Georgie River Project: Drill Permit Update and Core Review Progressing
VANCOUVER, Sept. 30, 2019 - Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces it has received notification from the Ministry that review of its proposed work program, including drilling, for the Georgie River property is complete. The final requirement in the permitting process is the posting of a $21,000 security deposit due before July 1, 2020. The project is located on tidewater in the southern Golden Triangle of British Columbia, 16 kilometres south of the deep-water port of Stewart. 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 addition, the Auramex geological team reports on progress from the review of approximately 12,000 metres of drill core on the property from previous operators. That core was drilled from 1978 to 1996 by multiple companies, with drilling focused at the historic high-grade Georgia River gold mine. The mine area, previously under option to another junior company, was recovered by Auramex in May of this year.
A program of re-boxing and cataloguing of the historic core began in July. At present, the geological team is working from a camp on the property and is carrying out a comprehensive review of the core using an array of analytical tools and techniques.
The geological data obtained from the historic core analysis is a cost-effective opportunity that is providing valuable technical information which the Auramex team will use to design the next drill program. Results from the work to date confirms that a large amount of valuable information can be extracted from the drill core. That information will greatly enhance the effectiveness of a drill program, now set for spring.
The initial Auramex drill program is intended to:
- Validate the extensive drill hole data base;
- Further extend the known high-grade occurrence, laterally and to depth;
- Most importantly: to test the large-scale potential of this extensive gold-bearing hydrothermal system.
Auramex has confirmed that the area of the high-grade historic mine is merely one small near-surface expression of an extremely large gold-bearing hydrothermal system. Mapping to the southwest of the mine located a 750 m-wide, southwest-dipping zone of shearing (the Hume Creek Deformation Zone or HCDZ). An airborne versatile time-domain electromagnetic (V-TEM) survey identified a one square kilometer area of anomalously high electromagnetic response over the HCDZ along the ridge crest. This is interpreted as an area of anomalously high conductivity, believed to be associated with the passage of metal-bearing hydrothermal fluids through that zone of permeability. It is believed that the hydrothermal system is related to an Early Jurassic intrusion. This situation is similar to the major gold deposits in the Golden Triangle.
Evidence suggests that the high-grade, near-surface zone that was historically mined is directly related to that hydrothermal system. The objective now is to identify areas within the system with similar, and ideally larger, gold occurrences to the known zone.
Auramex will be reporting on results and interpretations from this review over the coming months as information is available.
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.
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