*** AUMY NEWS – AUMY Proceeds Toward Closing of Gold Property Acquisition
Pick Alerts Newsletter
If you are having trouble viewing this message, please go to http://community.icontact.com/p/allpennystockpicks/newsletters/ggmc/posts/aumy-news-aumy-proceeds-toward-closing-of-gold-property-acquisition Auric Mining Corp (AUMY) Proceeds With Acquisition of Gold Property Auric Mining Corp today announced that it has provided an initial cash deposit with the intention of completing the acquisition of a mineral property known as “The Dolly Lake Showing” located in the Mari Lake area of Saskatchewan approximately 20 air miles north west of Flin Flon, Manitoba. The Company also owns several claims and the mining rights to a mineral property located near Wawa, Ontario.
After conducting extensive due diligence, Auric Mining has made an initial deposit as part of an all cash purchase for 100% of the mining rights to the property from First Light Resources located in Toronto, Ontario. Both parties are currently working on a formal agreement to complete the transaction.
During the last 2 weeks of October 2010, Auric assigned a team of 4 specialists including the Company`s Prospector Robert Major to conduct an extensive work program on the property. The team took core samples, completed surveying and staking, and compiled geophysical data in the targeted areas of interest while onsite. Samples taken have been sent to the lab for analysis and the results will be reported in due course. Based on the results, Auric plans to complete the transaction as soon as possible and will then proceed to onsite operations including mobilizing mining equipment with the intention of commencing production.
With the price of gold currently at or near all time highs of over USD $1350 per oz, Management has received significant interest from Asian based investors to potentially provide large scale funding for the Company`s mineral projects.
Previous work conducted on the property included trenching and minor diamond drilling and indicated promising results. The gold mineralization occurs over 330 meters of strike length and the mineralized zone strikes northwest and dips 45 degrees to the northeast. It consists of massive, white, glassy, gold bearing quartz veins with associated disseminations of pyrite, chalcopyrite, pyrrhotite, molybdenite, and tourmaline. The quartz veins are associated with shearing and are interlayered and gradational into the Dolly granite. Fifteen small trenches occur over the 330 meters of strike length and sample results range from .13 to 1.28 ounces per ton.
In 1945 Nesma Mining and Exploration Ltd. drilled 16X — Ray holes into the showing and in 1985 Wapa Minerals Ltd. drilled an additional six holes into the showing with positive results ranging from .18 to .85 ounces per ton. During the 1984 prospecting program on the property, the best gold assay from the Dolly Gold showing was 2.48 oz/ton Au.
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