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Auxico Resources: Villa Kelly Quartz Vein Averages 3.45 oz/t Gold Over a 25m Strike Length Mina Villa Kelly Property, South Bolivar, Colombia
MONTREAL, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce results from a recent sampling campaign carried out
About this update from Auxico Resources Canada, Inc.
[{"type":"text","content":" MONTREAL, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce results from a recent sampling campaign carried out on Auxico’s Mina Villa Kelly Property located in Colombia. Two channel samples were taken on the 22m level 25m apart along the drift with the last sample in the drift No. M-8428.10-2 cutting 60cm of 148 g/t Au (4.76 oz/t Au). Twenty-five metres before M-8428-10-2 which was at the end of the tunnel, sample M-8428-9-2 also cut a 60cm wide quartz vein retuning 66.6 g/t Au (2.14 oz/t Au); the vein averages 107.3 g/t Au (3.45 oz/t Au) along the 25m section in the drift at the 22m level. A total of seven veins have been identified on the Villa Kelly Property so far. Pursuant to an Amended Memorandum of Understanding (MOU) signed on July 9th, 2018 between Aucito SAS represented by Ricardo Joya Mejia and Auxico (referred to as the Parties), the Parties have agreed to extend the due diligence period to December 31, 2018, at which point a joint venture will be formalized by executing a joint venture (JV) agreement. An exploration plan and production plan will form part of the JV agreement in accordance with the MOU previously signed between the Parties. The Company’s Qualified Person, Mr. Joel Scodnick, had discussions with the local Colombian geologist Mr. Miguel Jaramillo who was hired by Auxico, the same person who conducted the sampling program at Mina Villa Kelly, and who indicated that along this 25m in the drift, the vein showed intense hydrothermal activity and was characterized by heavy sulphide concentrations of pyrite, chalcopyrite, galena, and sphalerite, and that the mineralization was noted to be homogenous throughout the observed vein. These results are very encouraging. Geological observations on the 22m level are showing that the alteration and structural controls are increasing with depth, as well as the grade. The Villa Kelly vein has been observed to open up to 1.2m in width. Besides running the material through the mill from the underground workings, Auxico intends to process the ore currently being mined by about 40 artisanal miners on the property. Visible gold has been observed on the property. On the Mina Villa Kelly Property, according to the Optionor of the property and Miguel Jaramillo, there are a total of six small scale artisanal operations exp...