Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex - Ticker Symbol - AZK
U.S. Registration: (File 001-31893)
News Release Issue # 27 - 2010
VANCOUVER, Sept. 29 /PRNewswire-FirstCall/ - Aurizon
(TSX:ARZ; AMEX:AZK) ("Aurizon" or the "Company") is pleased to
announce results from the first four holes from the exploration
program on the Fayolle property in north-western Quebec. The current drill program is the first
phase of a work program totalling $3.5
million to be spent by Aurizon under the joint venture
agreement announced on May 18th 2010.
The Fayolle property is 100% owned by Typhoon Exploration Inc.
("Typhoon") and Aurizon can earn a 50% interest, subject to an
underlying 2% net smelter royalty, by incurring expenditures of
$10 million over four years. Aurizon
can earn an additional 15% interest for a total interest of 65% by
either delivering a feasibility study or spending an additional
$15 million on the project.
The property is located on the Porcupine Destor Break, 10
kilometres north of Aurizon's Joanna project. A January 19, 2007 resource estimate report
prepared for Typhoon dated February 21,
2007 titled "Mineral Resources Evaluation of the Fayolle
Gold Deposit 43-101 Technical Report" by Alain Carrier, M.Sc., P. Geo, of InnovExplo Inc.
(the "InnovExplo Report"), which is available on SEDAR at
www.sedar.com under Typhoon's profile, reported that the Fayolle
deposit extends down to 200 metres and hosts an inferred resource
of approximately 2,191,000 tonnes at a grade of 1.6 grams per tonne
for 113,000 ounces of gold, using a cut off grade of 0.5 grams per
tonne According to the InnovExplo Report, the existing resources
are comprised of a combination of high-grade material and low-grade
disseminated pyrite. In planning the current program, Aurizon
developed a spatial model for grade distribution that has
identified high-grade zones trending perpendicular to the main
deformation corridor which is oriented NW-SE. The results of the
first four drill holes which were drilled at N250 appear to confirm
the new model with improved continuity between mineralized zones
compared to the previous program, where the holes were generally
drilled at N330 degrees.
To date, 4,648 metres have been drilled in fourteen holes as
part of a 15,000 metre program aimed to test the new grade model on
the Fayolle deposit and to explore the entire deformation corridor
transecting the property along a strike length of more than 2
kilometres. Drill results and associated geological interpretations
have been received for the first four holes (FA-10-01 to FA-10-04,
totalling 1,455 metres) which have been drilled in the Fayolle
deposit using a 50 metre spacing to test geometry and grade
consistency. The drill core was systematically sampled. Assays and/
or verifications are still pending for the remaining 10 holes
drilled to date.
The best result from the first four holes was from hole FA-10-04
which returned 112.50 grams per tonne of gold over 6.0 metres. This
intersection is located within the central portion of the deposit,
within the inferred resource envelope identified by the InnovExplo
Report. The best results from each of the first four holes are
shown in the table below. It is possible that the results shown in
the table below, for holes FA-10-01, FA-10-02 and FA-10-03, come
from stacked parallel lenses forming a 60 metre wide corridor down
to a depth of 200 metres. Mineralized zones appear to be cut
perpendicular to their orientation, enhancing the true width
interpretation.
-------------------------------------------------------------
Hole From To Core length Grade
number (metres) (metres) (metres) (grams/tonne gold)
-------------------------------------------------------------
FA-10-04 61.0 67.0 6.0 112.50
-------------------------------------------------------------
FA-10-03 208.0 211.0 3.0 6.30
-------------------------------------------------------------
FA-10-02 250.0 252.0 2.0 5.72
-------------------------------------------------------------
FA-10-01 192.0 193.5 1.5 33.79
-------------------------------------------------------------
Mineralization is hosted by strongly sheared and brecciated
ultramafic rocks and dykes of varied but generally intermediate
composition. Alteration is strong, marked by a carbonate
replacement of ultramafic rocks and hematization of intrusions.
Gold is found as free grains, locally reaching a millimetre scale,
filling cracks and veinlets in both host rock types.
Outlook
The current exploration program at Fayolle is aimed at expanding
the current resource laterally and down dip and at gaining enough
geological knowledge to explore efficiently the favourable
deformation corridor transecting the property. The current
exploration program includes two drill rigs operating for the
remainder of the year representing an estimated additional
investment of approximately $3.0
million.
Quality Control and Qualified Person
Core assays are performed on core sawed in half, with standard
fire assay procedures and atomic absorption finish. Certified
reference material, duplicate and blanks are inserted in the sample
sequence for quality control. Primary assaying is performed by ALS
Chemex of Val d'Or. The rejects
for all samples returning (greater than)10 g/t Au are totally
pulverized and re-assayed.
All drill core is oriented using Fordia's "Corientr" tool to
interpret geological structures, and the first three holes,
FA-10-01 to FA-10-03, were also surveyed every 3 metres using both
Flexit and Gyro instruments to compare deviations.
Information of a scientific or technical nature included in this
release, other than information derived from the InnovExplo Report,
has been prepared under the supervision of Martin Demers, P. Geo., Exploration Manager of
Aurizon and Qualified Person under NI 43-101.
Readers are cautioned that neither Aurizon nor any qualified
person on behalf of Aurizon has verified the data disclosed in the
InnovExplo Report or any of the sampling, analytical or test data
underlying the opinions and estimates set forth in the InnovExplo
Report, and assume no responsibility for such information.
Additional Information
The attached sketch shows the drill holes announced in this news
release compared to previous drilling.
http://files.newswire.ca/734/Fayolleproject.pdf
About Aurizon
Aurizon is a gold producer with a growth strategy focused on
developing its existing projects in the Abitibi region of
north-western Quebec, one of the
world's most favourable mining jurisdictions and prolific gold and
base metal regions, and by increasing its asset base through
accretive transactions. Aurizon shares trade on the Toronto Stock
Exchange under the symbol "ARZ" and on the NYSE Amex under the
symbol "AZK". Additional information on Aurizon and its properties
is available on Aurizon's website at www.aurizon.com.
Technical information on drill holes from this new release
---------------------------------------------------------------------
Hole ID Easting UTM Northing UTM Azimuth Dip Length (m)
---------------------------------------------------------------------
FA-10-01 662320.9 5367206.6 250 -50 423
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FA-10-02 662303.0 5367147.0 250 -50 411
---------------------------------------------------------------------
FA-10-03 662324.0 5367261.0 250 -50 396
---------------------------------------------------------------------
FA-10-04 662180.6 5367155.5 250 -50 225
---------------------------------------------------------------------
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada
and the United States
(collectively, "forward-looking information"). The forward-looking
information contained in this news release is made as of the date
of this news release. Except as required under applicable
securities legislation, the Company does not intend, and does not
assume any obligation, to update this forward-looking
information.
Specifically, this news release contains forward-looking
information with respect to future exploration work on the Fayolle
property. Forward-looking information contained in this news
release is based on certain assumptions that the Company believes
are reasonable, that the current price of and demand for gold will
be sustained or will improve. However, forward-looking information
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. Such factors include, among others,
the risk that actual results of exploration activities will be
different than anticipated, that required supplies, equipment or
personnel will not be available or will not be available on a
timely basis or that the cost of labour, equipment or supplies will
increase more than expected, that the future price of gold will
decline, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources are not as estimated, that actual
costs or actual results of reclamation activities are greater than
expected; that changes in project parameters as plans continue to
be refined may result in increased costs, of accidents, labour
disputes and other risks generally associated with exploration,
unanticipated delays in obtaining governmental approvals or
financing or in the completion of exploration activities, as well
as those factors and other risks more fully described in Aurizon's
Annual Information Form filed with the securities commission of all
of the provinces and territories of Canada and in Aurizon's Annual Report on Form
40-F filed with the United States Securities and Exchange
Commission, which are available on Sedar at www.sedar.com and on
Edgar at www.sec.gov/. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
CAUTIONARY NOTE TO U.S. READERS
As a Canadian reporting issuer, the Company is subject to rules,
policies and regulations issued by Canadian regulatory authorities
and is required to provide detailed information regarding its
properties including mineralization, drilling, sampling and
analysis, security of samples and mineral resource and mineral
reserve estimates. In addition, as a Canadian reporting issuer, the
Company is required to describe mineral resources associated with
its properties utilizing Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") definitions of "indicated" or "inferred",
which categories of resources are recognized by Canadian
regulations but are not recognized by the United States Securities
and Exchange Commission ("SEC").
The SEC allows mining companies, in their filings with the SEC
to disclose only those mineral deposits they can economically and
legally extract or produce. Accordingly, information contained in
this News Release regarding our mineral deposits may not be
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under
the United States federal
securities laws and the rules and regulations of the Commission
thereunder.
In particular, this News Release may use the term "indicated"
resources. U.S. readers are cautioned that while that term is
recognized and required by Canadian regulations, the SEC does not
recognize it. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in this category will ever be
converted into mineral reserves.
This News Release also uses the term "inferred" resources. U.S
readers are cautioned that while this term is recognized and
required by Canadian regulations, the SEC does not recognize it.
"Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. U.S. readers are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
SOURCE Aurizon Mines Ltd.
Copyright . 29 PR Newswire