Vancouver, British Columbia – Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces that it has an option to acquire the Bay Silver property, located in the Stewart Camp of BC’s Golden Triangle. The 1393-hectare (13.9 square kilometres) property augments the Auramex Lower Bear property, extending west to the Alaska border and north to the Premier property of Ascot Resources Ltd.
High-grade silver-bearing veins located near the southern limit of the Bay Silver property and on an adjacent property were mined on a limited basis beginning in 1928. Mining at that time was hampered by the difficulty of transporting ore from the mine at 900 metres elevation down to sea level in the Bear Valley. Other high-grade silver occurrences have been documented on other parts the Bay Silver property.
The option to acquire a 100% interest in the Bay Silver property involves an initial payment of $10,000 and the issuance of 100,000 shares upon Exchange acceptance. Teuton Resources Corp. and Silver Grail Resources Ltd presently hold the property. To complete the option, payments aggregating a further $110,000 and 400,000 shares are required over the next four years. The vendors will retain a 2% NSR, one half of which can be bought down for $1 million, with a minimum advance annual royalty of $50,000 to begin after 7 years.
The five-member Auramex geological team will be integrating the Bay Silver property into the ongoing field exploration program on the Lower Bear property. The silver-dominant style of mineralization that was the focus of much of the earlier work on Bay Silver is indicative of cooler, higher levels in a hydrothermal system. Given topographic relief of approximately 1500 metres from the valley floor to the top of Bear River Ridge, Auramex considers the Bay Silver property highly prospective for additional, accessible styles of intrusion related mineralization, including gold.
The east side of the Bear Ridge has seen limited exploration work in the past owing to the steep topography and dense forest cover at lower elevations. Auramex has integrated the results from various geophysical and geochemical programs on both the Bay Silver and Lower Bear properties and from that work will identify targets for exploration during the next phase, in September.
The Auramex geological team has so far conducted fieldwork on several of the Stewart Camp properties, including Georgie River, Confluence, Lucky Frenchman, Tory and Champion (including the historic Terminus Mine). The work has corroborated and extended earlier results and has also identified additional targets for follow up work. A more comprehensive update on the fieldwork will be reported in the near future.
The transaction is subject to the acceptance of the TSX Venture Exchange.
The technical disclosure in this release has been read and approved by Paul Metcalfe, PhD, P.Geo., a qualified person as defined in NI 43‑101.
Auramex is exploring a large and highly prospective property portfolio at the south end of the Golden Triangle in British Columbia, with properties north, east and south of Stewart, a deep-water port.
The Golden Triangle is beginning to be recognized as one of the most highly mineralized geological settings with excellent exploration potential for future discoveries.
The Golden Triangle region has matured dramatically over the past couple of years, with two mines now in production, road access greatly improved, and a quantum leap in terms of geological understanding of the processes that created some of the largest, and highest-grade metal deposits on the planet.
On behalf of the Board of Directors:
President & CEO
For further information, contact:
VP Corporate Development
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.