Auryn expands mineralized system at the Inuk prospect by 400 meters and provides portfolio update
Auryn expands mineralized system at the Inuk prospect
by 400 meters and provides portfolio update
Vancouver, British Columbia – October 19th, 2017 – Auryn Resources Inc. (TSX: AUG,
NYSE American: AUG, “Auryn” or the “Company”) is pleased to announce new mineralization
discovered at the Inuk prospect at its Committee Bay Gold Project located in Nunavut,
Canada. Auryn intercepted 25 meters of 1.15g/t Au (including 3.05 meters of 4.13g/t Au) 400
meters away from the historic intercept of 12.6 meters of 16.04 g/t Au in hole INR003 within
sulphidized banded iron formation. This hole extends the mineralized system considerably and
demonstrates significant widths of mineralization under barren intrusive rocks that were not
previously tested (Figure 1). This is the third area drilled at Committee Bay during 2017 to
yield positive results and warrant further exploration.
News release Highlights:
• Intercepted 25 meters of 1.15g/t Au (including 3.05 meters of 4.13g/t Au) 400 meters
along strike from the historic intercept of 12.6 meters of 16.04 g/t Au at the Inuk
prospect.
• 31% of holes still to be reported from the Committee Bay drilling, including results
from Kinng Gold, Kinng Mountain, Mist, Koffy targets in the northeast portion of the belt.
• Results are pending from 37 holes (14,811 meters) drilled at the Company’s
Homestake Ridge Project in the Golden Triangle, British Columbia. Targets tested
included South Reef and the Homestake Main zone extension.
• Committee Bay follow up drilling to resume in March at the Aiviq discovery and
the Three Bluffs deposit.
Michael Henrichsen, Chief Geologist and COO commented, “We are very pleased to have hit
the broad intervals of consistent mineralization at our Inuk target. We have extended the
mineralized system by 400 meters to the northeast under an intrusive cover rock sequence
and glacial till. Our understanding of the geology of the Inuk prospect is at an early stage but
we are highly encouraged at the strength of sulphidation and gold mineralization within banded
iron formations over 10’s of meters.”
Inuk Results
The mineralization encountered from the recent drilling at Inuk is believed to be associated
with the interaction of a regional fold and a fault zone that truncates it (Figure 1). Historical
core drilling at Inuk was confined to an area 150 meters by 100 meters with intercepts up to
12.6 meters of 16.04 g/t Au. Similarily, this high-grade mineralization was located near the
intersection of the regional fold and through-going fault zone (Figure 2a). The Inuk target area
is defined by a 2.5 km long magnetic structure which remains untested at depth and open
along strike (Figure 2b).
Auryn believes that the mineralization encountered in the northern limb of the fold could be
indicative of a much stronger system within the fault zone. Importantly, holes 17INR006 and
17INR007 were drilled to cross the target shear zone, however neither hole adequately tested
the target. Drill hole 17INR006 is interpreted to have not crossed the shear zone and
17INR007 drilled through a barren intrusive sill.
Rotary Air Blast (RAB) Drilling Results (69% Reported 31% Pending):
To date, the Company has received complete results from the Aiviq, Kalulik, West Plains,
Ziggy South, Avinngaq, Aarluk, Four Hills, Inuk, Quartzite Ridge, Castle Rock and Tuugaalik
prospects representing a total of 69% of the drill program (Figure 3).
Signicant intercepts from the Inuk, Quartzite Ridge, Castle Rock, and Tuugaalik prospects are
reported in the table below.
Table 1:
Significant Intercepts - RAB 2017
Prospect Hole ID From (m) To (m) Interval (m) Au (g/t)
Inuk 17INR001* 39.62 41.15 1.53 0.78
57.91 79.25 21.34 0.71
including 60.96 62.48 1.52 3.50
17INR002 108.20 109.73 1.53 0.85
17INR003 47.24 73.15 25.91 1.15
including 54.86 57.91 3.05 4.13
including 62.48 64.01 1.53 1.71
including 67.06 70.10 3.04 1.70
88.39 96.01 7.62 0.56
102.11 103.63 1.52 0.35
17INR004 59.44 65.53 6.09 2.78
17INR005 50.29 53.34 3.05 0.48
59.44 60.96 1.52 0.29
85.34 94.49 9.15 0.20
17INR006 173.74 175.26 1.52 0.63
17INR009 79.25 80.77 1.52 0.30
89.92 100.58 10.66 0.24
Homestake Ridge Update
Auryn has completed 14,811 meters in 37 drill holes (with all results pending) at the
Homestake Ridge project (last hole was drilled as of October 12th, 2017). Numerous drill holes
have encountered geological features consistent with gold and silver mineralization at both the
South Reef prospect and the Homestake Main extension.
Committee Bay – Follow up planned for March 2018
Auryn plans to undertake both discovery expansion drilling at the Aiviq prospect and deposit
expansion drilling at the Three Bluffs deposit in a planned 10,000 meter drill program in March,
2018.
Shawn Wallace, President and CEO, stated, “We now have a miniumum of three targets in
addition to the Three Bluffs deposit at Committee Bay that will warrant follow-up and expansion
drill programs in 2018. With seven targets from Committee Bay still pending, the scope of that
program could be expanded. We look forward to mobilizing drill rigs in March to further test the
Aiviq discovery and commence extending the Three Bluffs deposit. We are also waiting with
great anticipation for the results from Homestake Ridge and the commencement of drilling in
Peru, starting at our Huilacollo Project.”
Mr Wallace further stated, “this is the first year that our portfolio will be active through the
winter months, generating additional results from drill programs soon to be underway. We
have, much like the rest of the industry, been burdened with slower than expected assay
turnaround but are due to see the first holes from Homestake Ridge later in October.
Michael Henrichsen, P.Geo, COO of Auryn, is the Qualified Person who assumes
responsibility for the technical disclosures in this press release.
Quartzite Ridge 17QRR002 185.93 187.45 1.52 0.26
17QRR005 22.86 24.38 1.52 0.27
96.01 97.54 1.53 0.94
123.44 124.97 1.53 0.33
131.06 132.59 1.53 0.61
Castle Rock 17CRR007 50.29 51.82 1.53 3.07
17CRR007 64.01 65.53 1.52 0.26
Tuugaalik 17TGR001 188.98 190.5 1.52 0.25
17TGR003 28.96 38.1 9.14 0.32
17TGR004 10.67 12.19 1.52 0.49
* Hole lost in mineralization
** True widths of mineralization are unknown based on current geometric understanding of the
mineralized intervals.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.
Shawn Wallace
President and CEO
For further information on Auryn Resources Inc., please contact Jay Adelaar, Vice-President of
Investor Relations at (778) 729-0600 or [email protected]
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 and Gibson MacQuoid gold projects located in Nunavut, the Homestake
Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru, through
Corisur Peru SAC.
Forward Looking Information
This release includes certain statements that may be deemed “forward -looking statements”. Forward-looking
information is information that includes implied future performance and /or forecast information including
information relating to, or associated with the acquisition and title to mineral concessions. These statements
involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or
achievements of the Company to be materially different (either positively or negatively) from any future results,
performance or achievements expressed or implied by such forward-looking statements. Readers should refer to
the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2016
and subsequent continuous disclosure filings with the Canadian Securities Administrators available
at www.sedar.com and the Company’s registration statement on Form 40-F filed with the United States Securities
and Exchange Commission and available at www.sec.gov.
Committee Bay RAB Drilling QA/QC Disclosure
Intercepts were calculated using a minimum of a 0.25 g/t Au cut off at beginning and end of the intercept and
allowing for no more than four consecutive samples (six meters) of less than 0.25 g/t Au.
Analytical samples were taken using 1/8 of each 5ft (1.52m) interval material (chips) and sent to ALS Lab in
Yellowknife, NWT and Vancouver, BC for preparation and then to ALS Lab in Vancouver, BC for analysis. All
samples are assayed using 30g nominal weight fire assay with atomic absorption finish (Au -AA25) and multi-
element four acid digest ICP -AES/ICP-MS method (ME-MS61). QA/QC programs using internal standard
samples, field and lab duplicates and blanks indicate good accuracy and precision in a large majority of standards
assayed.
Disclaimer
The Toronto Stock Exchange nor the Investment Industry Regulatory O rganization of Canada accepts
responsibility for the adequacy or accuracy of this release.
Figure 1: Illustrates the drilling at the Inuk prospect from the 2017 summer drill program.
Mineralization has been extended 400 meters to the northeast from known high-grade
historical drilling. Importantly, Auryn has identified a prominent through-going shear zone as
the primary target at the prospect that was spatially associated with historical high -grade
mineralization.
Figure 2: Illustrates the geological interpretation from the Inuk prospect on a 3d magnetics
inversion background. Section A-A’ illustrates the position of historical high -grade
mineralization in drilling at the interaction of the synclinal fold structure and through -going
shear zone. Section B-B’ illustrates mineralization intersected within the fold structure 150
meters to the north of the shear zone. The target zone for a follow -up drill program is
highlighted by the black polygon.
Figure 3: Illustrates the targets that have been drilled at the Committee Bay Gold project.
Results that have been reported our highlighted by the yellow text boxes.