AEX Gold says it has been granted a new Mineral Exploration Licence in South Greenland by the Minera

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AEX Gold Inc. (LON:AEXG) (CVE:AEX) said it has been granted a new Mineral Exploration Licence in South Greenland by the Mineral Licence and Safety Authority (MLSA).


The independent gold company with a portfolio of gold licences in the country said the licence, Kangerluarsuk (MEL 2021-02), covers 335 square kilometres in South Greenland and is considered highly prospective for multiple commodities including gold, copper, zinc and molybdenum.


It covers granitic rocks of the late Julianehab igneous complex and historic prospecting in the licence has returned grab samples grading up to 382 grams per ton (g/t) gold, 100 g/t silver, 3.4% copper and 3.7% zinc.


READ: AEX Gold updates on 2020 exploration drilling campaign at the Nalunaq property, says results complementary to those reported earlier


The company said it believes that there are similarities between the late Julianehab igneous complex in South Greenland and similar age granites in Sweden which host several porphyry copper deposits.


The granite north of Kangerluarsuk fjord hosts abundant quartz veins, widespread propylitic alteration and locally malachite staining, suggestive of a potentially large magmatic-hydrothermal mineral system, it added.


The area is readily accessible, adjacent to deep water fjords close to the regional population centres of Narsaq and Qaqortoq, 30 kilometres southwest of Narsarsuaq international airport


In a statement, Eldur Olafsson, CEO of AEX, commented: “Our geologists have spent considerable time assessing various exploration licence opportunities in South Greenland and we believe this is one of the most exciting and prospective we have seen outside the known gold belts, where we already hold the prime acreage. This new licence is highly complementary to our existing portfolio and will provide further optionality for the Company as we seek to prioritise targets for future development as part of our strategy of creating a full cycle gold mining company.


The historic grab samples on this licence and the nature of the intrusions are exactly what we are looking for and are highly prospective for gold not to mention copper, zinc and molybdenum. Through our partnership with GoldSpot we are compiling and analysing data with the aim of targeting a more detailed exploration programme on the ground in 2021. Speaking as a geologist myself, this type of deposit is exactly what makes Greenland so exciting and we look forward to updating the market as we progress.”


AEX said it is working with GoldSpot Discoveries Corp. to generate exploration targets and work programmes for 2021.


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