Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex: - Ticker Symbol - AZK
U.S. Registration: (File 001-31893)
News Release Issue # 30 - 2010
VANCOUVER, Nov. 2 /PRNewswire/ - Aurizon (TSX:ARZ; AMEX:AZK)
("Aurizon" or "the Company") is pleased to announce a new series of
drill results from the exploration program on the Fayolle project
located 20 kilometres north-east of Rouyn-Noranda, Québec and 10 kilometres north
of Aurizon's Joanna project. 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 18, 2010
with Typhoon Exploration Inc ("Typhoon"). 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, and subscribing for $2
million in common shares of Typhoon, 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.
Additional drill results and associated geological
interpretations have been received for holes FA-10-05 to FA-10-11,
totalling 2,216 metres which have been drilled in the Fayolle
deposit using a 25 to 50 metre spacing to test geometry and grade
consistency. The first four drill holes of this 2010 campaign were
reported on September 29, 2010.
Assays and/or verifications are still pending for the additional 6
holes (FA-10-12 - FA-10-17) that have been drilled to date.
The best results received are from hole FA-10-08 which returned
8.8 grams per tonne of gold over 11.0 metres and from hole FA-10-11
which returned 17.6 grams per tonne of gold over 4.0 metres. All of
the intersections were drilled inside the existing drilling pattern
following a west south-west drilling direction. However, hole
FA-10-05 shows that mineralization remains open to the north-west,
and hole FA-10-11 opens a mineralized trend to the east and at
depth. Mineralized zones appear to be sub-vertical, true widths are
therefore approximately 75% of the lengths reported below.
Numerous high-grade mineralized zones intersected in drill holes
FA-10-01 to FA-10-11 are located inside lower-grade envelopes.
Also, some low-grade intersections of extensive length do not show
a local high-grade concentration, which demonstrates the strong
bimodal gold distribution of the Fayolle deposit. The best results
from the seven drill holes reported in this news release are shown
in the table below. All of the drill hole results to date are
reported in a table at the end of this news release.
----------------------------------------------------
Grade
Hole From To (grams/ Length
Number (metres) (metres) tonne Gold) (metres)
----------------------------------------------------
FA-10-05 128.0 132.0 6.0 4.0
----------------------------------------------------
----------------------------------------------------
FA-10-07 69.0 75.0 8.7 6.0
----------------------------------------------------
FA-10-08 109.0 120.0 8.8 11.0
----------------------------------------------------
----------------------------------------------------
FA-10-11 182.5 186.5 17.6 4.0
----------------------------------------------------
Mineralization is hosted by strongly brecciated, altered and
deformed ultramafic rocks and by dykes of varied composition, but
generally intermediate and bordered by breccias as described above.
Alteration is characterized by carbonates and fuchsite in
ultramafic rocks and by hematite in dykes. Gold is mostly observed
as free grains up to a millimetre in size, as fracture-filling and
veinlets in both host rocks.
Outlook
To date, 6,203 metres have been drilled in seventeen holes as
part of a 15,000 metre program of approximately thirty nine (39)
holes 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.
The objective of the current exploration program at Fayolle is
to expand the current resource laterally and down dip and gain
enough geological knowledge to efficiently explore the favourable
deformation corridor transecting the property along a length of
more than 2 kilometres. The current exploration program includes
two drill rigs operating for the remainder of the year, at an
estimated cost of approximately $3.0
million.
Quality Control and Qualified Person
All drill core is oriented using Fordia's "Corientr" tool to
measure the geological structures of the drill core. 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. Information of a scientific or technical nature
included in this release has been prepared under the supervision of
Martin Demers, P. Geo., Exploration
Manager of Aurizon and Qualified Person under NI 43-101.
Additional information
The attached sketches show the geological context of the Fayolle
property, the position of the drill holes and a typical section of
the Fayolle deposit.
http://files.newswire.ca/734/Sketch_NR110210A.pdf
http://files.newswire.ca/734/Sketch_NR110210B.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.
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.
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.
In particular, this News Release 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.
-------------------------------------------------------------------------
Grade (grams
per
gold/
Hole E N Total From To tonne Length
(mE) (mN) length (metres) (metres) gold) (metres)
-------------------------------------------------------------------------
145.0 153.0 0.6 8.0
---------------------------------
160.0 165.0 0.4 5.0
FA-10-01* 662310 5367213 423 ---------------------------------
168.0 172.0 0.5 4.0
---------------------------------
192.0 193.5 33.8 1.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
17.4 25.0 0.5 7.6
---------------------------------
35.0 42.0 0.6 7.0
FA-10-02* 662303 5367147 411 ---------------------------------
137.5 150.0 0.8 12.5
---------------------------------
250.0 252.0 5.7 2.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
158.0 169.0 1.3 11.0
---------------------------------
FA-10-03* 662324 5367261 396 209.0 212.0 6.4 3.0
---------------------------------
220.5 225.0 0.8 4.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
61.0 67.0 112.5 6.0
---------------------------------
109.0 111.0 5.2 2.0
FA-10-04* 662181 5367156 225 ---------------------------------
135.0 138.0 1.1 3.0
---------------------------------
160.0 162.0 2.4 2.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
107.0 112.5 1.0 5.5
---------------------------------
FA-10-05 662191 5367213 284 128.0 132.0 6.0 4.0
---------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
75.0 78.5 3.0 3.5
FA-10-06 662177 5367101 186 ---------------------------------
94.0 98.0 1.2 4.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
5.0 9.0 2.9 4.0
---------------------------------
29.5 34.6 2.2 5.1
---------------------------------
FA-10-07 662220 5367145 330 69.0 75.0 8.7 6.0
---------------------------------
94.0 98.5 5.7 4.5
---------------------------------
128.0 159.0 0.7 31.0
-------------------------------------------------------------------------
FA-10-08 662245 5367186 339 109.0 120.0 8.8 11.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
FA-10-09 662318 5367260 385 No significant values
FA-10-10 662455 5367096 380 No significant values
-------------------------------------------------------------------------
-------------------------------------------------------------------------
182.5 186.5 17.6 4.0
FA-10-11 662391 5367126 321 ---------------------------------
231.0 236.7 0.8 5.7
-------------------------------------------------------------------------
-------------------------------------------------------------------------
*Drill holes released on September 29th, 2010
SOURCE Aurizon Mines Ltd.
Copyright v. 2 PR Newswire