Auryn drills 10m of 4.12 g/t Au and 30m of 2.00 g/t Au at South Reef, at the Homestake Ridge Project
December 12, 2017
Vancouver, British Columbia - December 12th, 2017 - Auryn Resources Inc. (TSX: AUG, NYSE American: AUG, "Auryn" or the "Company") is pleased to announce drill results from its summer exploration drill program at the Homestake Ridge gold-silver epithermal project located within the Golden Triangle in British Columbia, Canada. Auryn targeted 2 out of 7 expansion opportunities identified away from the existing deposits (Figure 1) and was successful in identifying the plunge of the high-grade South Reef zone. Highlights include 30 meters of 2.00 g/t Au (including 4m @ 6.03g/t Au & 2m @ 11.80 g/t Au), 10 meters of 4.12 (including 2m @ 18.01 g/t Au), 18m of 1.29g/t Au (including 4m of 4.18g/t Au), 8m of 2.67 g/t Au (including 2m of 7.4 g/t), and 14m of 1.23g/t Au. These results identified the geometry of the high-grade mineralization at the South Reef main zone that remains open to the northwest and importantly have identified an emerging parallel high-grade structure (Upper zone) 175 meters to the north of the main zone.
Ivan Bebek, Executive Chairman, commented, "We are very excited about the South Reef extension as it demonstrates strong similarities to the robust Main Zone. Our best intercepts came at the end of the program which resulted in strong expansion opportunities that will be exciting to follow up in 2018. In addition to the South Reef plunge extension, two other parallel high-grade shoots plunging in the same direction represent additional targets which provide significant room for the Homestake Ridge resource to increase."
Mr. Bebek further stated, "The Homestake Ridge deposit stands out as a highly valuable asset with respect to its current size, grade and excellent access to infrastructure. In an effort to unlock more value in the project in addition to the discovery of additional ounces we have also begun the necessary steps to advance the project towards development."
The summer drill program was designed to test 2 of 7 major target areas across the project with a focus on expanding the South Reef mineralized zone as well as the potential northwestern extension to the Homestake Main deposit (Figure 1). Drilling was discovery oriented which targeted new potential zones of mineralization or significant extensions. None of the drilling occurred within 500 meters of the Homestake Main and Homestake Silver deposits, leaving them open for expansion.
The drilling from South Reef demonstrated that the high-grade mineralization has a 15 - 20 degree shallow plunge to the northwest (Figure 2 & 3) with the width of the structure and associated breccia's increasing in the same direction. The shallow plunge observed at the South Reef main zone is similar to that observed at the Homestake Main and Silver deposits and represents an excellent opportunity to significantly expand mineralization on the project. Auryn also discovered a 600 meter long gold-in-soil anomaly that coincides with the northwest direction of plunging high-grade mineralization that remains undrilled demonstrating the highly prospective nature of this structural corridor (Figure 2).
Auryn's 37 hole (14,850 meter) program at Homestake Ridge, which was completed under budget, represented its first field season on the project. Total drilling costs[1] were approximately $400 per meter showing that this area of the Golden Triangle can be explored in an efficient manner.
Significant results from the South Reef diamond drilling are provided in the table below. No significant results were obtained from the Homestake Main extension drilling or other holes (see Figure 1 for locations).
AI
