Golden Triangle Projects To Be Merged
Scottie Resources Corp. (TSXV:SCOT) has entered into a letter of intent (LoI) under which Scottie will acquire all of the issued and outstanding shares of AUX Resources Corporation.
The Transaction will consolidate the contiguous gold-silver exploration assets of Scottie’s Cambria Project in British Columbia and AUX’s Silver Crown, Independence, American Creek, Lower Bear and Bear Pass Projects, all of which will benefit from operational and geological synergies
Upon completion of the Transaction, it is expected that the shareholders of AUX will hold approximately 31% of Scottie’s issued and outstanding shares.
Anticipated benefits of the Transaction include:
- District scale 522 sq. km 100% owned in the heart of the Stewart Mining Camp adjacent to Pretium Resources and Ascot Resources Premier and Red Mountain deposits in the Golden Triangle.
- Consolidation of AUX’s Silver Crown, Independence, American Creek, Lower Bear and Bear Pass Projects with Scottie’s Cambria Project. The expanded Cambria Project will cover 27,465 contiguous hectares and includes five historical mines (Molly B, Bayview, Black Hills, Blue Grouse and Terminus).
- Three advanced Projects in the Stewart Mining Camp – Scottie Gold Mine, Georgia (including the Georgia River Mine) and Cambria (including five historical mines). All three Projects will be drilled in the 2021 field season including a 12,500 metre three rig diamond drill program at the Scottie Gold Mine.
- Scottie’s significant infrastructure in Stewart will provide operational synergies to AUX’s projects.
- Scottie will be well-capitalised with over C$6 million in cash.
“Historically the Stewart Mining Camp has operated as a patchwork of small land packages, which unfortunately impedes regional exploration in the area. The extensive and complimentary land positions of Scottie and AUX naturally support consolidation, creating a geological relevant district scale mineral tenure remarkably endowed with historic mineral showings and small-scale past-producing mines” Scottie CEO, Brad Rourke, said.
“In addition to the land package, merging the companies will create a multitude of operational efficiencies and synergies which will benefit both companies.”
