Vancouver, British Columbia, August 10, 2020 – AUX
Resources Corporation (TSXV: AUX) is pleased to
announce that it has commenced a two-drill, 3,500 metre diamond drill program on its
flagship high-grade gold Georgia Project, including the past-producing Georgie River
Mine, located on tidewater 16 kilometres south of the town of Stewart, British
Columbia, in the prolific Golden Triangle.
“We are all excited to have
the drills turning on the Georgia Project”, comments Ian Slater, Chief Executive
Officer. “Historic drilling of the deposit indicates exceptional gold grades in a
system that was never drilled off. Our new model suggests that the historic
intercepts were at the periphery of a much larger mineralized system, and we are
eager to test the team’s ideas.”
Over the past decade AUX has been
consolidating the land package surrounding the Georgie River Mine, compiling and
re-interpreting the historic data, as well as advancing the geologic understanding
through improved mapping, sampling, and geophysics. This work ultimately generated a
new genetic model for the mineralization in the area. This model, supported by a
robust data set, suggests the presence of a large intrusion-related mineralizing
system – of which the Georgie River Mine is situated at the margin. This drill
program will be the first test of this new and innovative model for mineralization
in the area. Drilling will focus on:
- Extending known ore shoots from the past-producing Georgie River Mine;
- Testing newly developed, highly prospective targets outside of the known deposit; and
- Assessing and substantiating the non-compliant historic high-grade resource at the Georgie River Mine.
About the Georgia
Project
The 7,900 hectare high-grade gold Georgia
Project, including the past-producing Georgie River Mine, is located on tidewater 16
kilometres south of the town of Stewart, British Columbia, in the prolific Golden
Triangle. The Georgie River Mine, which last operated in 1939, contains 1.2
kilometres of underground access on three levels. The project has been explored
since the 1970s by several companies with the intent of restarting the mine, but
this historic work focused almost exclusively on the area hosting the existing mine
workings, which appears to be peripheral to the core of a much larger hydrothermal
system. Only a small part of this massive hydrothermal system was worked by the past
producing mine.
Work by AUX over the past few field seasons has generated
compelling evidence in support of a large intrusion-related gold target adjacent to
the area of previous work. The Hume Creek target zone is marked by anomalous
surficial samples, the cross-cutting regional Sovereign Fault, a coincident
conductivity high, and an Early Jurassic intrusion belonging to the Texas Creek
Plutonic Suite – a crucial component to large gold deposits in the Golden Triangle.
Surface samples spanning more than a square kilometre in the vicinity of the
Sovereign Fault carry gold values in excess of a gram per tonne, demonstrating the
extensive nature of the system.
About AUX
Resources
AUX holds more than 25,500 hectares of
strategic claims in the Stewart Mining Camp in the Golden Triangle of British
Columbia, which is among the world’s most prolific mineralized districts, including
the high-grade Georgia Project and the past-producing Georgie River Mine. AUX is
also actively consolidating property in the Stewart Mining Camp.
The
technical disclosures in this release has been read and approved by Dr. Paul
Metcalfe, Ph.D., P.Geo., a director of AUX and Vice President Exploration, a
qualified person as defined in National Instrument 43-101.
For further
information please see www.auxrc.com or contact:
Ian Slater, Chief
Executive Officer
+1 604 638 2545
contact@auramex.com
Mars Investor
Relations
+1 604 715
6845
contact@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. This news release includes forward-looking statements
that are subject to risks and uncertainties. All statements within, other than
statements of historical fact, are to be considered forward looking. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or business
conditions and regulatory and administrative approvals, processes and filing
requirements. There can be no assurances that such statements will prove
accurate and, therefore, readers are advised to rely on their own evaluation of
such uncertainties. We do not assume any obligation to update any
forward-looking statements.
