VANCOUVER, BC, Aug. 10, 2020 /CNW/ - AUX Resources
Corporation (TSXV: AUX) is pleased to announce that it has
commenced a two-drill, 3,500 metre diamond drill program on its
flagship high-grade gold Georgia Project, including the
past-producing Georgie River Mine, located on tidewater 16
kilometres south of the town of Stewart,
British Columbia, in the prolific Golden Triangle.
"We are all excited to have the drills turning on the Georgia
Project", comments Ian Slater, Chief
Executive Officer. "Historic drilling of the deposit
indicates exceptional gold grades in a system that was never
drilled off. Our new model suggests that the historic
intercepts were at the periphery of a much larger mineralized
system, and we are eager to test the team's ideas."
Over the past decade AUX has been consolidating the land package
surrounding the Georgie River Mine, compiling and re-interpreting
the historic data, as well as advancing the geologic understanding
through improved mapping, sampling, and geophysics. This work
ultimately generated a new genetic model for the mineralization in
the area. This model, supported by a robust data set, suggests the
presence of a large intrusion-related mineralizing system – of
which the Georgie River Mine is situated at the margin. This drill
program will be the first test of this new and innovative model for
mineralization in the area. Drilling will focus on:
- Extending known ore shoots from the past-producing Georgie
River Mine;
- Testing newly developed, highly prospective targets outside of
the known deposit; and
- Assessing and substantiating the non-compliant historic
high-grade resource at the Georgie River Mine.
About the Georgia Project
The 7,900 hectare high-grade gold Georgia Project, including the
past-producing Georgie River Mine, is located on tidewater 16
kilometres south of the town of Stewart,
British Columbia, in the prolific Golden Triangle. The
Georgie River Mine, which last operated in 1939, contains 1.2
kilometres of underground access on three levels. The project
has been explored since the 1970s by several companies with the
intent of restarting the mine, but this historic work focused
almost exclusively on the area hosting the existing mine workings,
which appears to be peripheral to the core of a much larger
hydrothermal system. Only a small part of this massive hydrothermal
system was worked by the past producing mine.
Work by AUX over the past few field seasons has generated
compelling evidence in support of a large intrusion-related gold
target adjacent to the area of previous work. The Hume Creek
target zone is marked by anomalous surficial samples, the
cross-cutting regional Sovereign Fault, a coincident conductivity
high, and an Early Jurassic intrusion belonging to the Texas Creek
Plutonic Suite – a crucial component to large gold deposits in the
Golden Triangle. Surface samples spanning more than a square
kilometre in the vicinity of the Sovereign Fault carry gold values
in excess of a gram per tonne, demonstrating the extensive nature
of the system.
About AUX Resources
AUX holds more than 25,500 hectares of strategic claims in the
Stewart Mining Camp in the Golden Triangle of British Columbia, which is among the world's
most prolific mineralized districts, including the high-grade
Georgia Project and the past-producing Georgie River Mine. AUX is
also actively consolidating property in the Stewart Mining
Camp.
The technical disclosures in this release has been read and
approved by Dr. Paul Metcalfe,
Ph.D., P.Geo., a director of AUX and Vice President Exploration, a
qualified person as defined in National Instrument 43-101.
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. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions and regulatory and
administrative approvals, processes and filing requirements.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to
update any forward-looking statements.
SOURCE Auramex Resource Corp.