Aur Resources and Rogi in Quebec gold joint venture

A joint-venture agreement has been entered into by Aur Resources and Rogi Exploration whereby Rogi may earn a 40% interest in Aur’s Annamaque-Faraday property, about 7 mi southeast of Val d’Or, Que., by spending $5 million on exploration work by Feb 28, 1990.

Rogi plans to spend $750,000 on an exploration program this year.

Under the terms of the agreement, Aur may earn a 50% interest in Rogi’s 7-claim Malartic Twp. property and the 38-claim Pascalis- Vauquelin Twp. property by spending $75,000 on exploration work on each property by Feb 28, 1988. Rogi is to spend a minimum $137,000 and a maximum $700,000 on these two properties by the same date. Aur may also earn an additional 20% interest in these two properties by spending a further $500,000 subsequent to Rogi having spent up to the maximum $700,000 referred to above.

Aur will act as operator of the exploration programs.

The Annamaque-Faraday property consists of 72 mining claims, comprising almost 3,000 acres.

Aur President Jim Gill reports that exploration work completed before 1985 intersected gold values ranging from 0.05 to 2.04 oz gold per ton over narrow widths in more than 117 drill holes over a 3-mile length.

Geological mapping in 1985 determined that most previous drilling was carried out parallel to gold-bearing structures. However, Mr Gill reports that, in Aur’s view, the drilling would have failed to adequately test gold potential. Three holes drilled perpendicular to these structures intersected gold values of up to 0.16 oz gold over 14.5 ft, Mr Gill reports, indicating potential for discovery of a significant gold deposit. Felsic tuffs and two strong electromagnetic conductors hosting gold represent additional priority exploration targets for gold and base-metal mineralization, according to the president.

An exploration program consisting primarily of diamond drilling with subordinate geophysical surveys is scheduled to begin this summer.