Despite all the turbulence due to the corona crisis, 2020 was a successful and transformative year for the Canadian gold explorer BMEX Gold (WKN A2QCBW / TSXV BMEX). It began with two central project acquisitions, with which the company is now represented in two very promising regions of the famous Abitibi greenstone belt.
The focus is currently on the King Tut property with an area of 5,206 hectares, followed by the Dunlop Bay property with 4,226 hectares. BMEX can earn a 100% stake in both properties.
On King Tut, the project area is in the immediate vicinity of the Perron project of Amex Exploration, drillings with a total length of 1,834 meters were already carried out between the end of November and the end of December and the samples obtained were sent to two different laboratories. BMEX expects to receive and publish the analysis results in the first half of January. In our opinion, this is a trend-setting event that, if successful and if metal prices persist, could bring more momentum to the share. As with all explorers, the risk in this regard is of course high, which all investors should be aware of. However, we consider it promising that visible gold has been observed in two of the four drill holes with core descriptions to date!
According to BMEX, the drilling program is to be continued through the first quarter of 2021 and around 2,000 meters to be sunk in ten to 15 boreholes. The focus is on the Authier East target and its extensions, which together cover a strike length of around 500 meters. A structure in which the company sees great potential. Based on previous interpretation of the drill hole data, BMEX believes that the thickness of Authier East is potentially greater than 250 meters.
BMEX’s exploration manager Martin Demers has so far been very satisfied with the first wells at King Tut. In particular, the fact that visible gold was encountered in two drill holes is astonishing, since this was not the case in historical drillings.
Second iron in the fire
The second project called Dunlop Bay, the option agreement was concluded in August 2020, is also promoting BMEX Gold, but initially concentrated on collating the existing data and examining the historical work on the property, which is around 30,000 (!) Meters long historical drilling include. The aim was to create a clear exploration model and identify targets with high potential.
Apart from that, the company has prepared the exploration sites on Dunlop Bay and provided road access suitable for winter. All of this in preparation for a first 4,000 meter drill program to begin in the second quarter of this year. In particular, BMEX wants to confirm the continuity of the historically proven vein system and investigate an intrusive contact that was hardly tested with the historical drillings.
Financially, BMEX is well positioned for the upcoming tasks, with CAD 4.2 million in the bank at the end of last year, so that the exploration programs for both King Tut and Dunlop Bay are fully financed.
So it’s no wonder that Amrik Virk, President and CEO of BMEX, is looking forward to 2021 and above all to presenting the first drill results from King Tut and later from Dunlop Bay. We are very excited about that, as it should then show where the journey is going – at least in the medium term. In addition to the visible gold already mentioned, there is also confidence that the CEO and exploration expert of Amex Exploration are on board at BMEX. We will definitely report how it goes from here.
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According to §34 WpHG we would like to point out that partners, authors and / or employees of GOLDINVEST Consulting GmbH can or do hold shares in BMEX Gold and thus a conflict of interest can exist. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values we have discussed during the same period. Therefore, symmetrical information and opinion generation can occur during this period. Furthermore, there is a direct or indirect consultancy or other service contract between BMEX Gold and GOLDINVEST Consulting GmbH, which also creates a conflict of interest.
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