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Auramex Resource Corp. Prepares for Drilling on the Extensive Gold-Bearing Hydrothermal System on Its Georgie River Project
VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) reports that permitting on its G
About this update from Golden Cross Resources Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) reports that permitting on its Georgie River project is on track to conduct drilling this summer. The project is located on tidewater in the southern Golden Triangle, 16 km south of the deepwater 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 (Click here for a location map). The Auramex geological team has assembled compelling evidence for the presence of a large-scale gold bearing system underlying and peripheral to the historic mined area. That system is analogous to the geological systems that host other large gold deposits in the prolific Golden Triangle. This current interpretation is based on integrating data from more than 100 years of exploration and production history with the results of a decade of work by Auramex. Work in the 1970s through the 1990s focused on the area of the old mine and included 114 shallow drill holes, leading to a 1990 estimate of remaining tonnage and grade within and immediately adjacent to the old workings (276,400 tonnes of 27.6 gm/t gold and 20.9 gm/t silver). The estimate stated is in an historic report, is non-compliant with National Instrument 43-101 and has not been verified by the Company; readers are cautioned not to place undue weight on such results. The historical estimates are considered relevant; however, the reliability, assumptions, parameters and methods used in preparing the reports are unknown. More recent and far more widespread exploration by 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 order of magnitude wider than similar shear zones in the mine. An airborne versatile time-domain electromagnetic (V-TEM) survey identified a 1 km2 area of anomalously high electromagnetic response over the HCDZ along the ridge crest. This is interpreted as an area of anomalously high conductivity. Elevated EM responses persist down the steep, forested sides of the ...