AUX Resources reignited with excitement and drive for high-grade gold finds!
AUX Resources Corporation TSX-V: AUX | OTCPK: AUXRF) announced successful completion of its 2020 field season, including its two-drill program on its high-grade gold Georgia Project. Results of the mineral quality tests are pending, but the team is thrilled with the extensive exploration carried out. The drill program consisted of 3,600 meters via 24 diamond drill holes. This is a significant milestone and a prime time for investors to jump aboard, while the share price is low and money-making opportunities lie ahead.
The Golden Triangle, a prolific mining area in British Columbia, is re-emerging as a fruitful territory that gold and silver investors should keep a close eye on. Featuring some of the biggest and finest mineral deposits on the planet, it’s now lauded as one of the world’s hottest exploration regions. It’s here that AUX Resources has begun its exciting drill program on a mission to become a leading North American exploration company.
The drilling locations are highly favourable, top grades of gold and silver have been recovered from the district in the past, and there are many other prestigious companies operating nearby. However, now is a key time to get on board as a shareholder because improvements in scientific drill methods and modern technological advancements mean the potential range of exploration is much greater. Depths that have never been drilled are now in reach, and AUX Resources has an increasingly wide foothold in the region.
Very close to civilisation and only 16km from the mining town of Stewart, AUX Resources has chosen a prime location for its flagship project. With easy access to tidewater and infrastructure in place, it’s ready for the team to push on. Within the Stewart camp, AUX Resources holds more than 27,000 hectares of strategic claims.
British Columbia’s Golden Triangle is renowned for its wide volcanic fault line crosscut by numerous long-lived deep crustal structures. These provide the perfect setup for mineralization and covetable resources. The Golden Triangle gets its name as it covers a triangle shaped expanse of British Columbia, hosting one of the chief concentrations of metal value on earth. Within the Sulphuret Hydrothermal System, featuring a 500 km stretch of mineralization, it’s home to historical high-grade finds and has given previous generations of British Columbia’s citizens both long-term employment and wealth.
To date, a considerable amount of gold has been found in this area. Its rich and diverse geological formation means it’s the ideal host for a varied selection of rich mineral deposits. Over 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper have been discovered and recovered from the region, yet its depths remain largely untapped.
AUX Resources Project Highlights
AUX Resources has several projects going on in the region. It’s most prominent being The Georgia project, which is 100% owned by AUX.
Its other projects include its recently acquired Independence and Silver Crown properties, which are also worth noting for their high-grade potential ahead.
In August, AUX Resources delighted investors with commencement of its two-drill, 3,600 metre diamond drill program, on its flagship high-grade gold Georgia Project, which is now completed. This program includes the past-producing Georgie River Mine, of which it’s most excited to explore. The Georgie River mine is in the Stewart camp, so named for its proximity to the town of Stewart.
Despite being a past-producing mine, this structure had never been fully tested by drilling before, which adds to the anticipation. Several of the drill holes from the 2020 program intercepted extensions of the historic Southwest vein mineralization on the Georgia property. This proved the mineralization extends along structural strike beyond previously tested areas and remains open in both directions. The 2020 program also drill-tested previously identified vein systems, including the Gem, Summit, and Bullion veins.
We expect the company to release results from this initial drill program in the next few weeks.
“WE ARE INCREDIBLY PLEASED WITH THE 2020 EXPLORATION PROGRAM. WE INTERSECTED SIGNIFICANT EXTENSIONS OF KNOWN MINERALIZED ZONES IN THE AREA SURROUNDING THE HISTORIC MINE SITE AND WE ARE ALSO EAGERLY AWAITING ASSAYS FROM THE NEW HUME CREEK ZONE WHICH WAS DRILLED FOR THE FIRST TIME”– COMMENTS IAN SLATER, CHIEF EXECUTIVE OFFICER.
Visual observations from drill core at the Hume Creek zone are highly encouraging and support the presence of a large intrusion-related mineralizing system on the property.
AUX recovered 2,750 metres of historic diamond drill core from exploration that occurred here between 1979 and 1996. The majority of this core had only been selectively sampled at obvious veins, without any shoulder sampling. Back when this was previously being investigated, drilling techniques were less advanced, so it was usual practice to simply take a visual glance at the high-grade quartz veins for an idea of what looks like a high-grade vein. Nowadays, of course, things are vastly different, and AUX can sample the entire core, to learn as much as possible about its geological structure and hidden depths. It means not only does the company have its own 3600-meter drill program, but with this 2,750-meters of historic core, it’s got the added excitement of making additional finds.
Drilling techniques have come on in leaps and bounds, meaning these days so much more can be accomplished for less money. This is great for the company, because it means the scope of untapped veins is prolific. An extensive recovery program has now been completed, and the re-boxed core has been taken off-site for re-logging, re-sampling, and improved geochemistry. This program is expected to complete in November 2020. The majority of these historic diamond drill holes intersect the Southwest vein and will contribute to an improved understanding of this zone.
We can often find mineralization between high-grade veins, so discoveries are a bonus to modern sampling techniques. And with an additional 2,750 meters to examine, the potential to stumble upon some truly life-changing pieces of precious metal is real.
The Georgie River Mine is a historic gold and silver mine previously owned by the prestigious and glamorous Guggenheim family who made their initial fortunes in mining at the beginning of the last century. Around 1910, the Guggenheim family were investing in British Columbia and were brought into various projects along with JP Morgan. During this time, the Guggenheim family discovered the Georgie River Mine and developed it until 1939. The owners constructed a road down to the tidewater for easy access. It has 1.2km of underground workings on three levels.
Meyer Guggenheim and his son Daniel were American mining magnates who built up substantial mining interests in International locations. As mining operations advanced into hydraulic operations, the Guggenheim Exploration Company of New York was heavily involved in controlling the smaller companies, by providing financial backing.
This historical link to past-producing fortunes brings the thrill of the chase to this exploration, which is touted to contain a potentially massive high-grade gold deposit. This mine has had no modern exploration, but at the time of the Guggenheim’s ownership, it was producing almost an ounce of material per tonne. Adding hope and expectation to this incredibly exciting project.
Between 1978 and 2004, multiple companies drilled over 100 exploration diamond holes within the immediate mine area, however, it has never been drilled along strike or at depth.
The Georgie River mine has over 250,000 ounces of speculative historical resource remaining, with 27 grams per tonne of gold and 20 grams per tonne of silver. For exploration companies, it’s highly beneficial to be exploring near old mines with proven past performance, and it greatly increases the chance of striking it rich.
The company is fully funded after generating CA$5.5m in an oversubscribed financing round in the summer. In addition to drilling at its Georgia Project. Its 2020 program included surface exploration at its Independence, Silver Crown, and Dorothy 2 properties, where it hopes to drill next Summer. This included field mapping and surficial sampling.
At Independence and Silver Crown, 37 chip samples covering 43 metres, 107 channel samples covering 106 metres, and 131 grab samples were retrieved. Meanwhile, 238 soil samples and 11 rock samples were collected on the Dorothy 2 property, all of which will help AUX Resources in its 2021 exploration program.
The strike length of the mineralized corridor at Silver Crown was confirmed to be over 1,400 metres. To date, channel samples were collected every 40 metres within 500 metres of this vein strike length.
LiDAR surveys were also conducted at some of these properties which will provide high resolution imagery and an enhanced digital elevation model (DEM) to help the company plan and execute its 2021 drill programs. It will also assist with carrying out remote-predictive mapping of the properties over the winter months.
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Highly skilled management team
In July the company changed its name from Auramex to AUX resources. This was to highlight and emphasise a new beginning for the business as the new management team embark on drilling. The previous team running Auramex identified many targets during the past decade, but lower gold prices made it a challenging time for exploration. The new team running the show are highly experienced, cash rich and ready for action.
Heading up AUX is CEO, Ian Slater, a well-known face in the British Columbia mining world as an Entrepreneur behind an array of ventures and over 25-years in the industry. He originally trained as a chartered accountant and was the Managing Partner of both Ernst & Young’s Canadian and Arthur Andersen’s Central Asian Mining Practices. He also retains CEO position at Libero Copper Corporation (TSXV: LBC), which is also operating in The Golden Triangle.
His associate, colleague and friend, Bradley Rourke, also joined AUX Resources board. He is also a familiar face in the Stewart Mining Camp and is the current CEO of Scottie Resources Corporation (TSXV: SCOT), which is operating in the Stewart camp as well. Mr. Rourke has over 30 years’ experience in Mining, Energy and Real Estate in Western Canada, as well as significant and valuable experience as a principal partner of an investment firm. Rourke lives locally in Smithers, BC.
Geologist Paul Metcalfe is Director and VP of Exploration at AUX. He also has over 3 decades under his belt as a mineral exploration geologist in volcanic and igneous terrains specifically experienced in the Golden Triangle with the last ten years focussed on the Georgia Project.
Another Geologist, Thomas Mumford, joins the team as a technical advisor. He is a professional exploration geologist and another with direct experience of working in The Golden Triangle. He too works for Scottie Resources as VP of Exploration.
Added Shareholder Appeal
The Golden Triangle is important to the province of British Columbia because it brings prosperity to the region and jobs for the locals. Two of these locals are Ian Slater and Bradley Rourke. Both are passionate about working in the territory and have each built up extensive knowledge and experience through their time spent there.
As CEO of Libero Copper Gold, Slater has already familiarized himself extensively and as CEO of Scottie Resources, Rourke has done the same. Many of the investors in these companies are also investing in AUX Resources, because they respect the management team and can see the potential their wealth of knowledge and strong sense of leadership can lend to these AUX Resources projects.
The sheer scale of the project is what really excites the AUX Resources team. Within the Stewart camp, there are 50 historical mines that have never been explored to the depths possible with today’s scientific abilities. It’s a richly producing district with many other miners seeking their fortunes there and succeeding. But the advantage for investors choosing which company to invest in is that, for now, AUX Resources has a bargain-basement share price in comparison with these other miners.
AUX Resources currently has a $15 million market cap. Other explorers in The Golden Triangle include Garibaldi Resources Corp (CVE: GGI) at $69 million, GT Gold Corp (CVE: GTT) at $154 million, Auryn Resources Inc (TSE: FURY) at $205 million market cap and Ascot Resources Ltd. (TSE: AOT) with an impressive $317 million market cap.
To re-cap; AUX Resources has just completed drilling its 3600-meter Georgia Project, and it will release the results soon. This includes exploring underneath, on top, and drilling out its new targets between the fault line and the historical Georgie River Mine, which was previously owned by the respected Guggenheim family. Besides this, it’s re-logging and sampling the 2,750 meter drill core which has been abandoned for two decades.
Action is happening. Drilling in and around a past-producing gold mine is a speculative but highly exciting and lucrative place to be. This is an early stage mining company with the potential to explode. Don’t miss out.
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