Auramex Options Additional Golden Triangle Property - Silver Crown
VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces an option to acquire a 100-per-cent interest in the Silver Crown property, located in the Stewart camp of British Columbia's Golden Triangle. The 1720-hectare (17-square-kilometre) Silver Crown property is located 25 kilometres north of Stewart.
Silver Crown Property
The Auramex geological team sees considerable exploration potential along the American Creek Corridor. The Silver Crown property together with the Champion property and the recently acquired Dorothy 2 property, gives Auramex a dominant land position in the lower American Creek corridor. Drilling by Pretium Resources Inc. (www.pretivm.com) on their American Creek Zone included holes within 4 kilometres of the Auramex property and produced significant values of gold and silver within that zone.
Three past-producing high-grade silver mines (Mountain Boy, Terminus and Ketchum) are located in close proximity to each other along this corridor and all near 1000 metres elevation. The working hypothesis is that the high-grade silver zones represent the upper portions of extensive hydrothermal systems, with the lower portions of the system(s) underlying those high-level expressions.
Auramex considers this area to be underexplored, especially given the presence of the nearby past-producers, the prospective geology enhanced by more modern interpretations and the encouraging results reported by Pretium Resources Inc. along the American Creek corridor on their adjacent property to the north.
The Auramex geological team is planning to integrate the newly acquired claims into its exploration program along the Bear Valley and American Creek corridor. Currently, the team is finalizing its data compilation and preparing for the 2019 field season, which includes permitting for diamond drilling. Auramex is looking forward to conducting both self and joint venture-financed work on its projects and will coordinate exploration programs with Mountain Boy Minerals Ltd.
Transaction Terms
The Auramex option of the Silver Crown property is an arm's-length transaction and, in order to exercise the option, Auramex must pay to the vendor $10,000 and 100,000 common shares of Auramex on execution of the option agreement, subject to regulatory approval. A further $110,000 and 400,000 common shares of Auramex are payable over four years. The vendor retains a 2-per-cent net smelter return royalty, of which one-half can be purchased for $1-million until 90 days after the start of commercial production, with an advance royalty commencing in 2026. Auramex is required to keep the property in good standing. The transaction is subject to the acceptance of the TSX Venture Exchange.
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.
