Aurelius Minerals Inc (TSX-V:AUL, OTCQB:AURQF) has announced results from the on-going underground channel sampling program at its flagship Aureus East project in Nova Scotia, which included 365 grams per tonne (g/t) gold over 2.0 metres (m) and 1,425 g/t gold over 0.5m.
The gold exploration company said the gold mineralization in the 944L channels offer a significant opportunity to add new high-grade mineralization to the current mineral resource for Aureus East and potential to increase the gold resource.
“These results, including the highest grade we have encountered to date, continue to demonstrate the extent and continuity of gold in this mineral system,” Aurelius Minerals CEO Mark Ashcroft said in a statement.
READ: Aurelius Minerals delivers robust maiden mineral resource estimate at Aureus East gold project in Nova Scotia
“In the 944L channel sampling, we have not just demonstrated the consistent nature of the gold mineralization in the south limbs along the strike of the drift, we have also demonstrated the continuity along the north limb system, on the opposite side of the drift,” Ashcroft added.
Aurelius noted the channel sampling program has been expanded to other areas to refine the geological model and potentially identify additional gold mineralization outside of the mineral resource.
As well, the company reported that it intends to complete a non-brokered private placement offering to raise gross proceeds of up to C$1.25 million, which will involve issuing Aurelius common shares, at a price of $0.10 per share, as well as flow-through company shares at a price of $0.12 per flow-through share.
Aurelius said net proceeds from the common share offering will be used for corporate and general working capital purposes, while funds from the sale of flow-through shares will be used to incur eligible Canadian exploration expenses.
The financing is expected to close on or before September 9, 2022.
Aurelius Minerals is a well-positioned gold exploration company focused on advancing its Aureus Gold Properties, including Aureus East and West, the Tangier Gold Project and the Forest Hill Gold Project located in Nova Scotia.
The company is also focused on advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario, Canada, one of the world's most prolific mining districts; the 968-hectare Mikwam Property in the Burntbush area on the Casa Berardi trend, and the 12,425-hectare Lipton Property on the Lower Detour Trend.
Contact Sean at sean@proactiveinvestors.com