Yukon silver bet for Apex Energy

Apex Energy Corp. reports it has acquired a 100% interest in a group of nine mineral claims in the Rancheria silver camp in southeastern Yukon Territory.

Known as the tbmb property, it lies near the head of Munson Creek and is readily accessible from the Alaska Highway, Apex says. The property was acquired from prospector Terry McCrory and associates, under an option agreement calling for Apex to spend over $1 million and pay out 200,000 shares of the company over an 8-year period.

There is also a work commitment of $500,000 over four years, of which $100,000 must be spent this year.

Apex says preliminary examination of the property has disclosed occurrence of vein silver deposits. Sampling of the weathered outcrops, carrying galena and freibergite mineralization, has returned grades in excess of 25 oz silver per ton, the company says.