Auramex Options a Portion of Silver Crown to Mountain Boy Minerals
VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces that it has optioned to Mountain Boy Minerals Ltd. the right to earn a 100% interest in a portion of the Silver Crown property. The property is located in the Stewart camp of British Columbia's Golden Triangle, 25 kilometres north of Stewart.
Auramex will retain the portion of the property adjacent to its Champion property. Together with the recently acquired Dorothy 2, Auramex dominates the eastern side of the lower American Creek Zone. Two high-grade past producing silver mines are located within the bounds of the expanded property. The Auramex geological team believe those high-grade silver occurrences represent the upper levels of extensive hydrothermal systems.
Transaction Terms
The agreement between Auramex and Mountain Boy Minerals Ltd. (subject to the acceptance of the TSX Venture Exchange) specifies that each of Auramex and Mountain Boy will receive pre-determined portions of the property upon exercise of the underlying option agreement. In return, Mountain Boy has agreed to fund a pro rata portion of the underlying agreement, as determined by the relative areas of the properties to be received by each company, being 85% for Mountain Boy in return for the rights to portions of the property aggregating 1478 hectares (See NR-19-04 for full details). Auramex and Mountain Boy have one director in common with the decision to proceed with this agreement being made by the other directors.
Auramex also reports that its geological team is now engaged in follow-on discussions from meetings at the recent PDAC in Toronto. The Company is seeking joint venture partners for some of the multiple high-potential targets identified on the extensive property holdings in the Golden Triangle.
The technical disclosure in this release has been read and approved by Dr. Paul Metcalfe, PhD, P.Geo., a qualified person as defined in National Instrument 43-101.
About Auramex Resource Corp.
Auramex is focused on exploring a large and highly prospective property portfolio in the Stewart camp, at the southern end of the Golden Triangle in British Columbia. Auramex has 200 square kilometres of mineral rights, located on or near roads and within 45 kilometres of the deep-water port of Stewart. The Company’s geological team has extensive knowledge in the Golden Triangle and are dedicated to maximizing exploration success by deploying a systematic and comprehensive exploration approach, that uses and fuses “traditional” and emerging, cutting-edge exploration techniques.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
For further information, contact:
Nancy Curry
VP Corporate Development
info@auramex.com
www.auramex.com
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.
