$Aris Gold Announces Encouraging Results From Its Initial Drill Program at the Juby Gold Project In Ontario Aris Gold (CNW Group/Aris Gold Corporation) NEWS PROVIDED BY
Aris Gold Corporation Dec 07, 2021, 17:00 ET
SHARE THIS ARTICLE VANCOUVER, BC, Dec. 7, 2021 /PRNewswire/ -
Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) announces the encouraging results of its initial 10,000 metre (m) drill program at its Juby gold project in the Abitibi greenstone belt of Ontario.
Gran Colombia Gold changed its name to GCM Mining. The updated Toroparu PEA confirms the world-class potential of the project. Toroparu should reach an average annual production rate of 225,000 toz gold, at an AISC of $916/toz, over the 24-year mine life.
At a gold price of $1,500/toz, the after-tax NPV(5%) equals $794 million.
GCM Mining remains one of the most undervalued gold miners.
A complete summary of the mineralized intersections from the 2021 drill program can be found on the Company's website at www.arisgold.com.
About the Juby Project
The Juby project is an advanced exploration stage project located 15 km west of the town of Gowganda in Ontario, Canada, 150 km by road south-southeast of Timmins and 115 km by road southwest of Kirkland Lake. Site access and infrastructure is excellent with a major highway, local roads, and logging roads providing easy access to site, a power transmission line passing through the property, and abundant water.
The property is located in the Shining Tree area of the southern Abitibi greenstone belt, within 70 km of IAMGOLD's Côté Gold project and Alamos Gold's Young-Davidson mine. The leases extend for 11 km east-west and 9.5 km north-south, covering an area of 5,288 hectares, following the Tyrrell Shear Zone, which hosts all of the known deposits at the project, including the Juby Main Zone (JMZ), Golden Lake Zone (GLZ), Big Dome Zone (BDZ), and Hydro-Creek LaCarte Zone (HCLZ). The JMZ and GLZ deposits are hosted within moderate to steeply dipping, strongly altered and mineralized Porcupine sedimentary rocks, and the BDZ and HCLZ deposits are hosted in moderate to steeply dipping sheared and folded mafic to ultramafic volcanic rocks, sedimentary rocks, and porphyritic dykes of the Kidd-Munro assemblage.
The project currently has 405 drillholes for a total of 116,570 metres in the drilling database. The mineral resources for the Juby Project, effective July 14, 2020, are given in the table below.
Juby Project Mineral Resources (effective July 14, 2020)
Area
Category
Tonnes (Mt)
Grade (g/t Au)
Contained gold (oz)
Juby Main Zone and Golden Lake Zone
Indicated
20.2
1.12
728,000
Inferred
41.5
0.99
1,319,000
Hydro Creek-LaCarte Zone and Big Dome Zone
Indicated
1.1
1.31
45,000
Inferred
5.6
0.93
169,000
Total
Indicated
21.3
1.13
773,000
Inferred
47.1
0.98
1,488,000
Notes:
(1)
Mineral resources are not mineral reserves and have no demonstrated economic viability.
(2)
The mineral resource estimate was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, and Joe Campbell, B.Sc., P.Geo., Alan Sexton, M.Sc., P.Geo., and Duncan Studd, M.Sc. P.Geo. of GeoVector Management Inc, who are Qualified Persons as defined by National Instrument 43-101. Mr. Armitage, Campbell, Sexton, and Studd have reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and are of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimate are reliable for that purpose.
(3)
Totals may not add up due to rounding.
(4)
Mineral resources are reported above an optimized pit shell with a cut-off grade of 0.4 g/t gold, based on a metal price of USD$1,450 per ounce of gold, and a metallurgical recovery of 90%.
(5)
There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
Qualified Persons and Technical Information
Mineral resources are as defined by the Canadian Institute of Mining, Metallurgy, and Petroleum's 2014 Definition Standards for Mineral Resources & Mineral Reserves. Mineral resources are not mineral reserves and have no demonstrated economic viability. There are no mineral reserves estimated at the property at this time. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
The mineral resource and geological information included in this news release is based on information included in the technical report entitled "Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project" dated October 5, 2020 with an effective date of July 14, 2020, and is available on the Company's website at www.arisgold.com and under the Company's SEDAR profile at www.sedar.com. The technical report was prepared by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, and Joe Campbell, B.Sc., P.Geo., Alan Sexton, M.Sc., P.Geo., and Duncan Studd, M.Sc. P.Geo. of GeoVector Management Inc, each of whom are independent of the Company within the meaning of NI 43-101 and are Qualified Persons as defined by National Instrument 43-101. Messrs. Armitage, Campbell, Sexton, and Studd have reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and are of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimate are reliable for that purpose.
All holes drilled during 2021 were NQ diameter diamond holes completed by RJLL Drilling of Rouyn-Noranda, Quebec. GeoVector provided geological and geotechnical logging services, and sample preparation and analyses were completed by ALS Global of Sudbury, Ontario. Drill core samples were cut in half with a diamond saw and one half of the core was placed in a sample bag with a sample tag. GeoVector inserted certified standard and blank samples every tenth sample for quality assurance / quality control (QAQC) purposes. No issues were noted in the QAQC results. The sample bags were zip tied shut and placed with other sample bags in larger bags and zip tied shut. The large bags were placed on a pallet and trucked to Manitoulin Transport of New Liskeard, Ontario, and from there to ALS Global of Sudbury, Ontario. At the laboratory the sample was crushed to 70% passing 2 mm and a 250 gram subsample was taken using a riffle splitter. The subsample was pulverized to 85% passing 75 microns. A 30 gram pulverized sub-sample was assayed for gold by fire assay with atomic absorption spectroscopy. Any sample with an assay greater than 10 g/t Au was re-assayed by fire assay with gravimetric finish on a 30 gram sample.
Pamela De Mark, P.Geo., Vice President Exploration of Aris Gold is a Qualified Person as defined by National Instrument 43-101, and has reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and is of the opinion that the drilling, sampling, sample recovery, preparation, analyses, and security protocols for the drilling program are reliable. Ms. De Mark has reviewed and approved the technical information contained in this news release.
About Aris Gold
Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS and on the OTCQX under the symbol ALLXF. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is under way, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.
Additional information on Aris Gold can be found at www.arisgold.com and www.sedar.com.
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