AEX Gold – 2022 Objectives and First Quarter Financial Results

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Algemeen advies 30/05/2022 09:39
TORONTO, ONTARIO – May 30th- 2022 - AEX Gold Inc. (“AEX” or the “Company” or the “Corporation”) (AIM: AEXG;
TSXV: AEX), the independent mining company with an unrivalled land package of gold and strategic mineral assets covering an area of 7,615.85 km2
in Southern Greenland, is pleased to outline its 2022 objectives and Q1 Financial
Results.
AEX Gold’s strategy remains to bring the Nalunaq gold project back into production and use that base as a platform to discover and develop other world class gold and strategic mineral assets both directly and through partnerships to be found in the under explored OECD jurisdiction that is Greenland.
2022 activity highlights
• Nalunaq: Core drilling from up to four rigs within and extension to the Valley Block aimed at increasing resources and confidence and to prepare the ground for potential new infrastructure development and bulk sample.
• Vagar Ridge: New core drilling programme using two rigs aimed at quantifying the scale of the discovery as well as the depth potential.
• Vagar Licence: Further geological mapping and sampling across five new targets identified by the 2021 exploration programme.
• Nanoq: Subject to the 2021 exploration results, expected to be released imminently, the Company’s intent is to prepare for airborne geophysical survey across the target and along a 20km long structural corridor linking
the discovery to the Jokum’s Shear gold/copper occurrence.
• Sava and North Sava: Maiden scout core drilling programme to test IOCG mineralisation style identified within three target areas identified in 2021 as well as an extended airborne geophysical survey and geochemical sampling programme across North Sava.
• Stendalen: Airborne geophysical surveys and geological reconnaissance on recorded Ni/Cu sulphide mineralisation to define best drilling locations for a 2023 core drilling programme.
• Regional: further geological reconnaissance and sampling across Eagle’s Nest gold target and Kobbermineburgt copper targets as well as sampling across Paatusoq Rare Earth target in preparation for more detailed exploration in 2023.
• Operational readiness: One of AEX’s key regional differentiators, its all-weather exploration camp remains open with Geological and drill personnel inbound to commence 2022 field season; contracts being finalised
with ALS Geochemistry for the installation of an onsite sample preparation laboratory; and most key contracts in place with service providers and equipment including four drill rigs, helicopters and boat charters and
geological supplies.
• Cash balance of $23.8M at March 31, 2022.
Eldur Olafsson, CEO of AEX Gold, commented:
“After a very positive year of drilling and exploration in 2021 where amongst other things we confirmed a new high
grade resource block at Nalunaq and a much larger scale to the Vagar Ridge discovery than we had imagined, we
plan to build on this success in 2022 with an active drilling and geological programme across our ever-growing
portfolio to test the size and prospectivity. We expect this programme to evolve as the season goes forward as we
are still expecting results from our Nanoq Licence, which are due imminently, from regional assets and results from
our Nørrearm Graphite samples, expected in H2.
- 3 -
“We have also made great strides within our strategic mineral and rare earths business, where Greenland is fast
becoming the last frontier for Western developed nations to secure these valuable minerals which will play such an
important role in the energy transition. In recognition of this potential, the Company has announced its intention to
change its name from AEX Gold to Amaroq Minerals post the AGM on 16th June 2022.”
Precious Metals 2022 Exploration Work Programme:
Nalunaq
• The 2022 exploration programme intends to provide further resource development through both infill and
strike extension drilling across the Valley Block, informed by the Dolerite Dyke Model. To facilitate this
program the Company will develop up to two new drill access roads from the existing mountain surface
infrastructure.
• The programme will also include the underground assessment of extensions to the Target and Mountain
Blocks, including the footwall vein, in order to further refine the Company’s geological model and resource
growth target areas.
• Subject to drill results, the 2022 exploration programme will provide AEX with the optionality of investigating
additional underground infrastructure and an underground bulk sample in 2023 with an option for toll
treatment off-site subject to discussions with the Government of Greenland. This would be used as a
development step to increase resource confidence and de-risk the resource ahead of possible mine
construction in 2024/2025, subject to permitting and funding.
• The Company has started discussion with mine contractors in order to mitigate delays, as the lead time is on
average 12 months in the industry today.
• The Company is in the process of updating its Environmental Impact Assessment (EIA) and Social Impact
Assessment (SIA), which as previously announced it expects to complete over the course of the next year.
Vagar Ridge
• The 2021 exploration results have significantly increased the Vagar Ridge footprint, confirming its potential
to be a multi-million ounce prospect, adding to AEX’s substantial portfolio of prospective gold assets.
• AEX believes that Vagar Ridge may host up to four Orogenic gold veins with new rock chip samples giving
up to 86.7 g/t gold.
• 2022 activity: AEX intends to mobilise two helicopter supported drill rigs to conduct the first core drilling on
the discovery since 2013. This programme will aim to test the scale of the discovery and prepare it for more
resource focused drilling. It will also aim to develop more evidence of Intrusion Related Gold mineralisation
style across the target.
Vagar Licence Targets
• The 2021 Vagar Licence exploration programme included hyperspectral imaging, reconnaissance sampling
and a 385 km2 high resolution airborne magnetic survey, interpreted by SRK Consulting.
• These results has defined a significant deformation zone that extends for more than 50 km across the Vagar
licence and into AEX's neighbouring licences, highlighting five further high priority targets similar to Vagar
Ridge
• 2022 activity: These five targets will be further investigated and sampled this year with a view to providing
potential further drill targets in the next few years, depending upon results.
Nanoq Gold
• 2022 activity: Subject to the 2021 Nanoq exploration results which are currently being analysed and are
expected to be released imminently, the Company intends to prepare for an airborne geophysical survey
across the Nanoq discovery and across an interpreted structural corridor linking it to the Jokum’s Shear target
20km to the south.
Eagle’s Nest (Anoritooq licence)
• 2022 activity: Subject to the assessment of the 2021 exploration results in the area which are still being
analysed, the Company intend to continue its early-stage geological reconnaissance mapping and sampling
aimed at making further Orogenic gold discoveries north of Nalunaq.
Strategic Mineral Targets 2022 Exploration Work Programme:

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