Mining News: Northern Neighbors: Auryn refines 2016 gold targets at Committee Bay, adds Peruvian prospects

Auryn Resources Inc. Feb. 21 said analysis of its 2015 summer work program along with a comprehensive review of historical data has led to the identification of a number of large-scale targets at its Committee Bay gold project in Nunavut that will provide the focus of the upcoming 2016 work program. The Anuri corridor, a more than 20-kilometer- (12.5 miles) long region of elevated gold-in-tills located in the southwest part of the Committee Bay gold belt, is one such target. Within Anuri, Auryn has identified a north-south trending set of structures that provides clear drill targets. In the Three Bluffs region of the belt, a thorough review of the historical data within a 30-kilometer-by-20-kilometer area surrounding the deposit has identified four multi-kilometer-long trends of gold mineralization in rocks and tills. These trends will provide a clear focus in 2016 as Auryn begins work in the Three Bluffs region of the belt. The Three Bluffs deposit hosts 4.32 million metric tons of indicated resource averaging 4.91 grams per metric ton (683,000 ounces) gold; and 5.52 million metric tons of inferred resource averaging 5.43 g/t (965,000 oz.) gold. A re-inversion of the induced polarization and magnetic geophysical surveys has identified a previously unrecognized continuation of the structure that hosts the deposit 5,000 meters to the east. The identification of this structure has provided the potential to expand the deposit significantly. The 2016 program is currently being finalized and details will be released in the coming weeks. During the course of 2015, Auryn staked 66,000 hectares of ground in the vicinity of some of the largest gold and copper mines in Peru. Auryn also advanced negotiations with certain Peruvian parties to option target licenses within this greater land position. Auyrn said exploration costs in Peru are expected to be less than C$1.5 million over the first year and funded from current working capital. “Auryn’s management team is compiling an impressive portfolio of exploration projects that will enable the company to pursue major gold discoveries for 12 months of the year,” explained Auryn CEO Shawn Wallace explained. “Committee Bay remains our primary focus, where our innovative discovery process will continue to be rolled out across the remainder of the 300-kilometer belt.”

- Shane Lasley