January 29, 2015 @ 12:12
AURYN Mining Chile SpA is pleased to announce the signing of the option/ Joint Venture agreement with S.C.M. Cerro Dorado Chile covering the Fortuna de Lampa mine property located on the Altos de Lipangue plateau approximately 30 kilometers northwest of Santiago, Chile. The property consists of the two mining concessions: Lonco Millarepu 1-60 and Fortuna 61-120 that are adjacent to the eastern boundary of AURYN´s Altos de Lipangue project. The agreement gives AURYN the right to earn an initial 60% interest in the property by completing a minimum of 3,000 meters of diamond drilling.
An additional 25% interest in the property (85% total) can be earned by the expenditure of a further US $ 1.5 million on the property by or before August 1, 2017.
The Fortuna de Lampa mine was developed on a system of relatively narrow, high grade gold-bearing quartz veins hosted in granodiorite. The veins trend approximately north-south and dip moderately to the east. The system can be traced over a length of approximately 800 meters and there is evidence of an associated breccia to the south. There are about 1,100 meters of underground workings that have been developed on four levels concentrate on the main Fortuna vein and reaching a depth of 100 meters. Records for small scale production in the 1940´s and 1950´s gave an average grade of 59 g/t gold and 104.1 g/t silver.
AURYN geologists are currently reviewing the property data that includes surface and underground mapping and sampling as well as geophysical surveys including IP and CSAMT. The planned exploration program will begin with fine tuning of the geology data base by trenching for extensions of the vein system and searching for splay veins as well as exposing bedrock in the area of intense breccia float to the south. The compiled geology and geophysical data will then be used to lay out the initial platforms for the diamond drill program.
The Fortuna de Lampa exploration program will be integrated with the concurrent Altos de Lipangue and Las Dos Marias programs and will benefit from the high resolution airborne magnetometer survey that will be flown over the plateau in February.
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.