May 07, 2015 @ 11:40
AURYN Mining Chile SpA is pleased to provide an update on the diamond drill program being conducted on the Altos de Lipangue project located approximately 30 kilometers northwest of Santiago, Chile.
Assays have been received from the final three holes in the planned follow up drill program to explore the new gold zone discovered in hole L15-24. The conclusion from the trenching and the initial four drill holes of the follow up program was that in this area the gold zone is controlled by structures trending at approximately N20⁰E and dipping steeply to the west. Hole L15-28 was drilled toward the east at an inclination of -50⁰ from a platform located 50 meters to the south and 10 meters to the west of the L15-26/ 26A drill holes. Holes L15-29 and L15-29A were drilled at an inclination of -50⁰ and – 70⁰ respectively from a platform located approximately 25 meters north and 35 meters east of holes L15-27/27A.
Hole L15-28 intersected intermittent short intervals of argillic to quartz-sericitic alteration in the granodiorite from 20 to 128 meters with associated veins and veinlet zones of quartz–FeOx (pyrite). Overall gold values were low with the exception of the interval from 125 meters to 128 meters that graded 8.38 g/t Au and 31.17 g/t Ag across 3.0 meters. The intercept centered on a fault controlled quartz-sulfide breccia vein in the interval 126 meters to 127 meters that assayed 25.00 g/t Au and 92.00 g/t Ag across 1.0 meter. The footwall andesite dyke that was observed in holes L15-26/26A was intersected in hole L15-28 in the interval from 136 meters to 140 meters.
Both holes L15-29 and 29A had low grade gold intersections in the first 3 meters of the drill holes in oxidized quartz veinlet stockworks but alteration and veining overall were weaker than in the southern holes. L15-29A had an additional anomalous 2 meter interval from 110.0 meters to 112.0 meters that graded 0.81 g/t Au that is reported on the table. Hole L15-29A had an additional anomalous zone between 61.0 meters and 66.0 meters that is not reported on the table. There was lost core from 64.0 meters to 65.0 meters and the remaining 4 meters of core averaged 0.17 g/t Au. It is possible that the L15-29/29A platform was sited too far to the east to properly test the zone.
The samples from drill holes L15-28, 29 and 29A were obtained by sawing the core and bagging one half for delivery to the Andes Analytical Assay laboratory in Santiago-Chile. The assaying procedure included ICP determination of the values for 33 elements plus Fire Assay to determine the values for gold. Standards, blanks and duplicates were routinely added to ensure compliance with QA/QC protocols.
This release was prepared and approved by David Bent, Exploration Manager for AURYN Mining Chile SpA who is a registered P. Geo (Nova Scotia) as well as a member of the Colegio de Ingenieros del Peru.