https://www.miningweekly.com

Stewart mining camp consolidation overdue, say Scottie and AUX

13th April 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

TSX-V-listed juniors Scottie Resources and AUX Resources on Monday announced a transaction to consolidate gold/silver exploration assets in the Stewart mining camp in the Golden Triangle of British Columbia.

Pursuant to the terms of the letter of intent, Scottie would acquire AUX for one common share for each AUX common share held.

The transaction would create a “district-scale mineral tenure remarkably endowed with historic mineral showings and small-scale past producing mines”, said Scottie CEO Brad Rourke.

"Historically the Stewart mining camp has operated as a patchwork of small land packages, which unfortunately impedes regional exploration in the area."

The transaction would consolidate AUX’s Silver Crown, Independence, American Creek, Lower Bear and Bear Pass projects with Scottie's Cambria project. The expanded Cambria project would cover 27 465 contiguous hectares and would include five historical mines – Molly B, Bayview, Black Hills, Blue Grouse and Terminus.

The combined business would have three advanced projects – the Scottie gold mine, Georgia, including the Georgia River mine, and Cambria. All three of these projects would be drilled in the 2021 field season, including a 12 500 m, three-rig diamond drill programme at the Scottie gold mine.

AUX CEO Ian Slater concurred that the Stewart camp had been in “desperate need” of consolidation on scale for decades.

“I'm delighted to be part of this compelling new opportunity."

Scottie’s stock closed 5% higher at C$0.20 a share and AUX ended the day 4% lower at C$0.22 a share.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION