VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jul 17, 2017) –
Editors Note: There is a photo associated with this press release.
Auryn Resources Inc. (TSX:AUG)(NYSE MKT:AUG) (“Auryn” or the “Company”) is pleased to announce it has initiated a 15,000 meter exploration drill program on the Homestake Ridge gold project located within the Golden Triangle in northwestern, British Columbia.
Shawn Wallace, Auryn’s CEO, commented, “With the commencement of this drill program, Auryn now has two discovery drill programs running simultaneously. These programs further increase the potential for major discoveries in some of the most prolific high grade gold regions within Canada.
Mr Wallace further stated, “Surface exploration programs are ongoing in Peru and drilling is anticipated to commence in Q4, once the Canadian drilling is complete.”
The 12 week summer exploration program at Homestake is primarily focused on making new discoveries to considerably add to the high-grade resource that is currently defined on the project as listed in table 1 below (refer to the technical report dated June 7, 2013 filed on sedar at www.sedar.com).
Table 1: Homestake Ridge Resource (effective Dec 31, 2012)
CIM definitions were followed for Mineral Resources.
Mineral Resources utilize three separate block models constrained by 3D wireframes of the mineralized zones. The block models are comprised of an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, Cu, and NSR values interpolated using ID3 weighting.
Mineral Resources are estimated using an average long‐term gold price of US$1,500 per ounce Au, US$27 per ounce Ag, and US$3.50 per pound Cu, with an exchange rate of C$1.00=US$1.00.
The NSR calculation included provisions for treatment charges, refining costs, transportation, and a 2% NSR royalty; and was calculated using Au, Ag and Cu metallurgical recoveries of 92% Au, 88% Ag and 87.5% Cu in blocks where Cu% >0.1%; and was calculated using just Au and Ag recoveries in blocks with