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Aura Announces Proposed Acquisition of Territory Metals Corp.
Ottawa, Ontario--(Newsfile Corp. - June 4, 2020) - Aura Resources Inc. (TSXV: AUU) ("Aura" or ...
About this update from West Point Gold Corp.
[{"type":"text","content":"Aura Announces Proposed Acquisition of Territory Metals Corp.Ottawa, Ontario--(Newsfile Corp. - June 4, 2020) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") is pleased to announce that it has entered into a definitive amalgamation agreement for the acquisition of Territory Metals Corp. (\"Territory\"), an unlisted private company located in British Columbia, subject to TSX Venture Exchange (\"TSXV\") approval. Territory's key asset is the Tip Top Gold project located in Esmeralda County, Nevada USA. The Tip Top Gold project is subject to an agreement of purchase and sale whereby Territory has a right to acquire a 100% interest in the project.The Tip Top Gold ProjectThe Tip Top Gold project is comprised of 22 unpatented mining claims covering approximately 173 hectares. The property is located in Esmeralda County, NV at the north end of the White Mountains, five miles south of Montgomery Pass, which is on U.S. Highway 6 between Bishop, CA and Tonopah, NV. The project contains several low-sulfidation oxide gold-silver epithermal veins with low base metal contents which are peripheral to an altered rhyodacite intrusion emplaced into Jurassic-Cretaceous intrusive and a bimodal package of volcanic rocks. Two of the veins historically produced a total of 6,900 ounces of gold and some silver. Since 1980, the property has been drilled by five companies, with 143 drill holes totaling over 24,000 feet.Selected historical high-grade drill hole intercepts from the Tip Top Gold project include the following:Hole TTD-02 returned 2.44 metres of 19.82 g/t Au from 20.20 metres depth (Hecla 2001, core drilling); Hole TTD-04 returned 2.59 metres of 7.89 g/t Au from 32.00 metres depth (Hecla 2001, core drilling);Hole T98-12 returned 4.57 metres of 16.31 g/t Au from 28.97 metres depth (Dos Amigos 1998, reverse circulation drilling); and,Hole T98-14 returned 9.14 metres of 14.42 g/t Au from 21.34 metres depth (Dos Amigos 1998, reverse circulation drilling).Gold bearing intercepts above are drilled intervals and true width can not be determined at this time.Historical drilling along the Tip Top vein, and particularly around the Tip Top adit, has identified gold-bearing veins and there is a good possibility of expanding the known mineralization along strike and to depth. Currently, there is not enough confidence in the historical data ...