Mining News: Northern Neighbors: Auryn nabs large gold property in Nunavut

Auryn Resources Inc. Feb. 15 announced the acquisition of 19 prospecting permits covering 120 kilometers (75 miles) of the Gibsons MacQuoid greenstone belt, which is situated between the Meliadine gold deposit and Meadowbank Mine in Nunavut. The acquisition of the prospecting permits cost Auryn roughly C$100,000, granting the company the rights to explore the 329,000-hectare (813,000 acres) gold prospective area for three years and exclusive right to stake minerals claims within the area. "With the acquisition of 120-kilometer of strike length located within the highly prospective Gibsons MacQuoid greenstone belt, Auryn has created another substantial gold exploration opportunity within the eastern Arctic. The opportunity to explore two highly prospective greenstone belts concurrently in Nunavut is consistent with Auryn's ambitious strategy and increases the odds of successfully discovering high quality gold deposits,” explained Auryn President and CEO Shawn Wallace. Auryn said the Gibsons MacQuoid greenstone belt has received no systematic gold exploration with previous work limited to short reconnaissance programs conducted by Comaplex Minerals during 1989 and 1993. Within Auryn's prospecting permits two documented gold showings that resulted from these reconnaissance programs have returned up to 12.9 grams per metric ton gold in quartz veins in the northern showing and up to 2.2 g/t in banded iron formation in the southwest showing. Auryn plans to undertake an extensive till program over the newly acquired ground this summer in an effort to identify key areas of gold mineralization.

-Shane Lalsey