Copper Quest Completes the Auxer Gold Property Acquisition To Expand US Operations
Executive Summary
- Copper Quest Exploration Inc. completed a purchase agreement to acquire full ownership of the Auxer Gold Property in Idaho, expanding its U.S. gold exposure.
- The transaction was funded by issuance of 2,000,000 common shares at $0.15 per share and a non‑refundable cash payment of USD 30,000; a finder’s fee of 138,655 shares was also paid.
- The Auxer property comprises 1,087 hectares with historic high‑grade gold intercepts (up to 26.8 g/t Au) and extensive infrastructure permits, positioning it for immediate drilling and potential underground mining.
Key Details
- Transaction Structure:
- Issuance of 2,000,000 common shares at a deemed price of $0.15 per share.
- Cash payment of USD 30,000 to the vendor (non‑refundable).
- Finder’s fee: 138,655 common shares at $0.15 per share.
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Shares escrowed with staged releases over 12 months; subject to a statutory hold period of four months and one day.
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Property Highlights:
- 1,087‑hectare (2,687 acre) road‑accessible land with 130 unpatented lode claims.
- 7 km strike length of mineralization, strong orogenic gold characteristics, multiple high‑grade ore shoots.
- Existing underground workings (~1,000 m) provide access and geological data.
- Permitted for surface diamond drilling (IPNF Decision Memo) and re‑establishment of underground access.
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Historical grades: up to 26.8 g/t Au over 0.73 m (Lightning Creek drill hole LCD21‑0019).
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Infrastructure & Logistics:
- Proximity to BNSF Railway mainline, Highway 200, and existing gravel roads; temporary ATV access planned due to bridge damage.
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Permits in place for road construction, water withdrawal, and overland travel.
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Strategic Rationale (CEO Quote):
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“The Auxer Gold Project represents a timely opportunity to increase our gold exposure… The expansion of the Boston Vein demonstrates classic orogenic gold vein geometry with strong depth continuation potential.”
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Qualified Person: Joshua White, P.Geo., Technical Advisor and qualified person under NI 43‑101, reviewed and approved technical information.
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Closing Conditions: Subject to exchange approval and customary closing conditions; escrowed shares released over 12 months.
Notable Quotes
“The Auxer Gold Project represents a timely opportunity to increase our gold exposure in one of North America's most mining‑friendly regions with gold prices at all‑time highs.” – Brian Thurston, President & CEO, Copper Quest Exploration Inc.