Copper Quest Signs Auxer Gold Property Option Agreement To Expand US Operations
Executive Summary
- Copper Quest Exploration Inc. entered into an arms‑length Option to Purchase Agreement to acquire 100 % of the possessory rights and interest in the AUXER Gold Property in Idaho, expanding its U.S. gold exposure.
- The transaction consideration consists of a US$30,000 non‑refundable fee plus issuance of 2,000,000 common shares at a deemed price of $0.15 per share, with shares escrowed and released over 12 months.
- The AUXER property is a 1,087‑hectare, road‑accessible gold project featuring historic high‑grade intercepts (up to 26.8 g/t Au) and existing underground workings, fully permitted for drilling and infrastructure development.
Key Details
- Transaction Consideration
- Non‑refundable cash fee: US$30,000.
- Share issuance: 2,000,000 common shares at a deemed price of $0.15 per share.
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Shares to be escrowed with staged releases over 12 months; subject to a statutory hold period of 4 months + 1 day.
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Closing Conditions
- 30‑day due diligence period, exchange approval, and customary closing conditions.
- Closing may occur prior to the end of the due diligence period.
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Finder’s fee payable in common shares.
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Property Highlights – AUXER Gold Property (Idaho, USA)
- Size & Access: 1,087‑hectare (130 unpatented lode claims), road‑accessible, adjacent to BNSF Railway mainline.
- Geology: 7 km strike length with orogenic gold characteristics; multiple high‑grade ore shoots.
- Historical Intercepts: Lightning Creek Gold Corp drill hole LCD21‑0019 returned 26.8 g/t Au over 0.73 m; historic surface samples up to 21.0 g/t Au.
- Underground Infrastructure: ~1,000 m of existing underground workings providing immediate access and cost savings.
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Permitting: Authorized for surface diamond drilling (IPNF Decision Memo) and re‑establishment of underground access; infrastructure permits in place (temporary road, water withdrawal).
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Strategic Rationale
- Adds a high‑grade gold project to Copper Quest’s portfolio alongside the past‑producing Alpine Gold Mine.
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Enhances exposure to North American gold assets in a mining‑friendly jurisdiction with existing logistics (highway, rail).
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Qualified Person
- Joshua White, P.Geo., Technical Advisor and qualified person under NI 43‑101, reviewed and approved the technical information.
Notable Quotes
“The Auxer Gold Project represents a timely and compelling opportunity to develop a significant gold resource 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.