Advanced Gold Exploration (CSE:AUEX) has secured an option to acquire the Muriel-Marr Copper-Gold-Zinc Project in northwestern Ontario.
The company entered into an option agreement on 23 June with Bounty Gold and Last Resort Resources for the 403-claim project, which spans 8,287 hectares in the Thunder Bay North district.
Under the terms of the deal, Advanced Gold will make C$120,000 ($122,087) in cash payments over three years, issue 1.5 million shares, and incur C$161,200 in qualifying expenditures to exercise the option.
The optionors also retain a 2% net smelter return royalty, reducible to 1% for C$1 million.
The transaction remains subject to Canadian Securities Exchange approval.
Located 85km north of Equinox Gold’s Greenstone mine, Muriel-Marr covers 25km of volcanic stratigraphy along a subprovince boundary within the Tashota-Onaman greenstone belt.
The belt hosts volcanogenic massive sulphide and hydrothermal gold-bearing systems.
The project captures multiple historic ‘high-grade’ copper, gold, silver, and zinc occurrences associated with electromagnetic conductor trends extending up to 8km in strike length.
Historic showings include the Holland-Chellew occurrence, where early 1900s trenching exposed massive sulphides with assays up to 12% copper, 3.0 grams per tonne gold, 185g/t silver, 33% lead and 5.70% zinc; and the J.J. Perry trench, which historically returned values up to 16.22% copper and 221.5g/t silver.
CEO Ardnt Roehlig says Muriel-Marr has “true district-scale potential”, adding that with the acquisition, the company has now increased its Ontario portfolio to three distinct projects.
The company now plans to relocate and ground-truth Holland-Chellew and other historical occurrences, prospect for bedrock sources of nearby gold-in-soil anomalies identified in 2022, and follow up on extensions of the 8km conductor trend.
Advanced Gold Exploration is a Canadian explorer with a portfolio of gold and copper properties in Canada and the US.
Write to Paula Fabe at Mining.com.au
Images: Advanced Gold Exploration
