VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces an option to acquire a 75% interest in the Rufus property, located in the Stewart camp of British Columbia's Golden Triangle. The 920-hectare (9.2 square kilometres) property is located immediately north of Highway 37A, 25 kilometres north of Stewart and is contiguous with the Company’s Champion and Icefield properties.
This is an arms-length transaction and, in order to exercise the option, Auramex must deliver to the vendor 175,000 shares upon regulatory approval, 175,000 shares on each of the first and second anniversaries and 225,000 shares before the third anniversary. The vendor retains a 2% NSR royalty, of which one half can be purchased for $1 million until 90 days after the start of commercial production. Auramex is required to keep the property in good standing with at least one year of assessment work in place if it is returned. The transaction is subject to the acceptance of the TSX Venture Exchange.
The area enclosed by the Rufus property was first explored in 1916, leading to the establishment of 25 Crown Grants (all since reverted). During the period 1916 to 1937 there was underground development, but there are no surviving production records. Since then, exploration in the area has been sporadic. Auramex considers this property to be underexplored, especially given its location in the well-mineralized Bear Valley.
The Auramex geological team conducted reconnaissance work on several of its Stewart properties over the past year. That work has added greatly to the geological understanding of the Stewart Camp, with special emphasis on Auramex’ Bear Pass, Lower Bear and Georgie River areas. Summaries of 2018 exploration on these projects will be released in the coming weeks. Currently, the team is finalizing its data compilation and preparing for the 2019 field season which includes permitting for diamond drilling. Auramex is looking forward to conducting both self- and joint venture-funded work on its projects.
The technical disclosure in this release has been read and approved by Dr. Paul Metcalfe, PhD, P.Geo., a qualified person as defined in National Instrument 43-101.
About Auramex Resource Corp.
Auramex is exploring a large and highly prospective property portfolio in the Stewart camp, at the southern end of the Golden Triangle in British Columbia. Auramex has 200 square kilometres of mineral rights, located on or near roads and within 45 kilometres of the deep-water port of Stewart. Auramex has a highly experienced geological team with extensive knowledge in the Golden Triangle and are dedicated to maximizing exploration success by deploying a systematic and comprehensive exploration approach, that uses and fuses – “traditional” and emerging, cutting-edge exploration techniques.
On behalf of the Board of Directors:
President & CEO
For further information, contact:
VP Corporate Development
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.