triangle. Apex remains committed to the development of its Kena and Daylight properties in southeastern BC which are presently progressing thru a government review process for a 5 year exploration permit. The company is also investigating potential JV possibilities for these two projects."
Ms. Linda Dandy, P.Geo., Director has considerable experience in the Golden Triangle area and will supervise these work programs. Ms. Dandy will be Apex's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
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: mlee@apxresources.com or info@apxresources.com
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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