en.Wedoany.com Reported - Advanced Gold Exploration (CSE:AUEX) has secured an option to acquire the Muriel-Marr copper-gold-zinc project in northwestern Ontario, Canada.

The company entered into an option agreement with Bounty Gold and Last Resort Resources for the project on June 23. Located in the Thunder Bay North district, the project comprises 403 mining claims covering a total area of 8,287 hectares.

Under the terms of the agreement, Advanced Gold will pay CAD 120,000 (approximately USD 122,087) in cash, issue 1.5 million shares, and incur CAD 161,200 in qualifying expenditures over three years to exercise the option. The optionors retain a 2% net smelter return royalty, which can be reduced to 1% for CAD 1 million. The transaction is subject to approval from the Canadian Securities Exchange.

The Muriel-Marr project is located 85 kilometers north of Equinox Gold's Greenstone mine, covering 25 kilometers of volcanic stratigraphy along a sub-provincial boundary within the Tashota-Onaman greenstone belt. This greenstone belt hosts volcanogenic massive sulfide and hydrothermal gold-bearing systems. The project includes multiple historical high-grade copper, gold, silver, and zinc occurrences associated with an electromagnetic conductor trend extending up to 8 kilometers in strike length.

Historical occurrences include the Holland-Chellew showing, where early 20th-century trenches exposed massive sulfides yielding assays of up to 12% copper, 3.0 g/t gold, 185 g/t silver, 33% lead, and 5.70% zinc. The J.J. Perry trench historically returned grades of up to 16.22% copper and 221.5 g/t silver.

CEO Ardnt Roehlig stated that Muriel-Marr has "true district-scale potential." With this acquisition, the company has expanded its Ontario project portfolio to three distinct projects. The company now plans to relocate and verify the Holland-Chellew and other historical occurrences, explore the bedrock source near a soil gold anomaly identified in 2022, and follow up on extensions of the 8-kilometer conductor trend.

Advanced Gold Exploration is a Canadian exploration company with a portfolio of gold and copper assets in Canada and the United States.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com