AUX Resources Corp. Drills 103 g/t Gold Over 2.74 m and 126 g/t Gold Over 1.1 m at the Georgia Project

Highlights

• 2020 Georgia drill program extends mineralization from the historic high-grade gold mine along strike and at depth
• Drill results include 103 g/t gold and 53 g/t silver over 2.74 metres (GE20023) and 126 g/t gold and 74 g/t silver over 1.1 metres (GE20022)
• Assays pending on 5,000 metres of recovered historic diamond drill core at Georgia
• Assays pending on channel samples from extensive outcropping silver mineralization over 1,400 metres of strike length at the Silver Crown property

Click here to watch a video summary of today's news release provided by AUX's Exploration Manager, Craig Stewart.

"Despite having been explored for over a century, our intercepts of the SW Vein are among the best ever recorded around the Georgia River Mine. Our drilling confirms that the target is open in multiple directions, including depth," comments Ian Slater, Chief Executive Officer, "The opportunity to look at this historic high-grade mine with new perspectives shows enormous potential. Advancing underexplored historic mines has long been a powerful and successful driver in the Golden Triangle, and we see numerous parallels with other projects in the area, including Brucejack and the Scottie Gold Mine."

The 2020 drilling program focused on testing the extensions, both along strike and at depth, of the SW Vein. The high-grade intercepts returned for the SW Vein at depth indicate that the zone remains open at depth and along strike. Drilling in 2021 will be focused on testing the limits of this high-grade ore zone and testing structural controls of subsidiary high-grade ore shoots. Other local veins sets will be further evaluated for the potential to host similar mineralization.

In addition to the drilling completed this year, AUX recovered 5,000 metres of historic diamond drill core from exploration between 1979 and 1996. The majority of this core had only been selectively sampled at obvious veins with minimal shoulder sampling. An extensive recovery program was completed, and the re-boxed core was moved to AUX's warehouse in Stewart for re-logging, re-sampling, and improved geochemistry. The majority of these historic diamond drill holes intersect the SW Vein and will contribute to an improved understanding of this zone. Results are expected in February.

Exploration in and around the Georgia River Mine began in 1910 with the majority of work focused on the Bullion, SW, and Gem veins. The mine was put into production in 1937 with a head grade of 22.6 g/t gold. There was a hiatus in mining and exploration activities between 1939 and 1979. Between 1979 and 2003 exploration included geochemical exploration and mapping, several ground geophysical surveys, using magnetic, max-min and induced polarisation techniques and diamond drill programs. Exploration by AUX from 2010 onwards comprised further geological mapping and geochemical sampling, a property-wide airborne magnetic and V-TEM survey and a synthetic aperture radar (SAR) survey.

Historic drill intercepts at Georgia include:

• 178.4 g/t gold and 171 g/t silver over 0.49 metres (110.79 to 111.28 metres)
• 119.2 g/t gold and 66.4 g/t silver over 1.4 metres (72.71 to 74.09 metres) including 342.5 g/t gold and 190.6 g/t silver over 0.3 metres (73.48 to 73.78 metres)
• 140.8 g/t gold and 213.5 g/t silver over 0.6 metres (33.93 to 34.54 metres)

The most recent documented, unclassified historic resource estimate for the SW Vein of the Georgia River Mine was completed in 1990 (BC Assessment Report 19,983) and estimated 276,403 tonnes of 27.6 g/t gold and 20.9 g/t silver. The estimate was based on 50 drill holes and considers a minimum mining width of 1.22 metres. The SW Vein historical estimate does not comply with CIM Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-101 and has no comparable resource classification. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and AUX is not treating this historical resource as a current resource.

Figure 1. Plan view map of the 2020 SW and Bullion Vein drilling program.

Silver Crown

The 2020 field season also comprised extensive work on the newly acquired Silver Crown property, including field mapping and surficial sampling. Strike length of the mineralized corridor was confirmed to be in excess of 1,400 metres. Channel samples were collected over 500 metres of vein strike length with samples collected every 40 metres. Results from the Silver Crown channel sampling are expected in February. A 3,500 metre diamond drill program is planned for Silver Crown for the 2021 field season.

Quality Assurance and Control

Samples were analyzed at MSALABS in Langley, Canada (an ISO 9001 accredited facility). The sampling program was conducted by the geological team under the supervision of Dr. Craig Stewart, Exploration Manager. A secure chain of custody was maintained in transporting and storing samples. Gold was assayed using fire assay with atomic absorption spectrometry and gravimetric finish when required (i.e., >9 g/t gold). Analysis by four acid digestion with 48 element ICP-MS analysis was conducted on all samples with silver and base metal overlimits being re-analyzed by emission spectrometry.

About AUX Resources

AUX holds more than 27,000 hectares of strategic claims in the Stewart Mining Camp in the Golden Triangle of British Columbia, which is among the world's most prolific mineralized districts, including the high-grade gold Georgia Project centred on the past-producing Georgia River Mine. The Georgia River Mine, which last operated in 1939 with a head grade of 22.6 g/t gold, contains 1.2 kilometres of underground access on three levels. AUX is actively consolidating the Stewart Mining Camp.

The technical disclosures in this release has been read and approved by Dr. Thomas Mumford, Ph.D., P.Geo., a qualified person as defined in National Instrument 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although AUX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

SOURCE AUX Resources Corp.



Contact
please see www.auxrc.com or contact Ian Slater, Chief Executive Officer, +1 604 638 2545, info@auxrc.com; Mars Investor Relations, +1 604 715 6845, aux@marsinvestorrelations.com