Auramex is a mining exploration company the shares of which trade on the TSX Venture Exchange. The company recently acquired the Magenta property, and it is the main focus of the company. It is located in Sinaloa State, Mexico and the main targets have gold / cobalt / nickel / copper / silver mineralization.

 

Auramex Resource  Corp.             [AUX:TSX-V]

Magenta Property, Sinaloa.

Auramex's main property, called Magenta, hosts extensive mineralization in gold, cobalt, nickel, silver and copper. It is located in good infrastructure, being available by road access 13 kilometers from Culiacan, a city of 750,000 people and capital of Sinaloa State, Mexico. (See Map #1) The property, consisting of 5407 hectares (approximately 7 km x 8 km) has been explored pursuant to a Phase 1 recommended program by David St. Clair Dunn, P. Geo., in accordance with NI 43-101 standards, in a report available for review on SEDAR. A drill program is scheduled to begin October 1, 2004.

On the eastern half of the property, occurrences of nickel and cobalt are associated with low gold values. On a vein structure, called El Fierro, a chip sample by Dunn, across 1.5 meters assayed 2.4% nickel, 0.9% cobalt and 1 gram/tonne gold. Dunn describes the host rocks as genetically similar to Inco's Voisey's Bay nickel deposit in Labrador, Canada. The host rocks appear to be gabbro breccias, presumably at the edge of an intrusive complex formed from a highly differentiated magma.

On the western half of the property, the gold values tend to be high in relation to the nickel/cobalt values. Three veins, named La Prieta 1, 2 and 3, have been identified. One grab sample obtained from an old adit in the No. 1 vein assayed 340 grams/tonne gold, 8% nickel and 11% cobalt. (See map #2) The three veins have been traced on surface for 325 meters, and trenching along the northern end of these structures was undertaken as part of the previously mentioned Phase 1 program. A rock sample from the La Prieta #1 from the most recent work returned assays of 20 gm/tonne gold, 0.6% nickel, 0.4% cobalt, 1.4 % copper and 246 grams/tonne silver.

The previous property holder had the property flown by helicopter (in 1996) on 100-meter spacing, to test for geophysical anomalies. The data indicated 16 targets where EM anomalies occurred near the edges of magnetic highs, indicating possible magmatic intrusion. These anomalies, some up to a kilometer in length, were prospected pursuant to the Phase 1 program.

Soil sampling on 15 targets, mainly on the eastern portion of the property, produced anomalous base metal values that tend to confirm the validity of the airborne generated anomalies. Of particular interest was the discovery, from recent sampling, of a new showing, called Marguero, which is located on the northern margin of the ultramafic intrusive complex, approximately 1.5 kilometers west of El Fierro (See Map #2 and Photo #2). The mineralization is three meters wide and consists of massive sulphides in the form of pyrrhotite, chalcopyrite, pyrite and tetrahedrite. Assays of 1% copper and 28 grams of silver per tonne across three meters have been confirmed by recently re-assayed samples.

Metal prices for gold and copper have risen substantially over the past year, while the nickel price has doubled and the price of cobalt has increased four-fold to approximately $30/lb USD in the same time frame.

wwwInfo31Dec04