Auryn Delivers a New Gold Zone
I first wrote about Auryn and their 25,000-meter drill program at their Committee Bay Greenstone Belt project in July, just two months ago. I said there would be a lot of results coming out and they were going to be finding new deposits. Well, on Thursday last, September 14th they delivered.
In spite of having one of the finest teams belonging to any junior and being fully financed for a world class series of drill programs across all of their major projects located in Nunavut, British Colombia and Peru, the stock price did little more than meander between $3.70 and $2.70 since February. One day soon the market will finally get it and move the shares higher, perhaps much higher.
On the 14th they announced discovery of a new gold zone called the Aiviq prospect. (Try pronouncing that after a couple of Screeches) The big news from Aiviq in Nunavut was one hole of 12.2 meters of 4.7 g/t gold that included 3.05 meters of 18.09 gold. Aiviq is located some twelve kilometers north of the company’s Three Bluffs deposit, home to a 43-101 resource of about 1.2 million ounces.
The gold mineralization at Aiviq is located in a regional shear zone defined by a gold-in-tills seven km long anomaly. Auryn drilled a fence into the shear zone but only the one hole intersected the target. Since the drill results met their expectations Auryn expects to follow up with another drill program.
To date the company has released results on 39% of the Committee Bay program. Results are still pending on the remaining 60% of work. In addition results from the Aarluk prospect showed 2.52 g/t gold over 4.57 meters in a banded iron formation. My long time readers should keep in mind the relationship of banded iron formations to Wits style gold mineralization.
On the 12th of September the company announced the start of groundwork at the Huilacollo gold property in Peru and submitted an application for drill permits and expects to begin a major drill program in the fourth quarter.
At Homestake Ridge in BC Auryn has drilled 7,000 meters so far in fifteen drill holes. First drill results should start flowing in during October.
Auryn is fully funded for their 2017 exploration program in Nunavut, BC and Peru with $15 million in cash.
Auryn is an advertiser. Do your own due diligence as always.