Apex Resources Announces Updated Resource Estimate FOR Its Jersey-Emerald Tungsten Project
APEX RESOURCES INC.
Suite 500, 666 Burrard Street
Vancouver, British Columbia, V6C 2X8
www.apxresources.com
September 10, 2021 TSX Venture Exchange Symbol: APX
APEX RESOURCES ANNOUNCES UPDATED RESOURCE ESTIMATE FOR ITS
JERSEY-EMERALD TUNGSTEN PROJECT
September 10, 2021, Vancouver, BC., Apex Resources Inc. ("Apex”) (TSXV: APX) announces an
updated NI43-101 resource estimate for its Jersey-Emerald Tungsten Project located in the Nelson
Mining District of southeastern British Columbia. The current resource estimate was triggered by a
statement in Apex’s MD&A filed on May 26, 2016.
In its MD&A filed on May 26, 2016 the Company disclosed an increase in tungsten resources on its
Jersey Emerald Project related to a resource update filed by Apex’s current joint venture partner.
That 2016 disclosure was not supported by an independent technical report issued by Apex.
The present updated report was completed by independent qualified person (“QP”) Sue Bird, P.Eng,
of Moose Mountain Technical Services (“MMTS”). The study was a total deposit resource that
included the Emerald, East Emerald, Invincible, Dodger, East Dodger and Dodger 4200 tungsten
zones. The study involved reviewing 28,997 metres of diamond drilling in 241 holes on the property.
Table 1 below summarizes the total model resource for the Jersey-Emerald Project which has an
effective date of July 26, 2021.
Table 1 Jersey-Emerald Mineral Resource Estimate – Total Project
Source Class Cut-off Tonnage NSR Wo3 Mo Au Wo3 Metal Mo Metal Au Metal
(CDN$/t) (tonnes) (CDN$) (%) (%) (gpt) ('000 lbs) ('000 lbs) (ounces)
Open Pit
Indicated
25 1,045,153 55.04 0.157 0.015 0.029 3,618 334 958
30 970,440 57.14 0.163 0.015 0.031 3,483 323 958
35 864,486 60.16 0.171 0.016 0.034 3,255 311 945
40 739,976 63.93 0.181 0.018 0.039 2,950 289 925
50 461,891 75.51 0.211 0.024 0.042 2,148 246 628
Inferred
25 1,472,801 63.06 0.175 0.025 0.012 5,689 802 559
30 1,398,473 64.94 0.180 0.026 0.011 5,559 792 504
35 1,285,247 67.78 0.188 0.028 0.011 5,313 782 471
40 1,095,164 72.98 0.201 0.031 0.012 4,853 741 412
50 797,312 83.52 0.227 0.039 0.009 3,994 680 231
Underground
Indicated within
CDN$60
shape
427,650 82.40 0.213 0.036 0.101 2,007 342 1,387
Inferred 3,655,244 90.79 0.248 0.026 0.109 20,017 2,087 12,857
Open Pit &
Underground
at Base Case
Indicated varies as
above
1,472,803 62.99 0.173 0.021 0.050 5,625 676 2,345
Inferred 5,128,045 82.82 0.227 0.026 0.081 25,706 2,889 13,415
Notes for Table 1:
1. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following
assumptions: 150% pit case using an Wo3 price of US$300/tonne, an Mo price ofUS$15.00/lb and an Au price of US$1600/oz at a
currency exchange rate of 0.77 US$ per $CDN; 90% payable Au, 99% Mo payable, 3% conversion to APT of Wo3; and typical roasting,
refining, transport, and insurance costs. A 1.5% royalty is applied to the NSR calculation.
4. Metallurgical recoveries of 85%, 80% and 75% Tungsten, Molybdenum, and gold respectively.
5. Pit slope angles are assumed at 45º. Mining costs are CDN$5.00/tonne, and Processing plus General and Administration (G&A) costs
of $25/tonne milled.
6. The specific gravity of the deposit has been assigned as 3.55 in mineralized domains and 3.21 outside domains
7. Numbers may not add due to rounding.
The total model resource for the tungsten project at current metal prices assuming cut-off grades of
CDN$25 for open pit and CDN$60 for underground is highlighted in the above table.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The following factors, among others, could affect the Mineral Resource estimate: commodity price
and exchange rate assumptions; pit slope angles; assumptions used in generating the LG pit shell,
including metal recoveries, and mining and process cost assumptions. The QP is not aware of any
environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant
factors that could materially affect the Mineral Resource estimate.
The results of the current MMTS study confirm a significant increase in tonnage resulting from the
2014 drill program, but do not support the resource estimate reported in 2016. The present Inferred
Resource of 5,128,045 tonnes at a tungsten grade of 0.227% WO3 is 6.4% lower than the 2016
estimate of 5,480,000 tonnes grading 0.273% WO3. The present Indicated Resource of 1,472,803
tonnes at a tungsten grade of 0.173% WO3 is less than 50.0% of the 2016 estimate of 3,071,000
tonnes grading 0.341% WO3. The difference between the two studies is partially due to the fact that
remnant mineralization in the historic workings was not considered in the recent study due to
concerns regarding eventual economic extraction.
The previously reported Pb-Zn in the Jersey-Emerald deposit of the property is not included in this
Resource Estimate due to uncertainties in the location of previous underground mining voids, assay
interval locations, incomplete Pb-Zn assay database, and uncertainties in “reasonable prospects of
eventual economic extraction” due to proximity to the existing openings.
The report concludes that the mineral resource estimate warrants further exploration. The QP
recommends additional work to infill the WO3 mineralized zones and potentially add to the Mo and
Au zones. The recommended exploration program will include two phases with Phase 1 to upgrade
the Classification of known zones. It is recommended that for potential remaining Pb-Zn
mineralization, the underground openings be re-surveyed, with follow-up re-assaying and drilling
dependent on the result of the survey. The total recommended budget for these two phases of
exploration is CDN$1.2M
The following recommendations are made by the QP:
Future drilling programs employ QAQC sample inclusion rates consistent with current
practice to include blanks, field duplicates, coarse duplicates, and CRMs, and that certified
blank material be sourced for future assaying.
Re-assaying of significant intervals in holes from 2014 and 2017 is recommended due to
lower-than-expected results in CRMs and overlimit assays for tungsten not being done.
Check assays for gold in 2014 drilling is recommended due to issues with a provisional
standard that was used.
A collar survey is recommended to remove any questions regarding drillhole locations that
have been changed to reconcile with topography or errors induced during conversion from
mine grid coordinates.
For drilling outside of the resource area, there is a significant amount of assay values of
metals that could be of interest that are not included in the resource database from both
historic and non historic drilling. It is recommended that a full review of the assay database
be accomplished to take advantage of all existing data prior to further resource modeling.
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.
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
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 rele ase 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 Ape x 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 develop ments 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.