Auramex Announces Drill Permitting Underway on Bear Pass Project
VANCOUVER, April 25, 2019 - Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) that drill permitting is underway on its extensive Bear Pass Project in the Stewart Camp of British Columbia’s Golden Triangle. The 6,400 hectare project is centred on Highway 37A, 30 kilometres (km) northeast of Stewart.
Drill permitting is underway and planning for drilling is a follow-on to a year’s work by the Auramex geological team. Compilation of 100 years of historic exploration and production results laid the foundation for last year’s field program, which was conducted by a five-person geological team. That work identified a mineralizing system which is inferred to be the same age as that at the producing Brucejack Mine, 48 km to the north, and geologically similar to that at the historic Silbak-Premier Mine, 20 km to the southwest. The core of the system, known as the Bear Pass Pluton, was examined using isotopic age measurement and other techniques and Auramex determined that it is one of the Early Jurassic intrusions, with exceptional potential to generate and host precious metal deposits and which are associated with the majority of gold-silver mineralization in the Golden Triangle.
The Bear Pass has a long history of mining and exploration, beginning in the early 1900s. Numerous gold-silver and base metal occurrences were explored, with several being developed into mines. In the early days, access was by packhorse or on foot, so that only exceptionally high-grade deposits were exploited. Exploration, until recently, was constrained by the fractured ownership, with titles to more than 100 parcels being locked up in the form of Crown Grants from the early 1900s until recently. Auramex, over a 12-year period, secured much of the ground that was previously covered by these Crown Grants, and recently augmented its holdings based on the emerging geological interpretation.
The significance of the Bear Pass Pluton was not previously recognized because of this diverse, small-scale mineral tenure ownership; coordinated exploration was not possible between the numerous small parcels. Last year, the Auramex geological team, working under a cooperative exploration agreement with Mountain Boy Minerals, carried out the first-ever comprehensive exploration program in the Bear Pass region. The recognition of a Texas Creek intrusive unit is but one of the geological insights gained from that program.
Auramex’ VP Exploration, Dr. Paul Metcalfe, noted: “The Auramex team also discovered a large zone of intense silica alteration and an even larger area of intense quartz + sericite ± pyrite alteration above the Bear Pass pluton, extending to the northeast beneath rapidly receding ice. These zones are interpreted as a lithocap above a very large intrusion-related hydrothermal system. The Bear Pass Pluton is now recognized as the likely heat engine for this system and the likely source of metals for the abundance of gold-silver occurrences around the Bear Pass. We are now focused on vectoring toward the core of this large and very robust system.”
The Auramex geological team is continuing to integrate results of recent field work with historic data on four of its other projects – Tide North, American Creek, Lower Bear, and Georgie River – with further drill programs likely to emerge as that work proceeds. Discussions are also underway with potential joint venture partners regarding funding on some of Auramex’ projects.
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
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VP Corporate Development
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