Auryn acquires second Greenstone belt with excellent gold exploration potential in Nunavut, Canada
Auryn acquires second Greenstone belt with excellent gold exploration
potential in Nunavut, Canada
Vancouver, British Columbia – February 15th, 2017 – Auryn Resources Inc. (TSX: AUG,
OTCQX: GGTCF) (“Auryn” or the “Company”) is pleased to announce the acquisition of 19
prospecting permits along the Gibsons MacQuoid greenstone belt located in Nunavut, Canada.
These permits are located between the Meliadine deposit and Meadowbank mine (Figure 1).
The 19 prospecting permits encompass approximately 120 km of strike length of the
prospective greenstone belt and total 329,000 hectares collectively (Figure 2). The acquisition
of the prospecting permits cost approximately CAD$100,000 and provides Auryn exploration
rights over the area for a total of three years with the exclusive right to stake minerals claims
within the area.
The Gibsons MacQuoid greenstone belt lies approximately 125 km from Baker Lake and 136
km from Rankin Inlet. 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.
President and CEO Shawn Wallace commented, “With the acquisition of 120 km 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”.
Gibsons MacQuoid Greenstone Belt (GMB):
The Gibsons MacQuoid Greenstone belt is one of a number of Archean aged greenstone belts
located in the Western Churchill province of north-eastern Canada. The character and history
of the rock packages as well as the nature and timing of deformation in the GMB is considered
to be equivalent to other significant belts within the Western Churchill province. These gold
bearing Archean greenstone belts host deposits such as the Meadowbank, Amaruq, and
Meliadine deposits. In particular, the highly magnetic signature of the GMB is consistent with
the other productive greenstone belts in the eastern Arctic that host large scale gold deposits.
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 that collected isolated rock samples. Within Auryn’s prospecting permits
two documented gold showings that resulted from these reconnaissance programs have
returned up to 12.9g/t Au in quartz veins in the northern showing and up to 2.2g/t in banded
iron formation in the SW showing (figure 2).
About Auryn
Auryn Resources is a technically driven junior mining exploration company focused on
delivering shareholder value through project acquisition and development. The Company’s
management team is highly experienced with an impressive track record of success and has
assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn is
focused on scalable high-grade gold deposits in established mining jurisdictions, which include
the Committee Bay gold project located in Nunavut, the Homestake Ridge gold project in
British Columbia and a portfolio of gold projects in southern Peru, through Corisur Peru SAC.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.
“Shawn Wallace”
President and CEO of Auryn Resources Inc.
For further information on Auryn Resources Inc., please contact Jay Adelaar, Manager of
Investor Relations at (778) 729-0600 or [email protected]
Cautionary Statements
The Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All
statements in this release, other than statements of historical facts, that address events or
developments that the company expects are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the forward-looking
statements. For more information on the Company, investors should review the Company’s
continuous disclosure filings that are available at www.sedar.com
Michael Henrichsen, P Geo, COO of the Company, supervised the preparation or approved the
scientific and technical disclosure within this news release.
Figure 1: Illustrates the position of the Gibsons MacQuoid greenstone belt in the eastern Arctic
between the Meliadine and Meadowbank deposits on a regional magnetics background.
Importantly, all significant known deposits in the Eastern Arctic are located on greenstone belts
that have a highly magnetic signature such as the Meliadine, Meadowbank, Amaruq and the
Three Bluffs deposits.
Figure 2: Illustrates the position of Auryn’s prospecting permits highlighted by yellow polygons
on the Gibsons MacQuoid belt along with the position of the known gold showings as
highlighted by red dots.