AEX Gold gets extension to Anoritooq licence

Greenland-focussed AEX Gold has been granted an increase to Mineral Exploration Licence 2020-36 ‘Anoritooq’, it announced on Friday, by the Mineral Licence and Safety Authority (MLSA).

The AIM-traded firm said the amended licence covers 1,889 square kilometres in South Greenland, and was considered prospective for gold, with similarities to its Vagar licence.

It said the increase consisted of an additional 179 square kilometres, covering an area north of Ippatit Valley.

The newly-granted area was described as underexplored, but with similar geology to AEX's neighbouring Vagar licence.

It said several historic stream sediment and heavy mineral concentrate gold anomalies indicated the potential for further discoveries.

AEX said its licence holdings in South Greenland now totalled 3,870 square kilometres, adding that the new area was included in a regional prospectivity assessment being conducted by GoldSpot Discoveries.

“Early indications are that Anoritooq shows very similar geography to our Vagar licence, one of the most exciting exploration targets in our current portfolio with numerous high-grade discoveries, including an historic grab sample grading 2,533 grams of gold per tonne,” said chief executive officer Eldur Olafsson.

“This region will be the focus of our exploration efforts next year.”

The company also announced that the terms of reference for Nalunaq's environmental impact assessment and social impact assessment had been translated and approved for upload to the government's hearing portal, with the public pre-consultation period of 35 days having now commenced.

“With regard to the pre-consultation period, we are pleased to have reached this important milestone as we look to bring Nalunaq into production,” Olafsson added.

“We look forward to working with the local communities and receiving their comments in due course.”

At 1028 GMT, shares in AEX Gold were down 0.9% at 44.1p.