Aureus West Property
In May 2020, Aurelius Minerals Inc. (“Aurelius”) completed, through its wholly owned subsidiary 2672403 Ontario Inc. (“267 Ontario”), the acquisition of the Aureus West Gold Property (formerly known as “Dufferin West”). Terms of the acquisition were: (i) US$500,000 upon closing; (ii) a 2% net smelter return royalty with respect to production from Aureus West; and (iii) 2,000,000 Aurelius Shares.
Grade Au (g/t)
Contained Au (Ounces)
Similar to that found at Aureus East 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.
Turbidite-hosted Meguma gold deposits are a sub-type of orogenic gold deposits analogous to those found in the Bendigo Formation of Australia, notably the Fosterville mine. 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.
Gold mineralization at Aureus West is hosted by saddle-reef quartz veins. The veins are sub-horizontal and stacked one above the other with five to 20-metre spacing. Mineralized veins at Aureus West have been traced over a total strike length of over 1.9 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.
Current thesis is the Aureus West mineralized system is a continuation of mineralization found at Aureus East. This mineralization appears to be offset by the large regional scale Harrigan Cove Fault.
The Company has a 100% interest in the property through its wholly owned subsidiary Aureus Gold Inc.
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