VANCOUVER, BC, Sept. 8, 2020 /CNW/ - AUX Resources
Corporation (TSXV: AUX) (OTCPK: AUXRF) is pleased to
announce that the acquisition of Isla Gold Corporation
("Isla") announced on June 8,
2020 has closed. Isla controls 100% of the 2,647 hectare
Independence and Silver Crown properties ("Properties"),
approximately 15 kilometres north-northeast of Stewart, British Colombia. The paved Stewart
Highway 37A and major electrical transmission lines cross the
eastern portion of the Independence property. In order to advance
the properties rapidly, AUX mobilized a field crew in early August
to generate and refine drill targets for the 2021 field season.
"The addition of the Independence and Silver Crown claims
complement AUX's existing land position north of Stewart with two excellent properties,"
comments Ian Slater, Chief Executive
Officer. "Given their proximity to infrastructure and the known
mineral potential of the claims, both of these properties have been
incredibly underserved during recent exploration booms in the
Stewart Mining Camp."
The properties are underlain by the Unuk River, Betty Creek, Mount Dilworth and Quock formations
of the Jurassic Hazelton Group. These rocks host significant
precious and base metal deposits in the Golden Triangle, including
the Silbak Premier, Brucejack, Silver Coin, Sulphurets, Red
Mountain, Scottie Gold and
Eskay Creek deposits. Mineralization
occurs dominantly as polymetallic gold-silver-copper-lead-zinc
replacement veins along fault structures. On both properties there
is an apparent spatial association between late veins and dykes,
suggesting a similar structural control and thus a potentially
larger system.
The mineralization potential of the properties is exemplified by
the 13 known MINFILE occurrences, which include the small
past-producing Spider 3 mine on the Silver Crown Property
(recovered grades of 13.7 g/t Au and 6,449 g/t Ag from 16 tonnes).
Mineralization on the Silver Crown Property occurs in a structural
corridor with a strike length of 1,400 metres with at least 18
major quartz-sulphide-bearing veins. Veins have an average width of
75 centimetres and a strike length of 60 metres.
The Independence Property surrounds the historic Red Cliff copper-gold mine which was in
production between 1910-1912 and has recorded drill intercepts of
up to 49.2 g/t Au over 18.45 metres. The Independence property
hosts numerous adits from the 1920s which exploited significant
silver-rich veins and returned multi-ounce silver grades.
Both properties have seen renewed work in recent years,
including a heli-borne magnetic survey in 2017 and a reconnaissance
level surficial program during 2019. Sampling of grab samples
during the 2019 exploration program yielded results of up to 50.7
g/t Au, 9,300 g/t Ag, 13.75% Cu, 19.05% Pb and 19.55% Zn (It should
be noted that, owing to their selective nature, assay results from
the grab samples discussed may not be representative of the overall
grade and extent of mineralization on the subject areas, and the
upper limit values reported are from multiple samples). The area
has experienced significant glacial retreat since the last mapping
program in 1986 and, in 2019, a new showing was discovered in an
area previously covered by ice. This showing returned grades up to
8.2 g/t Au. The 2020 exploration work focused on prospecting and
mapping areas of recent glacial retreat, as well as refining drill
ready targets. Analytical results are pending.
Quality Assurance and Control
Samples were analyzed at ALS Global Laboratories (Geochemistry
Division) in Vancouver, Canada (an
ISO 9001:2008 accredited facility). The sampling program was
undertaken by the prior operator of the property under the
direction of Tom Setterfield, P.Geo.
A secure chain of custody was maintained in transporting and
storing of all samples. Gold was assayed using a fire assay with
atomic absorption spectrometry and gravimetric finish when required
(+10 g/t Au).
About AUX Resources
AUX holds more than 25,500 hectares of strategic claims in the
Stewart Mining Camp in the Golden Triangle of British Columbia, which is among the world's
most prolific mineralized districts, including the high-grade
Georgia Project and the past-producing Georgie River Mine. AUX is also actively
consolidating in the Stewart Mining Camp.
The technical disclosures in this release have been read and
approved by Dr. Paul Metcalfe,
Ph.D., P.Geo., a director of AUX and Vice President Exploration, a
qualified person as defined in National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements of
historical fact, are to be considered forward looking. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued
availability of capital and financing and general economic, market
or business conditions and regulatory and administrative approvals,
processes and filing requirements. There can be no assurances that
such statements will prove accurate and, therefore, readers are
advised to rely on their own evaluation of such uncertainties. We
do not assume any obligation to update any forward-looking
statements.
SOURCE AUX Resources Corporation
