Auryn Resources Inc. (TSX:AUG) (NYSE American:AUG)
(“Auryn” or the “Company”) is pleased to announce
it has further refined drill targets at the 2017 high-grade Aiviq
discovery, the details of its March 2018 planned spring drill
program, and additional results from the Committee Bay 2017 summer
program.
Ivan Bebek, Executive Chairman of Auryn stated,
“The Aiviq opportunity at Committee Bay not only offers significant
discovery potential, it also lies within 12 km of our existing
infrastructure at Three Bluffs. As a result, we now have the
opportunity to drill Committee Bay both in the spring and summer
months.”
Mr. Bebek further stated, “We are also excited
to be currently drilling Huilacollo, the first of 4 highly
prospective Peruvian projects. We are making positive headway in
the communities around both the Sombrero and Baños Del Indio gold
projects. 2018 will be a busy year for Auryn as we add
significant shareholder value through discoveries across the global
portfolio.”
Aiviq Infill Till Results:
The Aiviq discovery drill hole (12.2 meters at
4.7g/t Au) is situated along a 7 kilometer long shear zone that is
shedding high-grade boulders and gold-in-tills that was discovered
from Auryn’s belt wide regional till survey. Four new
high-resolution targets have been defined from infill tills
analyzed for gold on 100 meter by 100 meter spacing and will form
the basis of Auryn’s follow-up drill program to expand on the Aiviq
discovery.
During the 2017 till program, Auryn analyzed
indicator elements for gold using portable X-Ray fluorescence
technology; however, due to time constraints during the program the
till samples were not assayed for gold. Subsequent to the
completion of the 2017 program, these till samples were sent to ALS
laboratories for ICP analysis to analyze for gold. The results were
very positive as they spatially overlapped the discovery hole at
Aiviq with a 500-meter long gold-in-till anomaly and defined three
additional target areas totaling 3.0 kilometers of strike length
(figure 1). Auryn’s technical team considers the infill till
data as a critical step in the advancement of our exploration
process to further define the source areas of gold mineralization
under till cover.
Discovery follow-up drilling around drill hole
17RGR003 will be conducted on 25, 50, and 100- meter step outs
covering a total of 350 meters to define a potential deposit
footprint. The targets located to the northeast of the
discovery are supported by infill tills and high-grade boulders
with the drill plan being represented by the green drill collars on
Figure 1.
Michael Henrichsen, COO and Chief Geologist
stated, “We are very excited to begin follow up drilling on our
2017 Aiviq discovery. The additional layer of infill till
results provides Auryn’s technical team a higher degree of
confidence in defining potential source areas of gold
mineralization. These results clearly show the overlapping nature
of high-grade mineralization in drilling with gold in tills and
high-grade bolder trains. Each target at Aiviq provides
Auryn with the possibility of a significant discovery in this
highly prospective shear zone.”
Three Bluffs Targeting:
Targeting at the Three Bluffs deposit will be
based on the on-going re-log of the deposit to determine the
structural controls on high-grade mineralization and geophysical
modeling to target the continuation of the high-grade hinge zone of
the deposit to the north east (figure 2). The goal of the
spring 2018 drill program at the deposit is to both expand the
resource and to explore for new zones of mineralization that were
previously untested.
Balance of 2017 Committee Bay Drill
Results:
Additional highlights from 2017 exploration RAB
drilling include 10.7 meters of 0.62g/t Au from the Mist prospect,
4.6 meters of 1.0g/t Au from the Koffy prospect, and 3.05 meters of
1.73g/t Au from the Kinng Mountain prospect in the NE region of the
belt (Figure 3). Although understated, Auryn considers these
first pass results important as they demonstrate gold bearing
systems with multi-kilometer long potential based on gold-in-till
anomalies and magnetic stratigraphy. Further evaluation of these
target areas will be focused on gold analysis of the infill tills
collected during the 2017 summer program to define high-resolution
targets.
Michael Henrichsen (Chief Operating Officer), P.Geo is the QP
who assumes responsibility for the technical contents of 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.
Cautionary Statements and Technical Disclosures
Committee Bay Infill Till QA/QC Disclosure
Till samples were collected mostly from active frost
boils. Samples are screened using 0.425um screen analyzed
using 50g nominal weight trace level Au by aqua regia extraction
and ICP-MS finish method (Au-TL44) on a -425um fraction. QA/QC
programs using internal standard samples, field and lab duplicates,
re-assays, and blanks indicate good accuracy and precision in a
large majority of standards assayed.
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.
True widths of mineralization are unknown based on current
geometric understanding of the mineralized intervals.
Photos accompanying this announcement are available
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