October 30, 2014 @ 12:30
AURYN Mining Chile SpA is pleased to announce the results of the first diamond drill hole completed in the current drill campaign that started on October 2nd to explore the Altos de Lipangue project located approximately 30 kilometers northwest of Santiago-Chile. The first stage of the drill program is focused on the evaluation of the Gordon breccia and the potential for a related porphyry copper gold deposit at depth.
L14-19 was drilled parallel to and 25 meters east of hole L00-12 to test for the continuation to the east of the upper gold rich zone of the Gordon breccia. Historic hole L00-12 had intersected mineralization over a down hole width of 96 meters (158 – 254 m) that included three reported zones: 2.23 g/t Au, 16.16 g/t Ag & 0.55% Cu across 25 meters (158 – 183 m); 0.33 g/t Au, 3.06 g/t Ag & 0.07% Cu across 11 meters (199-210 m); and 0.56 g/t Au, 2.33 g/t Ag & 0.14% Cu across 28 meters (226 – 254 m).
Recently completed hole L14-19 intersected a similar broad mineralized zone over a down hole width of 82.75 meters (183.35 – 266.10m) plus a 4.90 meter (153.60 – 158.50 m) zone in the hangingwall. The results are tabulated below and shown graphically on the accompanying cross section.
The eastern continuity of the upper gold rich zone of the breccia was confirmed by hole L14-19 and the Company has already completed hole L14-21 that is a 75 meter step out to the east.
The visible mineralization is predominantly pyrite with patches of replacement chalcopyrite in both the matrix and fragments of the breccia. Pyrite and associated chalcopyrite also occur as disseminations and veinlets in the propylitically altered granodiorite in the hangingwall and in the weakly brecciated horsts that occur between zones of strong hydrothermal breccia. Sulfide content ranges from 2 to 10% overall with narrow zones (veins) that are massive. It should be noted that high molybdenum values of up to 168 ppm Mo occur in the zone of highest copper which is a very favorable indication of a potential porphyry association with the breccia.
Results of hole L14-20, located 25 meters west of historic hole L00-12, should be available for release during the next week and will be followed shortly by the results for the above mentioned hole L14-21. Hole L14-22 is presently in progress. It is located 150 meters south of L14-21 and is the first of the series of deeper holes (+ 500 meters) that will test the copper rich lower portion of the breccia and search for an underlying porphyry.
The samples from L14-19 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 Q/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.