13:33:03 EDT Tue 21 May 2019
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Auryn Resources Inc
Symbol C : AUG
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Close 2019-03-11 C$ 1.60
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Auryn trenches 184 m of 0.57% CuEq at Sombrero

2019-03-12 07:34 ET - News Release

Mr. Ivan Bebek reports


Auryn Resources Inc. has released results from the first trench at the Fierrazo area at the Sombrero copper-gold project in southern Peru. Trench 20 is characterized by a continuous broad interval of both endoskarn and exoskarn mineralization that sampled 184 metres of 0.57 per cent copper equivalent, including three higher-grade internal intervals of 20 metres of 1.53 per cent copper equivalent (1.50 per cent copper and 0.04 gram per tonne gold), 24 metres of 0.76 per cent copper equivalent (0.70 per cent copper and 0.09 g/t gold) and 20 metres of 0.95 per cent copper equivalent (0.32 per cent copper and 0.99 g/t gold).

Ivan Bebek, executive chairman and director, said: "This trench considerably increases our confidence that Sombrero could develop into a major copper-gold discovery. Trench 20 is the widest trench we have completed due to access to bedrock, and the grade is comparative to major mines along the Las Bambas belt nearby.

"We are very excited about additional trenches at Fierazzo, which are under way, and to begin surface work at the Nioc, Good Lucky and Totora targets. We anticipate a steady flow of trenching and sampling results in the months ahead prior to receiving our first drill permit at Sombrero Main."

Significance of trench results to the Sombrero project

The results from trench 20, from the recently optioned Fierrazo concession (see press release from Dec. 19, 2018), extend the known copper-gold skarn mineralization to over a 3.5-kilometre strike length along the margins of the contact zone between the Ferrobamba limestone and the mineralizing intrusive. The results from trenching programs to date provide a large-scale target where both high-grade exoskarn (109 metres of 0.70 per cent copper equivalent in trench 18 (3.5 km from trench 20)) and bulk-tonnage endoskarn mineralization (105 metres of 0.30 per cent copper equivalent in trench 09 (1.5 km from trench 20)) have been encountered.

Trench 20 extends the copper-gold mineralization 1.5 kilometres to the northeast of previous results from trench 09. The area between the mineralized trenches is obscured with postmineralization volcanic cover, but based on the continuity of mineralization observed on surface and robust chargeability geophysical anomalies, Auryn believes the mineralized system continues beneath the cover.

Geologic details at the Fierrazo licence

Importantly, a previously unrecognized block of Ferrobamba limestone has been encountered in the Fierrazo trenching program. It is dipping steeply to the west, indicating excellent depth potential from the mineralization encountered on surface at trench 20. In addition, evolved monzonite porphyry dikes have been recognized, which demonstrates the potential for significant porphyry mineralization. A total of four additional trenches are currently in process at the Fierrazo licence to better define the surface mineralization and the geometry of the Ferrobamba limestone, which coincides with a 750-metre-by-250-metre copper-in-soils geochemical anomaly.

Michael Henrichsen, chief operating officer and chief geologist, said: "We are very impressed with our first trench at the Fierrazo concession area. The long, continuous copper-gold results validate our exploration model and have given our technical team a great deal of confidence in the potential of the project to deliver a discovery drill hole in the first-ever drill program at the project."

Sombrero exploration plans

Auryn plans to expand its surficial exploration program, which includes soil sampling, rock sampling, trenching and geophysical surveys at the Nioc, Good Lucky and Totora target areas. These targets are characterized by strong skarn and porphyry styles of mineralization at surface. Drill targets will be developed at each of these mineralized intrusive centres with applications for drilling permits expected to be completed by the end of 2019.


Trench            From           To     Interval           Cu           Au         CuEq         AuEq 
                   (m)          (m)          (m)          (%)        (g/t)          (%)        (g/t)

19SRT-20           178          362          184         0.47         0.16         0.57         0.90
incl.              178          198           20         1.50         0.04         1.53         2.41
incl.              222          246           24         0.70         0.09         0.76         1.20
incl.              274          294           20         0.32         0.99         0.95         1.50
                   464          474           10         0.22         0.02         0.23         0.37

* No less than five m of greater than or equal to 0.1 g/t Cu, maximum dilution six m.
Metal price used for equivalent calculations: gold $1,300/ounce and copper $3/pound; no 
adjustments for metallurgical recoveries have been made.

Mr. Henrichsen is the qualified person who assumes responsibility for the technical disclosures in this press release.

About Auryn Resources Inc.

Auryn Resources is a technically driven, well-financed junior exploration company focused on finding and advancing globally significant precious and base metal deposits. The company has a portfolio approach to asset acquisition and has seven projects, including two flagships: the Committee Bay high-grade gold project in Nunavut and the Sombrero copper-gold project in southern Peru. Auryn's technical and management teams have an impressive record of successfully monetizing assets for all stakeholders and local communities in which it operates.

About Sombrero

This project consists of the North Sombrero and South Sombrero properties, comprising approximately 100,000 mineral claims owned or optioned by Auryn Resources. The copper-gold Sombrero mining concessions are located 340 kilometres southeast of Lima in southern Peru and are hosted in the Andahuaylas-Yauri belt. This belt is interpreted to be on the northwestern margins of this Eocene-Oligocene-aged copper-gold porphyry and skarn belt that hosts the Las Bambas, Haquira, Los Chancas, Cotambambas, Constancia, Antapaccay and Tintaya deposits. The project is characterized by a strong structural control and significant copper and gold values from historical surface samples. The principal targets at Sombrero are copper-gold skarn and porphyry systems and precious metal epithermal deposits.

Trenches 2019 (Sombrero, Peru)

Analytical samples were taken from each two-metre interval of trench floor resulting in approximately two to three kilograms of rock chips material per sample. Collected samples were sent to ALS Lab in Lima, Peru, for preparation and analysis. All samples are assayed using 30 g nominal weight fire assay with atomic absorption finish (Au-AA25) and multielement four-acid digest ICP-AES/ICP-MS (inductively coupled plasma atomic emission spectroscopy/inductively coupled plasma mass spectrometry) method (ME-MS61). Where MS61 results were greater or near 10,000 parts per million copper, zinc or lead the assay was repeated with ore-grade four-acid digest method (OG62). Quality assurance/quality control programs for 2019 trench grab samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

Intervals were calculated using a minimum of a 0.1-per-cent Cu cut-off at beginning and end of the interval and allowing for no more than five consecutive metres of less than 0.1 per cent Cu with a minimum length of the resulting composite of five m.

Copper and gold equivalent grades (CuEq and AuEq) were calculated using gold price of $1,300/ounce and copper price of $3/pound.

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