AUX Resources (TSXV: AUX) this morning announced that it closed the acquisition of Isla Gold Corp, whom controls 100% of the Independence and Silver Crown properties located north of Stewart, British Colombia within the prolific golden triangle. Exploration has already begun on the property, with a field crew mobilized in early August to identify drilling targets for the 2021 season.
The properties in total encompass 2,647 hectares of land 15 kilometres north of Stewart. With the Stewart 37A highway running through the property, access to site could not be easier, while major electrical lines also run across the property.
Known mineralization is said to occur on both properties, with the Silver Crown property hosting a small past producing mine known as the Spider 3 mine. Grades of 13.7 g/t gold and 6,449 g/t silver were previously recovered from 16 tons at the mine. Over 1,400 metres of strike exists on the Silver Crown property, with at least 18 major quartz-sulphide-bearing veins being present on the property.
The Independence property meanwhile surrounds a historic mine, known as Red Cliff. The Red Cliff mine was a copper-gold mine that saw production from 1910 through to 1912, with drilling indicating mineralization of 49.2 g/t gold over 18.45 metres. Grab samples from a 2019 exploration program results in mineralization values of 50.7 g/t gold, 9,300 g/t silver, 13.75% copper, 19.05% lead and 19.55% zinc. Further, a new showing was discovered on the property as a result of glacial retreat with grades of up to 8.2 g/t gold.
Sponsored · First Phosphate Corp.
Analytical results from the 2020 field program are currently pending.
AUX Resources last traded at $0.49 on the TSX Venture.
FULL DISCLOSURE: AUX Resources Corporation is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover AUX Resources Corporation on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
