Auryn Resources Inc. (TSX:AUG) (NYSE
American:AUG) (“Auryn” or the “Company”) is pleased to announce new
mineralization discovered at the Inuk prospect at its Committee Bay
Gold Project located in Nunavut, Canada. Auryn intercepted 25
meters of 1.15g/t Au (including 3.05 meters of 4.13g/t Au) 400
meters away from the historic intercept of 12.6 meters of 16.04 g/t
Au in hole INR003 within sulphidized banded iron
formation. This hole extends the mineralized system
considerably and demonstrates significant widths of mineralization
under barren intrusive rocks that were not previously tested
(Figure 1). This is the third area drilled at Committee Bay
during 2017 to yield positive results and warrant further
exploration.
News release Highlights:
- Intercepted 25 meters of 1.15g/t Au (including 3.05
meters of 4.13g/t Au) 400 meters along strike from the
historic intercept of 12.6 meters of 16.04 g/t Au at the Inuk
prospect.
- 31% of holes still to be
reported from the Committee Bay drilling, including
results from Kinng Gold, Kinng Mountain, Mist, Koffy targets in the
northeast portion of the belt.
- Results are pending from 37 holes (14,811 meters)
drilled at the Company’s Homestake Ridge Project in the
Golden Triangle, British Columbia. Targets tested included South
Reef and the Homestake Main zone extension.
- Committee Bay follow up drilling to resume in March at
the Aiviq discovery and the Three Bluffs deposit.
Michael Henrichsen, Chief Geologist and COO
commented, “We are very pleased to have hit the broad
intervals of consistent mineralization at our Inuk target. We have
extended the mineralized system by 400 meters to the northeast
under an intrusive cover rock sequence and glacial till. Our
understanding of the geology of the Inuk prospect is at an early
stage but we are highly encouraged at the strength of sulphidation
and gold mineralization within banded iron formations over 10’s of
meters.”
Inuk Results
The mineralization encountered from the recent
drilling at Inuk is believed to be associated with the interaction
of a regional fold and a fault zone that truncates it (Figure
1). Historical core drilling at Inuk was confined to an area
150 meters by 100 meters with intercepts up to 12.6 meters of 16.04
g/t Au. Similarly, this high-grade mineralization was located near
the intersection of the regional fold and through-going fault zone
(Figure 2a). The Inuk target area is defined by a 2.5 km long
magnetic structure which remains untested at depth and open along
strike (Figure 2b).
Auryn believes that the mineralization
encountered in the northern limb of the fold could be indicative of
a much stronger system within the fault zone.
Importantly, holes 17INR006 and 17INR007 were drilled to cross the
target shear zone, however neither hole adequately tested the
target. Drill hole 17INR006 is interpreted to have not crossed the
shear zone and 17INR007 drilled through a barren intrusive
sill.
Rotary Air Blast (RAB) Drilling Results
(69% Reported 31% Pending):
To date, the Company has received complete
results from the Aiviq, Kalulik, West Plains, Ziggy South,
Avinngaq, Aarluk, Four Hills, Inuk, Quartzite Ridge, Castle Rock
and Tuugaalik prospects representing 69% of the drill program
(Figure 3).
Significant intercepts from the Inuk, Quartzite
Ridge, Castle Rock, and Tuugaalik prospects are reported in the
table below.
Table 1:
Significant Intercepts - RAB 2017 |
Prospect |
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Inuk |
17INR001* |
39.62 |
41.15 |
1.53 |
0.78 |
|
|
57.91 |
79.25 |
21.34 |
0.71 |
|
including |
60.96 |
62.48 |
1.52 |
3.50 |
|
17INR002 |
108.20 |
109.73 |
1.53 |
0.85 |
|
17INR003 |
47.24 |
73.15 |
25.91 |
1.15 |
|
including |
54.86 |
57.91 |
3.05 |
4.13 |
|
including |
62.48 |
64.01 |
1.53 |
1.71 |
|
including |
67.06 |
70.10 |
3.04 |
1.70 |
|
|
88.39 |
96.01 |
7.62 |
0.56 |
|
|
102.11 |
103.63 |
1.52 |
0.35 |
|
17INR004 |
59.44 |
65.53 |
6.09 |
2.78 |
|
17INR005 |
50.29 |
53.34 |
3.05 |
0.48 |
|
|
59.44 |
60.96 |
1.52 |
0.29 |
|
|
85.34 |
94.49 |
9.15 |
0.20 |
|
17INR006 |
173.74 |
175.26 |
1.52 |
0.63 |
|
17INR009 |
79.25 |
80.77 |
1.52 |
0.30 |
|
|
89.92 |
100.58 |
10.66 |
0.24 |
Quartzite Ridge |
17QRR002 |
185.93 |
187.45 |
1.52 |
0.26 |
|
17QRR005 |
22.86 |
24.38 |
1.52 |
0.27 |
|
|
96.01 |
97.54 |
1.53 |
0.94 |
|
|
123.44 |
124.97 |
1.53 |
0.33 |
|
|
131.06 |
132.59 |
1.53 |
0.61 |
Castle Rock |
17CRR007 |
50.29 |
51.82 |
1.53 |
3.07 |
|
17CRR007 |
64.01 |
65.53 |
1.52 |
0.26 |
Tuugaalik |
17TGR001 |
188.98 |
190.5 |
1.52 |
0.25 |
|
17TGR003 |
28.96 |
38.1 |
9.14 |
0.32 |
|
17TGR004 |
10.67 |
12.19 |
1.52 |
0.49 |
* Hole lost in mineralization** True widths of
mineralization are unknown based on current geometric understanding
of the mineralized intervals. |
Homestake Ridge Update
Auryn has completed 14,811 meters in 37 drill
holes (with all results pending) at the Homestake Ridge project
(last hole was drilled as of October 12th, 2017). Numerous drill
holes have encountered geological features consistent with gold and
silver mineralization at both the South Reef prospect and the
Homestake Main extension.
Committee Bay – Follow up planned for
March 2018
Auryn plans to undertake both discovery
expansion drilling at the Aiviq prospect and deposit expansion
drilling at the Three Bluffs deposit in a planned 10,000 meter
drill program in March 2018.
Shawn Wallace, President and CEO, stated, “We
now have a minimum of three targets in addition to the Three Bluffs
deposit at Committee Bay that will warrant follow-up and expansion
drill programs in 2018. With seven targets from Committee Bay still
pending, the scope of that program could be expanded. We look
forward to mobilizing drill rigs in March to further test the Aiviq
discovery and commence extending the Three Bluffs deposit. We
are also waiting with great anticipation for the results from
Homestake Ridge and the commencement of drilling in Peru, starting
at our Huilacollo Project.”
Mr. Wallace further stated, “This is the first
year that our portfolio will be active through the winter months,
generating additional results from drill programs soon to be
underway. We have, much like the rest of the industry, been
burdened with slower than expected assay turnaround but are due to
see the first holes from Homestake Ridge later in October."
Michael Henrichsen, P.Geo, COO of Auryn, is the
Qualified Person who assumes responsibility for the technical
disclosures in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN
RESOURCES INC.
Shawn Wallace President and CEO
For further information on Auryn Resources Inc.,
please contact Jay Adelaar, Vice-President of Investor Relations at
(778) 729-0600 or info@aurynresources.com
About Auryn
Auryn Resources is a technically driven junior
mining exploration company focused on delivering shareholder value
through project acquisition and development. The Company’s
management team is highly experienced with an impressive track
record of success and has assembled an extensive technical team as
well as a premier gold exploration portfolio. Auryn is focused on
scalable high-grade gold deposits in established mining
jurisdictions, which include the Committee Bay and Gibson MacQuoid
gold projects located in Nunavut, the Homestake Ridge gold project
in British Columbia and a portfolio of gold projects in southern
Peru, through Corisur Peru SAC.
Forward Looking Information
This release includes certain statements that
may be deemed “forward-looking statements”. Forward-looking
information is information that includes implied future performance
and/or forecast information including information relating to, or
associated with the acquisition and title to mineral concessions.
These statements involve known and unknown risks, uncertainties and
other factors which may cause actual results, performance or
achievements of the Company to be materially different (either
positively or negatively) from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Readers should refer to the risks discussed in the
Company’s Annual Information Form and MD&A for the year ended
December 31, 2016 and subsequent continuous disclosure filings with
the Canadian Securities Administrators available
at www.sedar.com and the Company’s registration statement
on Form 40-F filed with the United States Securities and Exchange
Commission and available at www.sec.gov.
Committee Bay RAB Drilling QA/QC Disclosure
Intercepts were calculated using a minimum of a
0.25 g/t Au cut off at beginning and end of the intercept and
allowing for no more than four consecutive samples (six meters) of
less than 0.25 g/t Au.
Analytical samples were taken using 1/8 of each
5ft (1.52m) interval material (chips) and sent to ALS Lab in
Yellowknife, NWT and Vancouver, BC for preparation and then to ALS
Lab in Vancouver, BC for analysis. All samples are assayed using
30g nominal weight fire assay with atomic absorption finish
(Au-AA25) and multi-element four acid digest ICP-AES/ICP-MS method
(ME-MS61). QA/QC programs using internal standard samples, field
and lab duplicates and blanks indicate good accuracy and precision
in a large majority of standards assayed.
Disclaimer The Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
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