Aureus East Mine
In February 2020, Aurelius Minerals Inc. (Aurelius) acquired 2672403 Ontario Ltd. (property owner, since renamed Aureus Gold Inc.) from Sprott Resource Lending for a total consideration of US$8,200,000 in deferred payments payable in cash or common shares of Aurelius Minerals Inc. The mine has seen over $30mm invested in development by previous owners. The Aureus East mine is permitted with extensive modern infrastructure including a 300tpd mill with on site assay laboratory. The property can be accessed via provincial Highways and is serviced by provincial grid power. The deposit remains open along strike and at depth. An initial review of previous exploration history has revealed extensive high-grade intersections not modelled into historical resources.
The Aureus East mine contains a historical resource estimate that is not current under NI 43-101 requirements. Table of historic resources is included for reference only and readers are cautioned that Aurelius Minerals makes no guarantee of their validity and accuracy at this time.
Resource Category Quantity (Tonnes) Grade Au (g/t) Contained Au (Ounces) Indicated 152,000 11.9 58,000 Inferred 434,000 6.9 96,800
The Property is underlain by metasediments of the Goldenville Formation, principally greywacke with minor interbedded argillite, and the Halifax Formation, composed of black, graphitic slate, that are folded into a series of gently east-plunging, upright anticlines and synclines. Strata of the Halifax Formation are confined to the northern end of the Property but serve as an excellent marker horizon.
Turbidite-hosted Meguma gold deposits are a sub-type of orogenic gold deposits. Orogenic gold deposits form near or soon after peak metamorphism in collisional metamorphic terranes of all ages. These deposits exhibit strong structural control in brittle faults and ductile shear zones as quartz-dominated stockworks, breccias, sheeted veins, vein arrays, replacements, and disseminations. Most deposits formed under greenschist facies metamorphic conditions (250-350°C, 1 to 3 kbar, 2 to 20 km deep) in compressional or transpressional settings.
Mineralization occurs in quartz veins and altered wall rock, with generally high gold:silver ratios and high fineness, accompanied by 2 to 5% sulfides. Historically, high-grade veins were exploited (5-30 g/tonne), but many deposits comprise large volumes of lower-grade, bulk-mineable mineralization.
The gold-bearing anticlinal structures at Aureus East have a strike length of at least three km and a depth of at least 400 metres. Eighteen or more stacked saddle-reef veins have been intersected by diamond drilling or exposed in underground workings. The saddles have a crest and associated leg-reef veins. The anticlinal crests are sub-horizontal and are stacked one above the other with 20 to 40-metre spacing. Saddle 1, which begins at the portal, has been followed to the east for a strike length of 1,200 metres and collectively, mineralized veins have been traced over a strike length of 1.6 km.
The saddle veins are of milky white to grey coarsely crystalline quartz containing thin layers of argillite and/or chlorite. The veins are generally thicker at the fold apex with sharp contacts between quartz and argillite on both the hanging wall and the footwall. Common gangue minerals in the quartz include ankerite, siderite, calcite, kaolinite and chlorite. Sulphide minerals, in order of decreasing abundance, include arsenopyrite, pyrite, galena, sphalerite, chalcopyrite, pyrrhotite and stibnite. Gold commonly occurs with galena and arsenopyrite, with galena being considered the best indicator sulphide for gold. Arsenopyrite, up to a few percent, occurs within the veins and the wall rocks.
The Company has a 100% interest in the property through its wholly owned subsidiary Aureus Gold Inc.
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