Aurex-McQuesten

Overview

The 100% owned Aurex-McQuesten gold project is located in the Mayo Mining district, approximately 56 kilometres northeast from the village of Mayo and 356 kilometres north of Whitehorse, within the traditional territory of the First Nation of Na-Cho Nyak Dun. The Aurex-McQuesten Gold Project was acquired in 2016 from Alexco Resource and Victoria Gold Corp., respectively. The Aurex-McQuesten Gold Project consists of 506 active Yukon registered quartz mineral claims totaling over 9,230 hectares. The projects are road accessible through the Silver Trail highway and a network of four-wheel drive roads and trails.

The Aurex-McQuesten Gold Project has a rich history of exploration and mining dating back to the beginning of the 1900s. Historically, the area nearby at Keno and Galena Hill has been subject to intense silver exploration, development, and mining. The earliest prospecting activity for gold began as early as 1898, shortly after the Klondike gold rush.

The Aurex-McQuesten property lies in the northern part of the Selwyn basin, and it is underlain by the meta-sedimentary rocks of Devono-Mississippian Earn Group and by the metaclastic rocks of the Late Proterozoic Yusezyu Formation of the Hyland Group, respectively. In the McQuesten area, local narrow granitic dykes commonly intrude the metaclastic rocks and are probably of Cretaceous age related to the Tombstone Intrusive Suite. Gold mineralization is associated with gold bearing skarns and intrusive granitoid dykes. Regionally, the Tombstone Plutonic suite rocks are spatially and genetically associated with a range of precious and base-metal occurrences including the intrusion-related Dublin Gulch. Since acquiring the properties in 2016, the company has identified new target areas to the East based on anomalous gold soil geochemistry and several, significant gold-bearing skarn horizons that have not been tested.

LOCATION AND INFRASTRUCTURE

The Aurex - McQuesten Gold Project (the “Project or the “Property) is located in 7081318N and 470089E within the Mayo Mining District of central Yukon. The Property lies approximately 56 kilometres northeast from the village of Mayo and 356 kilometres north of Whitehorse, within the traditional territory of the First Nation of Na-Cho Nyak Dun (NND).

The Property is readily accessible by vehicle from the all - weather Silver Highway and the South McQuesten Road. A three - phase power grid line exists on the Property.

GEOLOGY

The Aurex - McQuesten Property is located within the north - central part of the Selwyn Basin underlain by metaclastic rocks of the Yusezyu Formation of the Late Proterozoic Hyland Group, and the Mississippian Keno Hill Quartzites. These units have been juxtaposed by northeast directed thrusting in the early Cretaceous by the Robert Service Thrust. The stratigraphy on the Property consists of quartzite, and intercalated graphitic phyllites and argillites, lesser limestone, and quartz - sericite schist to the south. All units have been affected by the Tombstone Strain Zone of the underlying non - exposed Robert Service Thrust fault and have been metamorphosed to widespread greenschist facies and quartz – sericite - muscovite facies. Granitic dykes locally occur that probably belong to the Tombstone Suite Intrusives and are of Cretaceous age.

MINERALIZATION

The Aurex-McQuesten Property has undergone at least three stages of mineralization. Mineralization on the Property occurs as early gold - bearing calc – silicate - pyrrhotite skarns and multi - stage, quartz – arsenopyrite - pyrrhotite veins. Skarns commonly develop proximal to the margins of felsic dykes and have anomalous bismuth ± tungsten, antimony, and copper suggesting proximity to an extensive intrusive source. The gold - bearing quartz – arsenopyrite - pyrrhotite veins are more common in the competent Keno Hill Quartzites and occur as veins, lenses or as vein faults in the local dilatant and fracture zones. The principal ore minerals are pyrite, arsenopyrite, and gold that generally accompanies arsenopyrite. Later, ‘Keno Hill style‘ quartz and siderite veins with pyrite, galena, and sphalerite that make up the principal economic deposits of the nearby Keno Hill area, are interpreted as the last stage of mineralization.

In summary mineralization occurs as:

  • Early quartz – carbonate - pyrite gold veinlets in the metasediments.
  • Pyrrhotite associated skarn replacement gold occurrences adjacent and within granitoid dykes.
  • Quartz - pyrite hosted gold veins developed in the granitoid intrusives, and
  • Keno Hill style siderite - quartz hosted silver – lead - zinc veins.

DEPOSIT-TYPE

Mineralization includes both intrusive - related gold assemblages and Keno Hill silver - base metal veins. Gold mineralization appears to be either associated with intrusive dikes or pyrrhotite skarn altered sediments that lie above the quartzite.

2017 EXPLORATION DRILL AND TRENCH MAP

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