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Peter Lake Project

The Peter Lake Project comprises 6 mineral dispositions covering 26,400 hectares in northern Saskatchewan. The claims cover a significant portion of the Peter Lake Domain, which hosts the Swan River Complex, the largest mafic/ultramafic complex in North America next to the Duluth Complex (Hulbert, 1988).

Previous work has established the existence of significant platinum group element ("PGE") mineralization together with significant copper and nickel values, and recently significant cobalt values have been identified. The Swan River Complex is considered to be prospective for magmatic breccia type PGE deposits similar to Lac des Iles in Ontario (from the NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. entitled "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada" effective July 12, 2012, hereinafter the "RPA Report").

Between 2009 and 2011 the Company completed extensive geophysical surveys including 10,878 line-km of airborne ZTEM, VTEM, and Magnetometer surveys, and 35 line-km of Horizontal Loop and Pulse EM ground surveys. As a result of these surveys, correlations were made with known PGE mineralization and many similar anomalies were identified, in particular from the VTEM results, in the Swan Lake area of the Swan River Complex. Based on a combination of known mineralization and geophysical results drill testing was also completed over a number of areas in the same 2009-2011 time period. A total of 59 diamond drill holes totaling 16,174 metres were completed with 47 of those drill holes, totaling 13,928 metres, concentrated on the Swan Lake Zone. The Swan Lake Zone was historically known to host PGE and Cu-Ni mineralization and correlates with a VTEM anomaly. In the RPA Report it is noted that there are 16 additional VTEM targets in the Swan Lake area similar to that of the Swan Lake Zone.

The work to date including surface prospecting, geochemistry, geophysics and drilling has proven the Peter Lake project area hosts significant Cu-Ni-PGE mineralization and that there are a large number of highly prospective targets identified, in addition to the Swan Lake Zone, requiring follow-up exploration. Cobalt grades were not originally reported by RPA and have been calculated below from the intersections selected by RPA, with drill hole SW 03 added for purposes of this news release:

Swan Lake Significant Drilling
Intersections-Peter lake Project
Hole # From
SW 03 116.5 173.3 56.8 0.075 0.081 0.131 0.287 0.081 0.258 0.010
  179.9 180.9 1.0 0.083 0.028 1.345 1.456 2.090 2.385 0.205
SW 08 160.0 231.6 71.6 0.154 0.236 0.313 0.703 0.182 0.519 0.020
  Incl 200.0 225.0 25.0 0.256 0.434 0.502 1.192 0.268 0.828 0.027
  Incl 205.0 210.0 5.0 0.551 1.212 0.953 2.716 0.463 0.882 0.040
  and 208.2 208.8 0.6 2.230 8.000 2.380 12.610 0.158 0.389 0.017
SW 19 210.1 235.7 25.6 0.160 0.089 0.192 0.441 0.098 0.680 0.011
  Incl 220.1 225.1 5.0 0.287 0.150 0.352 0.789 0.210 1.403 0.021
  Incl 222.1 222.8 0.7 0.431 0.675 0.487 1.593 0.568 1.258 0.047
SW 38 146.9 168.6 21.7 0.166 0.176 0.206 0.548 0.133 0.556 0.017
  Incl 156.9 161.9 5.0 0.226 0.207 0.282 0.775 0.263 1.524 0.028
  Incl 158.5 159.5 1.0 0.760 0.025 0.220 1.005 0.690 5.550 0.080

The RPA report further notes and concludes: "The potential tonnage and grade of mineralization located at the Swan Lake prospect on the Peter Lake property could be two to three million tonnes grading between 0.1 g/t Au and 0.2 g/t Au, 0.1% Ni and 0.2% Ni, 0.4% Cu and 0.7% Cu, 0.1 g/t Pt and 0.3 g/t Pt, and 0.2 g/t Pd and 0.4 g/t Pd. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource…CPC’s (now Aurex’s) Peter Lake property has potential to host additional PGE-Ni-Cu mineralization and the property warrants additional investigation. Additional tonnage at higher grades must be discovered prior to making a Mineral Resource estimate."

Subsequent to the RPA report, an independent resource estimate* was carried out which included cobalt in the estimate. This report entitled "Swan Lake-Grades and Tonnage Estimation" was prepared by R. Hogan and dated April 2013 with the following results:

Tonnes Au
Cu % Ni % Co % Cr %
15,227,000 0.08 0.09 0.13 0.30 0.272 0.076 0.010 0.013

*This historical estimate uses definitions of mineral resources other than current CIM definitions for mineral resources. Accordingly, the reliability of the estimate is unknown but is considered relevant by the Company in that it represents a significant exploration target for further exploration work.

The estimate is the result of applying three geostatistical based interpolation techniques: nearest neighbor, inverse distance squared and ordinary kriging, to a set of high grade cut, 1.5 m composited drill hole assays. The calculated grades represent the average or mean grade of each of the metals as estimated within 10m by 10m by 10 m blocks contained within the constrained block model. The presentation above is based on the results from ordinary kriging.

The database was built from 47 drill holes and consists of 2600 assays for each of the seven metals presented. The individual block models contained a total of 98,010 blocks. Hogan relied on RPA’s work for data verification and quality assurance and quality control as noted below. In addition, assay data was checked for data entry and logging errors through the application of customized software. There are no more recent estimates or data available to the Company. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and Aurex is not treating this estimate as a current mineral resource as defined in NI43-101. In order to upgrade this estimate to a current mineral resource, Aurex will be required to conduct additional drilling at Swan Lake.

Since the Swan Lake showing is coincident with one of 17 similar VTEM anomalies in the immediate area of Swan Lake, significant tonnage potential exists in the area. The grades and associated values at today’s prices are certainly comparable to other similar projects being developed in North America and globally, with cobalt becoming a significant influence on project economics at Peter Lake.



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Last Updated: May 2020

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