Vancouver, British Columbia - Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces an option to acquire a 100-per-cent interest in the Dorothy 2 property, located in the Stewart camp of British Columbia's Golden Triangle. The 500-hectare (5-square-kilometre) property is located 25 kilometres north of Stewart and is contiguous with the Company's Champion property.
Dorothy 2 property
Dorothy 2 is located on the east side of American Creek, with the lower portion of the property accessible by road. Two past producing mines are located within a few kilometres to the south of Dorothy 2. The closer of those - Terminus - is on the adjacent Auramex property. Both were high-grade silver mines and are hosted in a geological trend that continues onto Dorothy 2. Intrusive bodies as of yet undetermined age are present on the property.
Auramex considers this area to be underexplored, especially given the presence of the nearby past-producers, the prospective geology enhanced by more modern interpretations and the encouraging results reported by Pretium Resources Inc. along the American Creek corridor on their adjacent property to the north.
This is an arm's-length transaction and, in order to exercise the option, Auramex must deliver to the vendor $5,000 and 100,000 shares upon regulatory approval, 100,000 shares and $10,000 on each of the first, second and third anniversaries, and 300,000 shares and $10,000 before the fourth anniversary. - The vendor retains a 2.5-per-cent net smelter return royalty, of which one-half percent can be purchased for $1-million until 90 days after the start of commercial production. Auramex is required to keep the property in good standing and carry out $150,000 of work over 4 years. The transaction is subject to the acceptance of the TSX Venture Exchange.
The Auramex geological team is planning to integrate Dorothy 2 into its exploration program along the Bear Valley and American Creek corridor. Currently, the team is finalizing its data compilation and preparing for the 2019 field season, which includes permitting for diamond drilling. Auramex is looking forward to conducting both self- and joint venture-financed work on its projects.
Bayview and Comet Acquisition
Auramex also announces the acquisition, subject to TSXV approval, of 2 tenures covering the historic Bayview and Comet occurrences. Consideration is 100,000 shares of Auramex in return for outright ownership of the two tenures. Bayview is located 3.5 kilometres north of Stewart and adjoins the Bay Silver property, on which Auramex has an option to earn 100%. Limited production in the 1920s and 1930s exploited high-grade gold and silver veins. Comet is located 25 kilometres north of Stewart, 1.5 kilometres north of Highway 37A, and adjoins the recently optioned Rufus property. The tenure is located in the midst of a number of occurrences that were worked in the 1920s and 1930s. Auramex will incorporate both of these new tenures in the exploration programs on the adjacent properties.
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 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. Auramex has a highly experienced geological team with 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
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.