Auryn drills 10m of 4.12 g/t Au and 30m of 2.00 g/t Au at South Reef, at the Homestake Ridge Project
December 12 2017 - 6:00AM
Auryn Resources Inc. (TSX:AUG) (NYSE
American:AUG) (“Auryn” or the “Company”) is pleased to announce
drill results from its summer exploration drill program at the
Homestake Ridge gold-silver epithermal project located within the
Golden Triangle in British Columbia, Canada. Auryn targeted 2 out
of 7 expansion opportunities identified away from the existing
deposits (Figure 1) and was successful in identifying the plunge of
the high-grade South Reef zone. Highlights include
30
meters of 2.00 g/t Au (including
4m @ 6.03g/t Au
& 2m @ 11.80 g/t Au)
, 10 meters of 4.12
(including 2m @ 18.01 g/t Au), 18m of 1.29g/t Au
(including
4m of 4.18g/t Au)
, 8m of 2.67
g/t Au (including 2m of 7.4 g/t), and 14m of 1.23g/t
Au. These results identified the geometry of the
high-grade mineralization at the South Reef main zone that remains
open to the northwest and importantly have identified an emerging
parallel high-grade structure (Upper zone) 175 meters to the north
of the main zone.
Ivan Bebek, Executive Chairman, commented, “We
are very excited about the South Reef extension as it demonstrates
strong similarities to the robust Main Zone. Our best intercepts
came at the end of the program which resulted in strong expansion
opportunities that will be exciting to follow up in 2018. In
addition to the South Reef plunge extension, two other parallel
high-grade shoots plunging in the same direction represent
additional targets which provide significant room for the Homestake
Ridge resource to increase.”
Mr. Bebek further stated, “The Homestake Ridge
deposit stands out as a highly valuable asset with respect to its
current size, grade and excellent access to infrastructure. In an
effort to unlock more value in the project in addition to the
discovery of additional ounces we have also begun the necessary
steps to advance the project towards development.”
The summer drill program was designed to test 2
of 7 major target areas across the project with a focus on
expanding the South Reef mineralized zone as well as the potential
northwestern extension to the Homestake Main deposit (Figure
1). Drilling was discovery oriented which targeted new
potential zones of mineralization or significant extensions. None
of the drilling occurred within 500 meters of the Homestake Main
and Homestake Silver deposits, leaving them open for expansion.
The drilling from South Reef demonstrated that
the high-grade mineralization has a 15 – 20 degree shallow plunge
to the northwest (Figure 2 & 3) with the width of the structure
and associated breccia’s increasing in the same direction. The
shallow plunge observed at the South Reef main zone is similar to
that observed at the Homestake Main and Silver deposits and
represents an excellent opportunity to significantly expand
mineralization on the project. Auryn also discovered a 600 meter
long gold-in-soil anomaly that coincides with the northwest
direction of plunging high-grade mineralization that remains
undrilled demonstrating the highly prospective nature of this
structural corridor (Figure 2).
Auryn’s 37 hole (14,850 meter) program at
Homestake Ridge, which was completed under budget, represented its
first field season on the project. Total drilling costs1 were
approximately $400 per meter showing that this area of the Golden
Triangle can be explored in an efficient manner.
Significant results from the South Reef diamond
drilling are provided in the table below. No significant
results were obtained from the Homestake Main extension drilling or
other holes (see Figure 1 for locations).
Table 1:
Significant Intercepts 2017 – South
Reef |
Hole ID |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
17HR-283 |
|
137 |
155 |
18 |
1.29 |
2.3 |
|
including |
141 |
145 |
4 |
4.18 |
3.8 |
17HR-286 |
|
138 |
162 |
24 |
0.62 |
1.5 |
|
|
178 |
186 |
8 |
2.67 |
1.9 |
|
including |
178 |
180 |
2 |
5.59 |
3.4 |
17HR-293 |
|
52 |
80 |
28 |
0.51 |
2.2 |
|
|
276 |
290 |
14 |
1.23 |
1.6 |
|
including |
286 |
290 |
4 |
3.31 |
3.6 |
17HR-296 |
|
6 |
22 |
16 |
0.66 |
2.3 |
17HR-301 |
|
59 |
69 |
10 |
4.12 |
1.8 |
|
including |
61 |
63 |
2 |
18.20 |
6.4 |
17HR-302 |
|
134 |
146 |
12 |
1.45 |
3.3 |
|
including |
138 |
142 |
4 |
3.19 |
2.5 |
17HR-303 |
|
258 |
288 |
30 |
2.00 |
3.5 |
|
including |
264 |
268 |
4 |
6.03 |
2.7 |
|
including |
278 |
280 |
2 |
11.80 |
6.0 |
17HR-304 |
|
70 |
80 |
10 |
1.03 |
1.8 |
* Composite interval includes no less than 4m
<0.2ppm Au True widths are estimated at between 50 – 75% of
reported intervals |
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.
Homestake Drilling
Intercepts were calculated using a minimum of a
0.2 g/t Au cut off at beginning and end of the intercept and
allowing for no more than four consecutive meters of less than 0.2
g/t Au.
Analytical samples were taken by cutting NQ
diameter core into equal halves on site and sending one of the
halves to ALS Laboratories in Terrace, BC, Vancouver, BC or Thunder
Bay, ON for preparation and analysis. All samples are assayed
using 30g nominal weight fire assay with atomic absorption finish
(Au-AA23) and multi-element four acid digest ICP-AES/ICP-MS method
(ME-MS61). Where AA23 results were > 5 g/t Au the assay were
repeated with 30g nominal weight fire assay with gravimetric finish
(Au-GRA21). 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.
____________________
1 Total program costs from July to October less direct costs for
soil sampling and geophysical surveys
Figures accompanying this announcement are
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c02f63b4-bc95-4741-96b1-6563b258d756
http://www.globenewswire.com/NewsRoom/AttachmentNg/4505c39c-9228-4a23-9c7e-275e6e163b24
http://www.globenewswire.com/NewsRoom/AttachmentNg/a2a0a134-445f-4ea2-b060-4af0ba6b9f68