Vancouver, British Columbia--(Newsfile Corp. - March 23, 2021) - BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) ("BMEX" or the "Company") is pleased to provide an update on its Phase 1 exploration program at the King Tut Gold Project ("King Tut" the "Project") located in the Abitibi Gold Belt in Quebec, Canada. The Company has now completed 19 holes, totalling 4,740 metres. Results from holes 8 and 9, reported today, are from the up-dip extension of the main mineralized trend identified on the Project and indicate that the system has the capacity to host high grade gold as noted in Hole TUT-20-008, which returned 10.2 g/t Au over 0.4 m at a vertical depth of 15 metres. Results from holes TUT-20-008 and TUT-20-009 can be found in Table 1 and in Figure 1. In addition to the reported results, BMEX is waiting on assays from over 1,180 samples. To date, results from 10 of the 19 holes have been received and reported.
Furthermore, the Company wishes to announce that Mr. Martin Demers has stepped in as Interim CEO temporarily filling the role following the departure of Amrik Virk. The Company thanks Mr. Virk for his service. BMEX is currently conducting a thorough executive search with several promising candidates already identified. Mr. Demers is an experienced geologist and leader and has served as VP Exploration of BMEX for the past year directing the day-to-day operations of the Company. Prior to joining BMEX he led the re-discovery of the Casa Berardi mine that was bought out by Hecla Mining for over $750 million.
Martin Demers, Interim CEO of BMEX Gold, commented, "I am passionate about both our projects at BMEX and we are well financed to continue our fully funded exploration program for the year with the focus now shifting, as planned, to Dunlop Bay. We have completed the first phase of drilling on our King Tut Property and additional anticipated assays will be released once received. Today's results demonstrate that the system can host areas of concentrated gold mineralization. The goal of our King Tut exploration program will be to continue to define concentrated gold areas and better understand the structural controls that host the high-grade gold. We will be modelling all our drill assay results once received and we are planning geochemical and geophysical surveys for the coming summer at King Tut."
Demers continued, "Moving forward we are preparing to drill high value targets at our flagship Dunlop Bay property that covers 4,226 hectares of highly prospective geology, immediately north of the Matagami Gold and Base Metals District. Over 60 gold bearing veins and veinlets have been located by the previous operator in the central part of the property and we have access to data from 190 documented holes that were previously drilled. My technical team and I have been compiling data and generating 3D models for the past several months and have identified several high priority targets that look prospective for gold at Dunlop Bay."
TUT 2021 drill results, Holes TUT-20-008 to TUT-20-009
|Hole No||From:||To:||Length||Au g/t|
Figure 1 - Drill hole map
To view an enhanced version of Figure 1, please visit:
Core was processed for logging and sampling at Services Geologiques T-Rex inc. facility located in Evain, in the Rouyn-Noranda area. Samples were sawed in two halves for assaying with insertion of blanks, standardized material, preparation duplicates and quarter core duplicates. Samples bags were forwarded by ground transport to laboratories. TUT-20-001 to TUT-20-004 were assayed for gold by standard fire assays using 50g fraction with ICP finish by AGAT Laboratories. Holes TUT-20-005 and onwards were assayed for gold by standard fire assays on 30 g fraction with atomic absorption or gravimetric finish for grade above 3 g/t by Techni-Lab - S.G.B. Abitibi inc., an Actlabs division.
Martin Demers, P.Geo (ogq #770), Vice-President of Exploration to the Company is the qualified person (as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects) for the Company and has approved the technical disclosure contained in this news release.
About BMEX Gold Inc.
BMEX Gold Inc. is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdiction of Quebec, Canada. BMEX is currently fully focused on earning 100% interest in its two projects, both located in the prolific Abitibi greenstone belt:
- King Tut Project consists of 120 contiguous claims on 5,206 hectares
- Dunlop Bay Project consists of 76 mineral claims that cover 4,226 hectares
BMEX common shares trade under the symbol "BMEX" on the TSX-V and under the symbol 8M0 on the Frankfurt Exchange.
For further information please contact:
BMEX Gold Inc.
Dylan Sidoo, Business Development
Tel: 1 (604) 423 4499
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the King Tut and Dunlop Bay properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" , "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the King Tut and Dunlop Bay projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in areas in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.
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