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VANCOUVER, British Columbia, July 05, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (AUX.V) reports that permitting on its Georgie River project is on track to conduct drilling this summer.
- The project is ideally located on tidewater in the southern Golden Triangle, 16 km south of the deep-water port of Stewart, British Columbia.
- The 100% owned 7,936-hectare project includes the historic Georgia River Mine, a high-grade gold mine that last operated in the 1930s.
- In preparation for a drill program the Company announces non-brokered private placement of up to $500,000 (the "Financing").
Georgie River Project
The Auramex geological team has assembled compelling evidence for the presence of a large-scale gold bearing system underlying and peripheral to the historic mined area. That system is analogous to the geological systems that host other large gold deposits in the prolific Golden Triangle. Auramex bases this current interpretation on integrating data from more than 100 years of exploration and production history with the results of a decade of work. Work in the 1970s through the 1990s focused on the area of the old mine and included 114 shallow drill holes, leading to a 1990 estimate of remaining tonnage and grade within and immediately adjacent to the old workings (276,400 tonnes of 27.6 gm/t gold and 20.9 gm/t silver) (See News Release June 3rd, 2019) The estimate stated is in an historic report, is non-compliant with National Instrument 43-101 and has not been verified by the Company; readers are cautioned not to place undue weight on such results. The historical estimates are considered relevant; however, the reliability, assumptions, parameters and methods used in preparing the reports are unknown.
Phase I exploration planning is currently underway and the data collected will be used to refine drill targets for Phase II. The data collected will also increase understanding of the conductivity anomaly, including its extent and possibly structural controls as they relate to mineralization of the very large hydrothermal system at Georgie River. Plans include geochemical surveying (endogenic and exogenic) and a deeply penetrating ground based geophysical survey over the Hume Creek Deformation Zone.
Non Brokered Private Placement
The non-brokered private placement will consist of up to 5,000,000 units at $0.05 per unit. Each unit will consist of one common share of the Company and one common share purchase warrant. Each whole warrant will be exercisable for one common share of the Company at a price of $0.07 for a period of 18 months from the date of issuance.
Subject to the approval of the TSX Venture Exchange and applicable laws, the Company may pay finder’s fees. Certain of the Company's insiders may participate in the private placement.
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:
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.