Declining stock market interest, especially in junior resource issues, has got Aurogin Resources (VSE) looking around for joint venture partners to continue exploration on its properties. “We have quite an attractive package of properties,” said President David Rogers at the company’s recent annual meeting in Toronto.
“We’re primarily looking at joint venture arrangements,” he said adding that “an inactive market is not conducive to financings.” The company is actively seeking joint venture partners to fund further exploration on its Casa Berardi, Pusticamica, Conception Bay and Villedieu properties.
The company’s Casa Berardi property, located in Puiseaux Twp., Que., adjoins ground held by Duration Mines where encouraging gold showings have been found. The Pusticamica Lake property, south of the Bachelor Lake gold mine, covers part of a regional shear structure and hosts pervasive alteration and silica-flooded horizons. One hole drilled on the property intersected 9.8 ft of 0.109 oz gold per ton. The Villedieu Twp. property, south of Rouyn-Noranda, is a rare earths project, while in Newfoundland, Aurogin’s Conception Bay property is a potential base metals bet.
Additional expenditures will continue with joint venture partner Duration Mines (TSE) on the Batchawana base-precious metals property near Sault Ste. Marie, Ont.
“We believe we have the makings of a porphyry-copper-gold deposit at Batchawana,” Rogers said. The company is planning an IP survey to define drill targets on the property, and it is currently seeking funding for a follow-up drill program.
Aurogin went public on the Vancouver Stock Exchange in April with an initial flow-through offering at 90 per share. Aurogin’s shares have traded in Vancouver recently at the 23 level.
Edward Wade, a director of Aurogin, said the company has recently concluded a deal to explore a kimberlite property. Kimberlite is an ultramafic intrusive rock commonly associated with diamond occurrences. A number of mining companies have recently become more active in the search for diamond-bearing kimberlite in Canada.
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