March 24, 2015 @ 02:22
AURYN Mining Chile SpA is pleased to provide an update on the exploration program being conducted in the Altos de Lipangue area located approximately 30 kilometers northwest of Santiago, Chile.
A program of trenching and drilling is underway to explore the gold zone intersected in the upper portion of Hole L15-24 (45 meters grading 0.78 g/t Au from 3 to 48 meters depth) that was announced on Feb. 19, 2015. The excavator was also used to dig 5 trenches to explore a very strong fault/ vein that was discovered to the west of the Gordon Breccia within the andesite volcanics. A total of 8 trenches were excavated for a total of 486 lineal meters. A plan is attached that shows the location of the 8 trenches that were excavated as well as the related drill platforms that are being utilized to test the gold zone.
The main trench (Trench 1) was excavated in a north-south direction parallel to and 25 meters to the west of Hole L15-24. It was supplemented by a cross trench (Trench 8) that was excavated in an east-west direction 50 meters to the south of Hole L15-24.
Note: Sampling was from north to south in Trench 1 and from west to east in Trench 8.
The geological interpretation indicates that the zone strikes approximately N20⁰E and dips steeply (70⁰) to the west and is up to about 30 meters wide. Based on this data, an initial four platforms were sited to the west of the structure as shown on the plan. To date, four holes have been drilled from platforms L15-26 and L15-27, i.e. two holes from each platform that are about 150 meters in length and inclined at -50⁰ and -70⁰ to the east. Assays are pending.
Trench 3 was excavated about 200 meters south of Trench 1 in an area with considerable gossanous float and exposed a silicified/ brecciated zone that assayed 1.10 g/t Au across 6.0 meters.
Trenches 3 to 7 were designed to explore a N30⁰W striking structure dipping 45⁰ SW that is located within the andesite volcanics about 75 meters west of the andesite/ granodiorite contact. Results ranged from 0.16 to 0.29 g/t across widths ranging from 2.0 to 8.0 meters. Although the gold values are low, oxidation is very intense and at least two drill holes are being considered to test the structure at depth.
While the trenching program was in progress, hole L15-25 was completed from a platform located 100 meters east of L00-18 to test for an eastern extension of the Gordon Breccia. The hole intersected an 18 meter wide zone with weakly disseminated pyrite and molybdenum from 90 to 108 meters and a 26 meter wide zone with quartz-pyrite-(chalcopyrite) veinlets between 304 and 330 meters. Assays are pending.
The assay results for holes L15-25 and L15-26 should be available in the next couple of days and will be released as soon as available.
The samples from Trenches 1 – 8 were continuous horizontal channel samples cut from one side of each trench over widths of 1 or 2 meters. The samples were assayed by 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.
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.