TYPHOON AND AURIZON DRILL 8.8 GRAMS PER TONNE OF GOLD OVER 11 METERS ON THE FAYOLLE PROJECT
November 02 2010 - 7:00AM
PR Newswire (Canada)
VANCOUVER, Nov. 2 /CNW/ -- Shares Listed: Toronto Stock Exchange -
Ticker Symbol - ARZ NYSE Amex: - Ticker Symbol - AZK U.S.
Registration: (File 001-31893) News Release Issue No. 30 - 2010
VANCOUVER, Nov. 2 /CNW/ - 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 AURIZON MINES LTD.:
David Hall, President and C.E.O., Telephone: (604) 687-6600, Toll
Free: 1-888-411-GOLD, Fax: (604) 687-3932; Martin Bergeron, Vice
President, Operations, Telephone: (819) 874-4511, Fax: (819)
874-3391, Web Site: www.aurizon.com, Email: info@aurizon.com or
Renmark Financial Communications Inc., 1550 Metcalfe, Suite 502,
Montreal, QC, H3A 1X6, Barry Mire: bmire@renmarkfinancial.com,
Maurice Dagenais: mdagenais@renmarkfinancial.com, Media: Lynn
Butler: lbutler@renmarkfinancial.com, Tel: (514) 939-3989, Fax:
(514) 939-3717
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