Auryn Resources Inc. (TSX:AUG) (NYSE American:AUG)
(“Auryn” or the “Company) is pleased to announce
the acquisition of rights to the Mollecruz concessions, which are
key claims in the northern area of the Sombrero Project, located in
southern Peru. The Mollecruz concessions include the Good Lucky
prospect, which is located five kilometers from the Sombrero
project, where Auryn recently trenched 99 meters of 0.46% copper
equivalent.
Samples taken within the Mollecruz concessions
yielded results up to 5.12 g/t gold and 4.29% copper.
In addition, two new prospects, Totora and
Uchuy, have also been discovered through sampling. At Totora,
Auryn’s geologists have sampled gold values up to 5.07 g/t
and copper values up to 3.14%. At Uchuy, strong arsenic
and antimony values have been sampled which indicate the potential
for proximal base and precious metal mineralization.
A Message from Auryn’s Executive
Chairman and Director:
Ivan Bebek stated, “The Sombrero project
continues to impress us both with the potential size of
the structures and grades of mineralization we continue to
identify.”
The Good Lucky Prospect:
The Good Lucky prospect is located within the
Mollecruz concessions which are approximately 1,000 hectares and
represent another cluster of mineralizing intrusive bodies in the
Sombrero district that are characterized by copper-gold skarn
mineralization (Figure 1).
The principle skarn body at the Good Lucky
prospect demonstrates high-grade copper-gold mineralization sampled
over a 600 meter length and over 250 vertical
meters (Figure 2). Rock samples graded up to
5.12 g/t gold and 4.29% copper in sulphide mineralization.
A summary of the highlights is presented below in Table 1.
Table 1: Highlights of Good Lucky
Rock Samples
Sombrero - Good Lucky Rock 2018
Highlights |
Gold |
Copper |
Sample ID |
Au (g/t) |
Sample ID |
Cu (%) |
Sample ID |
Cu (%) |
W645039 |
5.12 |
W645035 |
4.29 |
W645151 |
1.06 |
W645082 |
2.25 |
W645081 |
4.27 |
W645115 |
1.04 |
W645068 |
1.16 |
W645097 |
3.05 |
W645080 |
1.04 |
W645090 |
1.08 |
W645087 |
2.9 |
W645047 |
0.94 |
W645077 |
0.71 |
W645090 |
2.71 |
W645088 |
0.90 |
W645071 |
0.68 |
W645041 |
2.64 |
W645074 |
0.90 |
W645069 |
0.64 |
W645077 |
1.90 |
W645112 |
0.87 |
W645038 |
0.59 |
W645049 |
1.78 |
W645118 |
0.86 |
W645075 |
0.42 |
W645068 |
1.75 |
W645075 |
0.79 |
W645151 |
0.39 |
W645071 |
1.71 |
W645110 |
0.75 |
W645081 |
0.38 |
W645093 |
1.68 |
W645082 |
0.62 |
W645040 |
0.31 |
W645066 |
1.51 |
W645105 |
0.59 |
W645074 |
0.30 |
W645086 |
1.19 |
W645067 |
0.57 |
|
|
W645099 |
1.13 |
|
|
All samples disclosed in this table were grab
samples and were selectively taken. The results
are not necessarily representative of the mineralization hosted on
the property. |
Importantly, the skarn mineralization
encountered at Good Lucky occurs in the Gramadal limestone sequence
situated below the Ferrobamba limestone sequence. The Ferrobamba
sequence hosts mineralization at the Sombrero project as well as
the Tintaya and Las Bambas deposits (Figure 3). This is
significant because it demonstrates that there are two mineralized
limestone sequences within the district, increasing the likelihood
of a potential discovery. The outcropping mineralization is
interpreted to extend under thin volcanic cover to the north. A
magnetic survey will be conducted to determine the extent of the
system.
Terms of the Acquisition
Under the terms of an option agreement dated
June 22, 2018, the Company may acquire a 100% interest in the
Mollecruz concessions by completing US$3,000,000 in work
expenditures and by making payments totaling US$1,600,000 to the
underlying owner over a five year period. At signing, Auryn paid
US$50,000 and upon exercise of the option, the underlying owner
will retain 0.5% NSR royalty with an advance annual royalty payment
of US$50,000.
Totora and Uchuy Prospects:
Auryn has followed-up on results from its
regional 2017 stream sediment survey in the concessions to the west
of Good Lucky and has identified previously unknown copper-gold
porphyry-style of mineralization (the Totora prospect) and an area
of abundant skarn mineralization (the Uchuy prospect). These
prospects have been discovered in an area with extensive
post-mineralization volcanic cover.
At Totora, a 50-meter-wide porphyritic monzonite
dyke within a larger diorite body has been identified. The
dyke itself is completely altered by porphyry-style silica and clay
and has extensive stockwork veining over its entire width (Figure
4). Reconnaissance sampling from Totora has yielded gold
and copper mineralization over a 200 meter length with rock samples
grading up to 4.92g/t gold and 3.14% copper along the
margins of the monzonite dyke. Additional rock samples have
been collected across the stockwork vein system with results
expected in the coming weeks.
Auryn’s technical team views the discovery of
the Totora prospect as highly significant because it demonstrates
the potential for copper-gold porphyry-style mineralization within
the Sombrero district. A summary of the reconnaissance rock
samples from Totora is presented below in Table 2.
Table 2: Highlights of Totora Rock
Samples
Sombrero - Totora Rock 2018
Highlights |
Gold |
Copper |
Sample ID |
Au (g/t) |
Sample ID |
Au (g/t) |
Sample ID |
Cu (%) |
W645131 |
5.07 |
W645160 |
0.37 |
W645164 |
3.14 |
W645164 |
1.08 |
W645162 |
0.33 |
W645162 |
1.28 |
W645132 |
0.89 |
W645161 |
0.33 |
W645159 |
1.17 |
W645135 |
0.76 |
W645159 |
0.23 |
W645136 |
1.16 |
W645136 |
0.55 |
W645138 |
0.21 |
W645163 |
1.12 |
W645163 |
0.40 |
|
|
W645160 |
1.03 |
All samples disclosed in this table were grab
samples and were selectively taken. The results
are not necessarily representative of the mineralization hosted on
the property. |
At Uchuy, mineralization is characterized by
jasperoid (silica) structures and skarn bodies associated with
Labra formation sndstones and the Gramadal limestone sequence,
respectively. The jasperoids and the skarn bodies occur over
a one kilometer length in a north-south structural corridor. These
bodies are highly elevated in both arsenic and antimony
demonstrating that they have the potential to be in close proximity
to a precious and base metal system at depth. The majority of
the samples ran greater than 200 g/t arsenic with multiple samples
greater that 1%. Many samples also ran between 50 – 570 g/t
antimony. A single sample from the sampling program collected
off skarn body graded 0.5 g/t gold, 285 g/t silver, 1.38%
copper.
Auryn’s technical team views the observed skarn
and jasperoid bodies at Uchuy to be important because they are a
part of a larger skarn-porphyry intrusive complex that extends from
Good Lucky through to Totora and Uchuy over a six kilometer length
that is largely obscured by volcanic cover (Figure 5).
A Message from Auryn’s COO and Chief
Geologist:
Michael Henrichsen stated, “Our sampling and
mapping over the northern half of the Sombrero Project is
identifying high-grade gold and copper mineralization over several
kilometers. We view the new prospects of Good Lucky, Totora
and Uchuy as the next mineralized cluster of intrusive bodies
within the greater Sombrero district. The technical team is very
excited about the potential of the district and the effectiveness
of our regional stream sediment survey in identifying mineralized
bodies.”
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.
Ivan Bebek Executive Chairman and Director
For further information on Auryn Resources Inc., please contact
Natasha Frakes, Manager of Corporate Communications 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 and additional cautionary
language
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.
Grabs 2018 Sampling (Sombrero, Peru):
All samples were approximately 2kg of rock chips material per
sample and were collected for analysis and sent to ALS Lab in Lima,
Peru for preparation and analysis. All samples are assayed using
30g nominal weight fire assay with ICP finish (Au-ICP21) and
multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61).
Where ICP21 results were > 3 g/t Au the assay were repeated
with 30g nominal weight fire assay with gravimetric finish
(Au-GRA21). Where MS61 results were greater or near 10,000 ppm Cu,
Zn or Pb the assay were repeated with ore grade four acid digest
method (OG62). QA/QC programs for 2018 rock grab samples using
internal standard and blank samples; field and lab duplicates
indicate good overall accuracy and precision. Grab samples were
selectively taken and are not representative of the average
mineralization in the area.
Disclaimer The Toronto Stock
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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