It’s been well noted that we have been following AUX Resources Corporation (TSXV: AUX), a gold exploration company focused on the Stewart Mining Camp in one of the world’s most prolific mining districts, the Golden Triangle region of British Columbia. AUX is concentrating its exploration efforts in the Triangle’s southern portion because that area has not been meaningfully explored to date.
The company owns a land package of 25,200 hectares which was assembled over a period of 12 years, and includes 5 past-producing mines. The company’s flagship Georgia Project runs on trend from a number of significant gold projects such as Pretium Resources’ (NYSE: PVG) Brucejack Mine, which has produced approximately 1 million ounces of gold since operations commenced in 2017, and has estimated reserves of 4.2 million ounces.
Much of the allure of the Golden Triangle is the preponderance of high-grade gold deposits throughout the region that enable cost-effective minin .and are supported by a strong power and transportation infrastructure system.
In early July 2020, AUX mobilized a field crew to generate and refine drill targets for its 2021 field exploration program that is designed to rapidly advance these properties. The region has experienced a high degree of glacial retreat in recent decades, which has enabled exploration of the underlying terrain. Much of AUX’s 2020 exploration program was centered on prospecting and mapping the areas of glacial retreat.
A drill program 3,500 metres in size was then initiated in early August, with the company focused on finding the large mineralized structure that it believes the past producing Georgia River Mine sat just on the edge of.
Aside from Pretium, other companies that are working in the vicinity of AUX include Ascot Resources (TSX: AOT), who filed a feasibility study in May 2020 for its 100% owned Premier and Red Mountain Gold Projects, and Scottie Resources Corp. (TSXV: SCOT), which owns a 100% interest in the high-grade, past-producing Scottie Gold Mine.
AUX shareholders are currently awaiting the release of assay results from the field program, which we expect could be announced in the near future. If the results are meaningful, it could potentially draw investor attention to an area of the Golden Triangle that has been largely underexplored and/or unexplored to date.
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