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Auryn Resources Inc
Symbol AUG
Shares Issued 95,306,775
Close 2020-05-20 C$ 1.76
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Auryn Resources outlines gold targets at Committee Bay

2020-05-20 08:26 ET - News Release

Mr. Ivan Bebek reports

AURYN ADVANCES HIGH-GRADE GOLD TARGETING AT COMMITTEE BAY

Auryn Resources Inc. has made significant advancement in targeting high-grade gold mineralization at the 100-per-cent-owned Committee Bay gold project in Nunavut.

Auryn's technical team analyzed recent and historical drill results from across the 300-kilometre greenstone belt and differentiated the geophysical conductivity responses between high-grade and low-grade mineralization. This led to revisiting a number of high-potential targets across the belt that are characterized by strong gold-in-till anomalies and high-grade gold in outcrop or boulder trains, where historical drilling has not yet explained the extensive high-grade occurrences. In addition, undrilled targets were identified that have both high-grade boulder and outcrop rock samples as well as conductivity responses that are consistent with observed high-grade mineralization in other areas of the belt.

A message from Ivan Bebek, executive chairman and director

"The Committee Bay gold project represents one of the premier gold belts globally. In the past four years we have come progressively closer with the successful drilling of multiple gold zones on the 300-kilometre trend, however, we have yet to drill the high-grade sources. Our most recent efforts last year led us to an instrumental breakthrough in targeting high-grade mineralization, which we are very excited to pursue as the gold price continues to rise."

Advanced targeting process

The process of evaluating conductivity responses across the belt and correlating to gold grade has led Auryn to reinterpret both magnetics and geological data with the following results:

  • A new understanding of shallowly plunging structural geometries associated with fold hinge zones that are favourable for hosting high-grade mineralization;
  • An understanding of the relevance of the highest conductivity responses in each rock type that has the potential to correspond with high-grade mineralization based on sulphidation of the host rock.

Auryn has applied this approach to the southwestern third of the belt and identified two significant fold hinge targets that have not been drilled at the Anuri and Amautik prospects. The technical team believes that the identification of shallowly plunging fold hinge zones is a critical step in targeting high-grade mineralization where strong gold-in-till anomalies and high-grade rocks in outcrop or boulder trains are in support of the newly identified targets.

Target summary

The fold hinge zone target that has been identified at the previously drilled Anuri prospect is characterized by the strongest gold-in-tills signature from across the belt as well as several high-grade boulder trains. Reinterpretation of the electromagnetic conductivity responses, magnetics and geological data has yielded a flat lying, overturned recumbent fold geometry where the main fold hinge target zone is buried at depth. Both boulder trains and previous drill intercepts are interpreted to be associated with the limbs of this fold that are believed to represent the lower grade portions of the mineralized system.

The second fold hinge target that has been identified is at the undrilled Amautik prospect, which is characterized by conductivity responses consistent with other high-grade drilling on the Committee Bay belt. The geology at this prospect corresponds with a folded iron formation with strong geochemistry in rock samples with up to 15.7 grams per tonne gold sourced from the hinge zone of the fold.

Both the Anuri and Amautik prospect fold hinges will be advanced to drill stage by conducting ground-based geophysical induced polarization surveys to identify areas of high chargeability that coincide with high conductivity responses.

A message from Michael Henrichsen, chief operating officer and chief geologist

"Over the past four exploration seasons we have built an incredible data set that has looked at the belt holistically. This has allowed us to identify the most important factors that produce high-grade mineralization versus low-grade mineralization across the belt. In addition, we have had a key breakthrough in identifying a new style of structural geometry, where potential fold hinge zones are plunging shallowly and are not necessarily exposed on surface. We believe our targets share geometries similar to those observed at the Meadowbank and Amaruq deposits and look forward to our future drill programs."

Michael Henrichsen, PGeo, COO of Auryn, is the qualified person who assumes responsibility for the technical disclosures in this press release.

About Auryn Resources Inc.

Auryn Resources is a technology-driven 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 six projects, including two flagships: the Committee Bay high-grade gold project in Nunavut and the Sombrero copper-gold project in southern Peru.

Committee Bay drilling quality assurance/quality control disclosure

CB grabs

Approximately one to two kilograms of material were collected for analysis and sent to ALS Lab in Vancouver, B.C., for preparation and analysis. All samples are assayed using 50-gram nominal weight fire assay with atomic absorption finish (Au-AA26) and multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs for rock grab samples using internal standard samples, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed. Grab samples are selective in nature and cannot be consider as representative of the underlying mineralization.

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