Phase 2 of Gold Exploration Program Completed by
Unitronix Corporation Subsidiary in Northwestern Ontario
Greenville SC. March 1, 2010: Aur Lake Exploration Inc. (“Aur”), a majority owned subsidiary of Unitronix Corporation, announces that all data, independent reports and analysis generated in connection with the exploration program commenced in September 2009 has now been received.
Based on its ongoing review of information as it was generated over the last five months, the integration of data previously obtained, and historical information on hand, Aur concludes that the goals set forth in the planned program have been substantially realized.
First, the mineralized gold vein that presently extends for about 180 meters in length appears to be open at one end and offset at the other. Numerous geochemical targets were identified in the vicinity of the vein, including the indication that base metal and silver mineralization are present.
Second, geochemical sampling about 450 meters north northwest of the vein has returned strong indications of the presence of gold mineralization along about 150 meters of the transect tested.
Third, two grab samples at two separate outcrops about 1000 meters northwest of the vein have returned positive gold values. In addition, field observations made in this area have overturned the previous mapping of intrusive geological events. Aur’s goal is to investigate and test its operative premise that gold bearing fluids flowed from the current north-northwest to the south-southeast, that all these anomalous results are part of one system, structurally controlled, and related to felsic intrusions on the company property.
Aur increases its holdings by staking an additional 31 claim units contiguous with the Jumping Lake claim bringing its total contiguous holdings to 87 claim units.
All aspects of the Phase 2 filed program were completed as scheduled except for the Induced Polarization (IP) geophysics over a grid previously prepared by line cutting. Severe cold weather at the onset of the survey in late December 2009 resulted in numerous equipment malfunctions. Only a portion of the survey was completed and analysis of the data by an independent expert concluded that a small portion of the data was of only limited use to Aur.
The company is engaging the services of a geophysical consulting firm to determine the size and scope of the geophysical work required to both meet the shortcomings of the recently conducted IP survey as well as overage for the expanded areas of interest indicated by the other tests and observations performed in Phase 2.
Aur also intends to engage the services of a geological and exploration consulting firm to assist the planning of an anticipated diversified and expanded exploration program and to provide project management services to implement and manage the project.
Unitronix and Aur requested and investors agreed to delay finalization of an agreement to compensate investors for approximately $200,000 of funding provided to date. The request was to allow the companies to seek financing necessary to implement the anticipated expanded exploration and drilling program without imposing preset conditions on Aur’s activities.
In addition to the follow up geophysics required as discussed above, some expansion of the area covered by geochemical sampling, some surface stripping and boot and hammer follow up is indicated to verify and/or better understand certain targeted areas. Funding will be required for the above.
Aur expects that the merit of the project will result in a recommendation for a drilling campaign to test targets. As the pre-drilling program should be completed over the summer, subject to funding, drilling can commence in the fall if additional funding is arranged.
Timetables and budgets will be prepared as soon as the in-fill work anticipated for this spring and early summer is complete. Aur estimates that the professional fees and exploration costs for the next 24 months will be in the vicinity of One million two hundred and fifty thousand dollars ($1,250,000). This could vary when our budget is prepared after our project management team is in place.
Unitronix realizes that it is in the best interest of the company to seek required financing on favorable terms. Even with the improved status of the exploration program the venture remains highly speculative and challenging. Third party funding has not been available to date and the means to attract investor interest, by Unitronix a Pink Sheets quoted company, are limited. Using Aur as the fund raising entity is the other alternative but would be costly and negatively impact the ownership interest that Unitronix presently has in Aur; and as previously stated, the possible requirement to expend funds within set time limits of funds raised could be detrimental to the planned exploration program.
Unitronix and Aur are deeply committed to the project and anticipate making progress in enhancing the property over the next 24 months. Regardless of best efforts and intentions, Unitronix cannot warrant that financing required, in whole or part, will be obtained or that results if financing is arranged will enhance the value of the property.
Unitronix will give the Aur venture priority but is also committed to keep its holdings, presently 146 claim units in the Cobb Bay and Mattabi regions situated to the west and south of the Aur property, in good standing. These claims are held in the majority controlled joint venture 3936449 Canada Inc. The planned engagement of a geological and exploration consulting firm is anticipated to also extend to 3936449 Canada Inc.
Safe Harbor Statement:
This press release contains forward looking statements. Such statements include without limitations, statements regarding future results of operations, performance and achievements of the company and its subsidiaries, including cost and results of proposed work programs, the discovery and delineation of mineral deposits, geological interpretation, business and financing plans, business trends and other numerous factors that can adversely impact the business of mineral exploration.
Statements made are based on current expectations and involve various factors that could cause the actual results to differ materially from those stated or implied. Unitronix Corporation expressly does not undertake to update such statements.
Contact:
Sandy McAlister
864.233.6391