Auriga Gold (AIA)

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more drilling expansion

Auriga Gold Drills 2.33 Meters of 12.60 g/t Gold and Continues to Extend Mineralization at the Maverick Gold Project, Manitoba

Press Release: Auriga Gold Corp. – 1 hour 23 minutes ago

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AURIGA GOLD CORP
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TORONTO, ONTARIO--(Marketwire -02/28/12)- Auriga Gold Corp. (TSX-V: AIA.V - News) ("Auriga Gold" or the "Company") is pleased to report results from recent drilling at the Company's Maverick Gold Project. These results continue to extend high grade mineralization in the northern part of the Puffy Lake deposit.
Highlights from the recent drilling results include hole A3-83 that intersected 2.00 meters grading 11.96 g/t gold at a depth of 107 meters and hole A3-85 intersected 2.33 meters grading 12.60 g/t gold at a depth of 150 meters. Holes A3-83 and A3-85 are approximately 50 and 75 meters north respectively of hole A3-81 that intersected 47.2 g/t over 1.69 m, the highest grade intersection to date at the Puffy Lake deposit (see press release dated January 17, 2012).
Auriga Gold recently filed a Preliminary Economic Assessment (PEA) on the Maverick Gold Project that confirmed positive economics and pre-tax IRR of 84% (see press release dated January 5, 2012). The Project, located 65 km northeast of Flin Flon, Manitoba, includes the past-producing Puffy Lake Mine and on-site mill, the adjacent Nokomis deposit, and recently staked mining claims covering a total of 6,640 hectares (66.4 km2).
Richard Sutcliffe, Auriga Gold's President and CEO commented, "We are very encouraged with the latest drilling results. The northern part of the Puffy Lake deposit continues to provide some of best and most consistent results at Maverick Gold. We will continue to explore along the major mineralized structure that features a 20 km gold bearing horizon on the property hosting the Puffy Lake and Nokomis deposits and several gold showings."


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MAVERICK GOLD PROJECT - PUFFY LAKE PROPERTY
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SUMMARY OF SIGNIFICANT ASSAYS
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FROM TO WIDTH Au
HOLE EASTING NORTHING AZIMUTH INCL (m) (m) (m) (gpt)
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A3-79 373272 6100732 360 -90 48.87 49.12 0.25 10.40
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A3-82 373226 6100761 360 -90 152.54 153.90 1.36 5.56
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and 167.55 168.05 0.50 5.73
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A3-83 373198 6100736 360 -90 44.13 44.63 0.50 4.40
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and 100.30 100.77 0.47 14.30
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and 107.03 109.03 2.00 11.96
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and 117.25 118.25 1.00 5.27
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A3-85 373179 6100761 360 -90 149.67 152.00 2.33 12.60
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incl 151.51 152.00 0.49 24.33
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Note: true intercept widths are currently estimated at 88-100% of drilled
widths. Hole numbers at Maverick Gold have not necessarily been drilled or
sampled sequentially.
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In the latest drilling campaign, holes A3-79, 82, 83, and 85 all tested shallow underground mineralization north of the planned northern starter pit. The drill results reported here were completed subsequent to the Company's NI43-101 resource announced in August 2011 (see press release dated August 4, 2011).
Exploration drilling at Maverick Gold has continued through the winter season with the intention of both upgrading and expanding existing NI 43-101 resources around the Puffy Lake deposit as well as on the Nokomis deposit. As announced on February 22, 2012, Auriga is drilling the Nokomis deposit located 7 km northeast of the Puffy lake mill with particular emphasis on testing near surface mineralization. Over 1,200 meters of drilling over 18 holes is now complete at Nokomis; initial assay results are anticipated in early March, followed by an upgraded and expanded resource estimate.
A plan section showing the location of the Puffy deposit diamond drill holes is available on the Company's website at http://www.aurigagold.ca/i/maps/Drill.Hole.Location.pdf.
Please visit our booth #2926 at the PDAC Investors Exchange to be held March 4 to 7, 2012, in Metro Toronto Convention Centre.
About Auriga Gold
Auriga Gold Corp. is a Canadian mine development and exploration company focused on developing the Puffy Lake Mine and expanding gold resources on its Puffy Lake and Nokomis deposits (the "Maverick Gold Project"). The Company plans to upgrade and expand the resources at the Maverick Gold Project, initiate test mining, complete feasibility studies of mineral reserves, and bring the Puffy Lake Mine back into production. The Puffy Lake Mine includes a 1,000 tpd flotation mill, a developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba.