Vancouver, British Columbia, July 14,
2020 – AUX Resources Corporation (TSXV:
AUX) (formerly Auramex Resource Corp.) is pleased to announce that
it has mobilized its geological field crew to its flagship high-grade gold Georgia
Project, including the past-producing Georgia River Mine, located on tidewater 16
kilometres south of the town of Stewart, British Colombia, in the prolific Golden
Triangle.
The 2020 field program will be centred around drill testing the
Georgia Project. Fieldwork over the past few years has indicated the presence of a
large mineralizing system, of which the past-producing Georgia River Mine is
situated just at the periphery. To test the system, more than 3,500 metres of
diamond drilling are planned, focusing on mineralization around the past-producing
mine as well as targets within the adjacent Hume Creek Deformation
Zone.
“Fully funded, we are eager to drill test Dr. Metcalfe’s compelling
geological model for the mineralization around the Georgia River Mine”, comments Ian
Slater, Chief Executive Officer. “This is excellent timing to advance and expand an
under-explored high-grade gold system in the Golden Triangle.”
In
addition to drilling, the 2020 summer exploration program will include detailed
geological mapping, geochemical sampling, and geophysics of key exploration targets
on the Georgia Project, as well as other AUX claim blocks.
11,750 metres
of drill core from previous operators of the Georgia River Mine was only sampled for
narrow high-grade intercepts, with the majority of the core not being sampled.
This core is currently being relogged and sampled in its entirety. Shoulder sampling
between high-grade intervals has the potential to define broad intervals of economic
mineralization that were previously undocumented. This additional data provides a
cost-effective method to leverage the additional 3,500 metres of drilling in 2020,
rapidly advancing the project relative to the exploration
expenditure.
About the Georgia
Project
The 7,900 hectare high-grade gold Georgia
Project, including the past-producing Georgia River Mine, is located on tidewater 16
kilometres south of the town of Stewart, British Colombia, in the prolific Golden
Triangle.
The Georgia River Mine, which last operated in 1939, contains
1.2 kilometres of underground access on three levels. The project was explored
from 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 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.
The regional-scale Hume Creek deformation zone provided the “plumbing system” for
hydrothermal fluids related to the intrusion. Surface samples spanning more than a
square kilometre 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 Georgia River Mine. AUX is
actively consolidating 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
Michelle
Borromeo
Investor
Relations
borromeo@auxrc.com
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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.