Aurelius Minerals of Vancouver has exercised its option early to acquire a 100% interest in the Mikwam gold property 160 km northeast of Timmins. The company issued 1.5 million shares as share option payments to the former owner, ALX Uranium Corp.
Aurelius previously made cash payments of $25,000 and issued 1.5 million shares to ALX, and the company retains a 5% net smelter royalty.
This acquisition makes Aurelius - with 12,537 hectares - the second largest land holder after Detour Gold in the Burtbrush and Lower Detour camps.
Aurelius completed phase two of its 2018 drilling program at Mikwam at the end of October. The targets were chosen to confirm
the interpretation of the mineralization to a depth of about 300 metres on 30- to 40-metre intersections. The mineralization remains open at depth and along strike.
The Mikwam deposit contains an inferred resource of 1.81 million tonnes grading 2.34 g/t gold, containing an estimated 136,000 oz of gold.
This story originally appeared in the Canadian Mining Journal.