Auric Mining Company is doing business as an investment and management company in mining and natural resources projects. The Company has researched through numerous databases of private and public natural resources companies that have substantial findings already proven. Auric will either purchase, joint venture or invest in these companies.
Auric is currently focusing on developing their properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario, Canada. They are also focusing on their previously explored mineral property in Saskatchewan, known as the “Dolly Gold Showing.” The Company is always looking for acquisition opportunities with significant exploration upside in the form of entire companies or packages of assets that provide an undeniable possibility of hosting base and precious metal mineralization.
The Wawa area has a prolific history for gold mining. It has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. Auric Mining Company has a number of claims strategically located in this historic mining district. Previous exploration in the Wawa area has discovered numerous deposits of small diamonds within metamorphosed Archean basement rocks.
Just north of Wawa, several companies have found significant quantities of the gems in an unusual host rock – the ancient volcanics that characterize the region. The exploration and extraction of mineral resources have been ongoing activities in the Wawa area since the native operation of primitive copper mines as well as the search for these mines by early European explorers in the late 1600′s.
Auric’s Dolly Gold Showing is located approximately 20 air miles Northwest of Flin Flon, Manitoba. This particular property is located in Saskatchewan. Trenching and minor diamond drilling has taken place in the past. It indicates that the gold mineralization occurs over 330 meters of strike length.
Earlier this month, Auric Mining Company reported that following the signing of a Letter of Intent to acquire Nevada based Homestead Tonopah Gold LLC, the acquisition target has entered into an agreement to acquire the Saint Kevin mine property located in Lake County, Colorado. The Saint Kevin Mine covers 10.33 net acres. It was discovered in 1883 and its location is approximately 7 miles northwest of Leadville, Colorado.
The Saint Kevin mine property has proven gold and silver reserves of 120,000 tons averaging 22 ounces of silver and .06 ounces of gold based on previous exploration reports. Homestead Tonopah Gold LLC plans to start further exploration work and to seek out a Joint Venture partner in an effort to prove at least 1 million tons of silver and gold. Auric Mining Company is currently working on the final agreement and closing documents with the intention of completing the acquisition.