A $200,000 flow-through share financing will enable Aurogin Resources (VSE) to finance the company’s 33.33% interest in an exploration program in Palmer and Ryan twps., Ont. Located near Sault Ste. Marie, the large 450-claim property covers three precious and base metal discoveries made by Aurogin and partner Duration Mines (TSE).
The Duration-operated program has produced several encouraging results. A reconnaissance drill program intersected 21.3 ft grading 0.055 oz gold, 0.97 oz silver, 2.6% copper and 0.27% zinc per ton. Another hole intersected widespread copper values over a core section in excess of 320 ft. Values ranged from 0.1%-0.68%. Also, molybdenum values assayed up to 2.2% across a narrow 2.1-ft section.
The reconnaissance program will be followed up by trenching, detailed mapping and geochemical surveying. Also, selected targets will be further investigated by diamond drilling.
Based on known geology, Aurogin and Duration feel the property has the potential for hosting a large tonnage epithermal gold and base metals deposit similar to those occurring in the Comstock and Cripple Creek mining camps in Nevada and Colorado respectively.
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