Nalunaq Project Confirms Further High Grade Intersections

TORONTO - AEX Gold Inc. reported on the 2021 exploration drilling campaign at the Nalunaq Project in South Greenland. The Nalunaq project is a past-producing underground mine which produced approximately 360,000 ounces of gold between 2004 and 2013, from three high-grade zones. The 2021 drill program comprised 51 drillholes, primarily targeting the newly defined Valley Block predicted by AEX's dolerite dyke structural model.

Drilling has intersected the Main Vein structure in 33 drillholes, 27 of which intersected gold which is better than originally expected given the heterogeneous distribution of the deposit and, significantly, confirms the presence of a fourth high grade zone at Nalunaq. A particular highlight was Hole AEX21044 - 0.50m # @ 139.0g/t Au and 30.4g/t Au for a weighted average of 61.43g/t Au. Results verify that the Valley Block, unrecognized by previous operators, is a new high-grade zone, with multiple visible gold intersections confirming the presence of free gold, and can now be the focus for initial resource growth at Nalunaq. Results confirm that AEX has fulfilled all of its 2021 exploration objectives at Nalunaq. Assay results also support AEX's "Dolerite Dyke Model", which has been used to predict the location and extents of five new high-grade zones which the Corporation aims to target for progressive resource growth. Independent studies have confirmed that historical surface drilling within high-grade zones at Nalunaq can under-represent the in situ resource, due to the nugget effect in drill core. Therefore, AEX considers that any mineralized intersection from drillholes within high-grade zones will form part of a higher-grade population. AEX is reviewing these results and in conjunction with SRK Consulting are developing a new Mineral Resource estimation procedure, that incorporates the new Dolerite Dyke Model and accounts for the nugget effect in drill core, in order to better reflect the resource potential of the Valley Block and the rest of the Nalunaq project.

Eldur Olafsson, CEO, said, “I am delighted to announce the 2021 drill results from Nalunaq which has fulfilled all our objectives. Our success rate in intersecting the Main Vein continues to increase and this season has been the most successful to date, where we have confirmed the existence of an entirely new high-grade zone. The Valley Block area holds the potential to materially increase the resources at Nalunaq and the confirmation of the Company's Dolerite Dyke Model opens up the prospect of further resource discovery across five high-grade zones. We plan to build on these encouraging results in our 2022 field program and our Mineral resource estimation work with SRK. We look forward to delivering our regional exploration results from 2021 over the next few months and providing the market with our work plan for 2022."