Aurogin Res. options Bathurst base metal property

Toronto-based Aurogin Resources (AUQ-V) has optioned a half-interest in a prospective base metal property in New Brunswick from privately held Heron Mines. The property is in the Belledune area, northwest of Bathurst.

The pair jointly funded a 750-line-km helicopter-borne electromagnetic survey that revealed several discrete conductors, with coincident magnetic anomalies. One of the anomalies measures 250 metres along strike and 100 metres in width. The area of interest is in a portion of the Elmtree Inlier, a 15-km-long belt of folded and thrusted Ordovician-to-Devonian volcanics, sediments and intrusives. Several sulphide showings are reported to occur in this belt, including the Turgeon zinc-copper prospect.

Aurogin can find no evidence of prior drilling in the areas of the new anomalies. To complete its earn-in, the junior is required to spend $50,000 on exploration on each target area.

Aurogin has arranged a $125,000 private placement of 625,000 units priced at 20 apiece. Each unit consists of one flow-through share and a half-warrant, with each whole warrant entitling the holder to buy one additional share at 30 for two years.