AURYN Mining Corporation Shareholder Update
AURYN Mining Corporation (OTC: AUMC) is pleased to share its Q1 2022 accomplishments, Q2 2022 objectives, and outlook for the future.
Q1 2022 – ACCOMPLISHMENTS
Don Luis vein intercepted
- The mining team has extended the Antonino tunnel approximately 350 meters SSW. On March 31, 2022, our miners cut a highly mineralized structure with the same inclination and visual characteristics of the Don Luis vein. Samples have been sent to the lab for further analysis, but the mining team is confident this is the Don Luis vein. Images of the vein are in the corporate gallery.
“This is a major milestone,” said CEO, Maurizio Cordova. “We have evidence that the Don Luis vein extends across the plateau with outcroppings appearing 700m below the plateau. The AURYN mining team has worked diligently through very difficult circumstances and deserves a tremendous amount of credit.”
- More details on the interception of the Don Luis will follow in an upcoming notification.
Collaborating with Universidad de San Sebastian
- Research and analysis of samples taken on the structures found in the Antonino Tunnel are still in progress. A new group of students is continuing this project and will be coming to Fortuna for further sampling and analysis.
- AURYN formed an alliance with Norlift Chile, a provider of high standard personal safety equipment for mining projects in Chile. Over the coming weeks, AURYN will receive sample equipment for demonstration and use on our operations.
Q2 2022 – OBJECTIVES
- Hire a second team of miners and improve the base camp to support an additional crew.
- Construct an evacuation/ventilation chimney following the Don Luis vein to the level above the current level. The chimney will have an approximate slope of 20° and length of 30 meters.
- Construct a gallery with an area of 50 square meters to support construction of a T to exploit the Don Luis vein in both directions.
- Exploit the Don Luis in both directions. At the 20 meter mark on the east side, construct a spiral to support exploitation of the vein at lower levels.
AURYN will continue to publish required financial disclosures at OTC Markets. Quarterly shareholder updates will also be released on OTC Markets and on our website during the first week of each calendar quarter along with a gallery of images and videos. To receive notification of these via email, subscribe on our website. For occasional intra-quarter updates, follow @aurynmining on Twitter.
Management is extremely bullish. We have uncovered multiple structures on our way to intercepting the Don Luis. These will all be evaluated for exploitation at some time in the future.
We anticipate our mining teams to spend most of Q2 preparing the mine for exploitation at the current level and sub-levels. Minor production will occur during this process. Results will be reported accordingly. Once fully prepared, exploitation begins.
To date, a third party is paying for AURYN’s exploration efforts. AURYN’s Board of Directors is monitoring expenditures with a commitment to reimburse the third party (without interest) from production. There are 70,000,000 shares issued and outstanding and AURYN does not anticipate any dilution from our exploration efforts.
AURYN’s plan is to use future cash flow from production to pay off exploration debts and expand operations. Management’s desire is to eventually become debt-free and produce fully audited financials prior to seeking to move to a higher tier on the OTC Markets.
For further information please visit our website, https://aurynminingcorp.com.
Submitted on behalf of the Board of Directors.
This news release contains certain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934, as amended. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the completion of transactions, the issuance of permits, the size and quality of mineral resources, future trends for the company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the company. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially and substantially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.