- Advance United Holdings (AUHI) has announced the signing of a confidentiality letter of intent and preliminary term sheet agreement with Orex Minerals Inc
- The agreement is for the purpose performing due diligence for acquisition of the Jumping Josephine Property in British Columbia
- Orex is the 100 per cent owner of the property, consisting of twenty-four (24) exploration claims totalling 28,8300 acres
- It stores a structurally controlled system hosting gold mineralization in the Blueberry-Paulson summit area in the West Kootenay region of south-eastern British Columbia
- The Jumping Josephine Property is in an area with several significant gold (and other metal) deposits that straddle the British Columbia – Washington border known as the “Boundary District”
- Advance United Holdings Inc. (AUHI) was down to $0.40 by $0.05 or 11.11 per cent at 14:48 ET
Advance United Holdings (AUHI) has signed a letter of intent and preliminary term sheet agreement with Orex Minerals Inc.
The agreement is for the purpose of performing due diligence for the acquisition of the Jumping Josephine Property in British Columbia
Advance United is performing the necessary due diligence on the project for the purpose of entering into a definitive agreement and transaction with Orex to acquire the Project, the form of which transaction will be subject to negotiation and agreement.
All claims are in good standing until April 2025 and Advance United will not require a work commitment to maintain them.
The main Jumping Josephine deposit was discovered by prospecting by Kootenay Gold in the 1980s.
Drilling was carried out on the property and resulted in a NI 43-101 Technical Report completed by APEX Geoscience in 2011 which defined an Inferred Resource of 363,000 tonnes at a grade of 2.95 g/t gold for 34,000 ounces and an Indicated Resource of 448,000 tonnes at a grade of 2.08 g/t gold for 30,000 ounces.
Subsequent work by the current owner including trenching and over 8,000 m of drilling on the main deposit and other areas of the property returned trench values including 7 metres at 80.18 g/t gold, 4 metres at 25.24g/t gold, and 8 metres at 7.38 g/t gold.
Gold mineralization at the main prospect is hosted within auriferous quartz veins comprising a quartz stockwork vein system within an apparent shear zone hosted by a mid-Jurassic intrusive.
Elsewhere on the property, gold is similarly hosted within quartz veins and stockwork vein systems hosted by intrusive rocks and/or older volcanic rocks.
The Jumping Josephine Property is in an area with several significant gold (and other metal) deposits that straddle the British Columbia – Washington border known as the “Boundary District.”
Advance United Holdings Inc. (AUHI) share price was down to $0.40 by $0.05 or 11.11 per cent at 14:48 ET.