Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex: - Ticker Symbol - AZK
U.S. Registration: (File 001-31893)
News Release Issue # 36 - 2010
VANCOUVER, Dec. 16 /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 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. 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-10-12 to
FA-10-21, which have been drilled in the Fayolle deposit using a 25
to 50 metre spacing to confirm the new geometrical interpretation
and grade consistency. The first eleven drill holes of this 2010
campaign were reported on September 29 and November 2, 2010.
Assays and/or verifications are still pending for an additional
five holes (FA-10-22, FA-10-23, FAX10-01 to FAX-10-03) that
have been drilled to date.
The best results received are from hole
FA-10-20, which returned 5.1 grams per tonne of gold over
10.5 metres in a zone of intense brecciation with visible
gold, and from hole FA-10-14, which returned 10.8 grams per
tonne of gold over 4.0 metres. The best results from the ten
drill holes reported in this news release are shown in the table
below. All of the results for holes FA-10-12 to FA-10-21 are
reported in a table at the end of this news release. True widths
are estimated to be approximately 75% of core length.
Hole
Number |
From
(metres) |
To
(metres) |
Length
(metres) |
Grade
(grams/tonne
gold) |
FA-10-20 |
28.0 |
38.5 |
10.5 |
5.1 |
FA-10-14 |
270.0 |
274.0 |
4.0 |
10.8 |
FA-10-13 |
148.0 |
161.0 |
13.0 |
3.0 |
FA-10-17 |
118.0 |
119.7 |
1.7 |
6.4 |
FA-10-21 |
77.0 |
121.0 |
44.0 |
1.3 |
The intersection from hole FA-10-20 is located
in the western end of the Fayolle deposit, approximately
30 metres west of drill hole FA-10-04, which returned
112.0 grams per tonne of gold over 6.0 metres (see
the attached map). This new intersection appears to confirm the
mineralization model, with multiple stacked sub-vertical high-grade
lenses striking NNW, hosted inside an important deformation
corridor trending E-W. These lenses are stacked with a general 45°
east-dipping rake (see the attached cross-section). The new
geological model has therefore allowed prediction of new lenses
west and upwards from the main Fayolle deposit.
Holes FA-10-20 and FA-10-21 both returned
anomalous gold assays at greater depth than the aforementioned
lenses. The anomalies may indicate the presence of
mineralized lenses further west. This would also be in accordance
with the new geological model.
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. The grade can generally be correlated with
the intensity of brecciation and quartz-carbonate flooding.
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, 9,098 metres have been drilled in
twenty-six 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 2.5
kilometres. The same geological model applied on the Fayolle
deposit will be used to explore efficiently the rest of the
property. The current exploration program includes two drill rigs
operating at an estimated cost of approximately $3.0 million.
Correction
In the news release dated November 2, 2010, the
results for hole FA 10-8 should have read as follows:
Hole
Number |
From
(metres) |
To
(metres) |
Length
(metres) |
Grade
(grams/tonne
Gold) |
FA-10-08 |
109.0 |
117.0 |
8.0 |
11.4 |
instead of 8.8 grams of gold per tonne over
11.0 metres from 109.0 to 120.0 metres.
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 >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 sketch shows the position of the
drill holes and a schematic section of the Fayolle deposit
http://files.newswire.ca/734/SketchNR121610.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.
|
|
|
|
|
|
|
|
Hole ID
|
E
(mE) |
N
(mN) |
Total
length |
From
(m) |
To
(m) |
Length
(m) |
Grade
(g/t Au) |
FA-10-12 |
662297 |
5367091 |
330 |
89.0 |
90.2 |
1.2 |
0.6 |
176.0 |
179.0 |
3.0 |
0.5 |
FA-10-13 |
662348 |
5367137 |
343 |
113.0 |
121.0 |
8.0 |
0.5 |
|
|
|
|
148.0 |
161.0 |
13.0 |
3.0 |
|
|
|
including |
152.1 |
154.0 |
1.9 |
9.9 |
|
|
|
|
209.0 |
210.0 |
1.0 |
3.7 |
|
|
|
|
215.0 |
216.0 |
1.0 |
4.5 |
FA-10-14 |
662473 |
5367155 |
453 |
131.0 |
132.0 |
1.0 |
1.1 |
224.0 |
235.0 |
11.0 |
0.5 |
259.0 |
260.0 |
1.0 |
4.2 |
270.0 |
274.0 |
4.0 |
10.8 |
FA-10-15 |
662440 |
5367170 |
501 |
246.0 |
247.0 |
1.0 |
1.1 |
271.0 |
272.0 |
1.0 |
1.1 |
FA-10-16 |
662403 |
5367236 |
462 |
251.7 |
263.1 |
11.4 |
0.4 |
FA-10-17 |
662371 |
5367305 |
444 |
118.0 |
119.7 |
1.7 |
6.4 |
FA-10-18 |
662290 |
5367302 |
312 |
No significant values |
FA-10-19 |
662218 |
5367276 |
420 |
No significant values |
FA-10-20 |
662131 |
5367164 |
240 |
28.0 |
38.5 |
10.5 |
5.1 |
51.0 |
55.0 |
4.0 |
1.9 |
85.0 |
90.0 |
5.0 |
1.7 |
171.0 |
175.0 |
4.0 |
1.3 |
FA-10-21 |
662152 |
5367121 |
306 |
77.0 |
121.0 |
44.0 |
1.3 |
|
|
|
including |
94.0 |
98.0 |
4.0 |
3.9 |
|
|
|
|
162.5 |
163.3 |
0.8 |
1.1 |
SOURCE Aurizon Mines Ltd.
Copyright . 16 PR Newswire