Business
AUGC to Acquire 100% Ownership of Ponderosa Gold Project
(TheNewswire) Vancouver, B C - TheNewswire - Febr...
About this update from Au Gold Corp
[{"type":"text","content":"AUGC to Acquire 100% Ownership of Ponderosa Gold Project \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver,\nB\n \n \n \n \n C\n \n \n \n \n -\n \n \n \n \n TheNewswire -\n \n \n \n \n February 7, 2023 -\n \n \n \n \n Au Gold Corp.\n \n \n \n \n (TSXV:\n \n \n \n \n AUGC\n \n \n \n \n ) (“\n \n \n \n \n AUGC\n \n \n \n \n ”\n \n \n \n \n or\nthe\n \n \n \n \n “\n \n \n \n \n Company\n \n \n \n \n ”)\n \n \n \n \n is pleased to announce it has entered into a purchase and\nsale agreement (the “\n \n \n \n \n Agreement\n \n \n \n \n ”)\n \n \n \n with Almadex Minerals Ltd.\n(“\n \n \n Almadex\n \n \n ”)\n \n \n (TSXV:\n \n \n DEX\n \n \n )\n \n \n \n whereby the Company will acquire\n \n \n \n Almadex’s forty percent (40%) ownership\nof the Ponderosa Gold Project, located in the Nicola Mining Division,\nBritish Columbia (the “\n \n \n Acquisition\n \n \n ”). Completion of the Acquisition\nwill bring the Company to 100% ownership of the Ponderosa Gold\nProject. The Company previously acq\n \n \n \n \n uired 60% ownership of the\nPonderosa Gold Project pursuant to an option agreement dated September\n6, 2019 with Almadex (the “\n \n \n Option Agreement\n \n \n ”).\n \n \n \n \n \n “We are very pleased to consolidate\nour ownership of the central claim at Ponderosa” said the\nCompany’s President and CEO, Marc G. Blythe “The team is excited\nto continue our low-cost exploration at Ponderosa during 2023.”\n \n \n \n \n \n About the Ponderosa Gold\nProject\n \n \n \n \n The Ponderosa Gold Property is located 16 km southwest\nof Merritt, BC, within the Spences Bridge Gold Belt which forms a\nnorthwest trending belt roughly 180 km long and up to 24 km wide.\n \n \n \n \n Exploration by AUGC and others, notably Westhaven Gold\nCorp. (TSXV:\n \n \n WHN.V\n \n \n ), has identified the potential for gold associated with\nlow-sulphidation epithermal mineralization (quartz-adularia). Examples\nof this style of mineralization include Waihi (Oceanagold), Hishikari\n(Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold).\n \n \n \n \n Rocks of immediate interest in the belt and underlying\nmuch of the Property comprise successions of Cretaceous subaerial and\npyroclastic volcanic flows which hos...