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AUX Resources Hits 103 G/T Gold, 53 G/T Silver Over 2.74 Metres At Georgia Project – The Deep Dive

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The much anticipated assay results have finally been released. AUX Resources (TSXV: AUX) this morning released assay results from its 2020 drill program at its flagship Georgia Project, which contains the historic Georgia River Mine. Highlights from the program include 103 g/t gold and 53 g/t silver being intersected over 2.74 metres.

The 2020 drill program was focused on extending mineralization from the Georgia River Mine, a historic high-grade gold mine located on the property. Specifically, drilling was focused on the extensions of the SW vein along both strike and depth, with intercepts revealing that the vein remains open both at depth and along strike.

Drill results from a total of eight holes were released this morning, with the highlighted figure above coming from drill hole GE20023. Hole GE20022 meanwhile posted intersections as high as 62.5 g/t gold and 36.6 g/t silver over 2,24 metres.

Looking to 2021, the company has indicated that drilling will be focused on testing the limits of the high-grade zone and testing for structural controls of subsidiary high-grade ore shoots. The company will now also look to evaluate other local vein sets for the potential of similar mineralization.

The company is also in the process of having assays completed for 5,000 metres of recovered historic diamond drill core from George. The core comes from exploration conducted between 1979 and 1996, which are expected to contribute to an improved understanding of the SW vein. Results from this effort are expected this month.

“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. 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.”

Ian Slater, CEO of AUX Resources

Lastly, the company also conducted field work at its Silver Crown property during the 2020 field season, which included confirming the strike length of mineralization of the property to be beyond 1,400 metres. Channel sampling was conducted on 500 metres of vein strike length here, with samples collected every 40 metres. Results from this program are expected this month, with a 3,500 metre drill program currently planned for the 2021 season.

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AUX Resources last traded at $0.24 on the TSX Venture.


FULL DISCLOSURE: AUX Resources Corporation is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover AUX Resources Corporation on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.

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Britain in talks with 6 firms about building gigafactories for EV batteries

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Britain is in talks with six companies about building gigafactories to produce batteries for electric vehicles (EV), the Financial Times reported on Wednesday, citing people briefed on the discussions.

Car makers Ford Motor Co and Nissan Motor Co Ltd, conglomerates LG Corp and Samsung, and start-ups Britishvolt and InoBat Auto are in talks with the British government or local authorities about locations for potential factories and financial support, the report added .

 

(Reporting by Kanishka Singh in Bengaluru; Editing by Himani Sarkar)

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EBay to sell South Korean unit for about $3.6 billion to Shinsegae, Naver

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EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.

EBay Korea is the country’s third-largest e-commerce firm with market share of about 12.8% in 2020, according to Euromonitor. It operates the platforms Gmarket, Auction and G9.

Shinsegae, Naver and eBay Korea declined to comment.

Lotte Shopping had also been in the running, the Korea Economic Daily and other newspapers said, citing unnamed investment banking sources.

South Korea represents the world’s fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.

Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other’s affiliates.

($1 = 1,117.7000 won)

 

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

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Canada launches long-awaited auction of 5G spectrum

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Canada is set to begin a hotly anticipated auction of the mobile telecommunications bandwidth necessary for 5G rollout, one that was delayed more than a year by the pandemic.

The 3,500 MHz is a spectrum companies need to provide 5G, which requires more bandwidth to expand internet capabilities.The auction, initially scheduled for June 2020, is expected to take several weeks with Canadian government selling off 1,504 licenses in 172 service areas.

Smaller operators are going into the auction complaining that recent regulatory rulings have further tilted the scales in the favour of the country’s three biggest telecoms companies – BCE, Telus and Rogers Communications Inc – which together control around 90% of the market as a share of revenue.

Canadian mobile and internet consumers, meanwhile, have complained for years that their bills are among the world’s steepest. Prime Minister Justin Trudeau’s Liberal government has threatened to take action if the providers did not cut bills by 25%.

The last auction of the 600 MHz spectrum raised C$3.5 billion ($2.87 billion) for the government.

The companies have defended themselves, saying the prices they charge are falling.

Some 23 bidders including regional players such as Cogeco and Quebec’s Videotron are participating in the process. Shaw Communications did not apply to participate due to a $16 billion takeover bid from Rogers. Lawmakers and analysts have warned that market concentration will intensify if that acquisition proceeds.

In May, after Canada‘s telecoms regulator issued a ruling largely in favour of the big three on pricing for smaller companies’ access to broadband networks, internet service provider TekSavvy Inc withdrew from the auction, citing the decision.

Some experts say the government has been trying to level the playing field with its decision to set aside a proportion of spectrum in certain areas for smaller companies.

Gregory Taylor, a spectrum expert and associate professor at the University of Calgary, said he was pleased the government was auctioning off smaller geographic areas of coverage.

In previous auctions where the license covered whole provinces, “small providers could not participate because they could not hope to cover the range that was required in the license,” Taylor said.

Smaller geographic areas mean they have a better chance of fulfilling the requirements for the license, such as providing service to 90% of the population within five years of the issuance date.

The auction has no scheduled end date, although the federal ministry in charge of the spectrum auction has said winners would be announced within five days of bidding completion.

($1 = 1.2181 Canadian dollars)

 

(Reporting by Moira Warburton in Vancouver; Editing by David Gregorio)

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