AURYN Mining Corporation Shareholder Update
AURYN Mining Corporation (OTC: AUMC) is pleased to share its Q4 2022 accomplishments, Q1 2023 objectives, and outlook for the future. We are deviating from our usual quarterly update to provide a comprehensive update that includes information through the current date since we have exciting news to share with our shareholders.
Q4 2022 – ACCOMPLISHMENTS
Don Luis vein and Antonino tunnel
The old workings for the Don Luis had two veins – the Don Luis minor (DL1) and the Don Luis major (DL2). These were mined at two levels, Level 1 at 1910 meters, and level 2 at 1880 meters elevation. At level 2, the DL1 and DL2 are 4 meters apart.
The mining team’s working theory has been that as the DL1 and DL2 descend they will merge to form one vein. Based on topographical maps produced by EGV Ingeniería, the team anticipated intersecting the Don Luis vein 24 to 34 meters from where the Antonino tunnel ended in Q3.
As announced on December 23, 2022, the team intercepted the Don Luis, despite persistent mechanical issues with the scoop, longer times between blasts to allow for ventilation, and once-in-a-generation wildfires. The interception via the Antonino tunnel is level 3, and it is at an elevation of 1840 meters.
The width of the intercepted vein was 50 centimeters, and its assays were comparable to assays from the old workings. The combination of the assays and the location of the interception confirmed to the team that they indeed had cut into the DL1 vein.
The team continued extending the tunnel through January 4, 2023, and intercepted what appeared to be the DL2. The distance between this structure and DL1 is 3 meters. The team was able to clean enough of the interception to take assays before the scoop suffered breaking issues again and had to be taken off the mountain for repair.
On January 9, 2023, the team received assay results from the ore assayed on the lower portion of the new structure. These are reported in the table below and are consistent with most of the DL assays, taken from the old workings.
On January 18, 2023, the team received the fully repaired scoop and continued extending the tunnel to fully uncover the DL2. The DL2 vein at level 3 in the Antonino Tunnel is 3 meters from the DL1 vein and 60 centimeters wide. This adds credence to the team’s hypothesis that the veins will converge at depth. The team has taken new samples of the entirely uncovered DL2 and will report these when received.
Don Luis assay results
DL1 @ Antonino Tunnel (Level 3), Elevation 1840 meters, Width 0.50 meters
Sample ID | Au – FF + FG (g/t) | Ag (ppm) | Cu-T (%) |
| FC-087 | 4.32 | 81 | 2.088 |
| FC-088 | 3.43 | 38 | 1.548 |
| FC-089 | 5.54 | 128 | 5.061 |
| FC-090 | 4.35 | 110 | 4.396 |
DL2 @ Antonino Tunnel (Level 3), Elevation 1840 meters, Width 0.60 meters
Sample ID | Au – FF + FG (g/t) | Ag (ppm) | Cu-T (%) |
| FC-091 | 92.87 | 26 | 2.805 |
| FC-092 | 256.45 | 246 | 3.917 |
| FC-093 | 173.90 | 103 | 5.614 |
| FC-094 | 134.76 | 116 | 6.100 |
Q1 2023 – OBJECTIVES
- Topographers from EGV Ingeniería will return to Lipangue and take new readings to ensure the precise orientation to follow the DL2 from our intersection on level 3 to the old workings on level 2. The team will then construct an evacuation/ventilation chimney following the Don Luis vein to the old workings. Ore from the chimney will be shipped to ENAMI. The chimney will have an approximate slope of 20° and length of 30 meters (subject to EGV Ingeniería topographic reports).
- While waiting on the topographers, the team will begin construction of a gallery with an area of 50 square meters to support construction of a T and to exploit the Don Luis vein in both directions, and eventually at lower levels.
- As soon as feasible AUMC will purchase an additional scoop for redundancy and scaling the operation.
- Launch an expanded partnership with the Mining Sciences School of Universidad de San Sebastian. This includes creation of an academic space in the field for students and professionals from various disciplines to grow their mining knowledge. Lawyers, civil engineers, mining engineers, and environmental experts will be invited to develop academic and field activities throughout the Altos de Lipangue mining district. This will support the mining industry and provide potential recruits for our upcoming mining developments.
OUTLOOK
Communications
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.
Mining
With the intersection of the high-grade Don Luis vein, management remains bullish. Our mining team will spend the remainder of this quarter and the next 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 on multiple levels will begin.
Financial
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 common 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.
Forward-Looking Statements
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.
Contact Information
Auryn Mining Corporation
https://aurynminingcorp.com/
ir@aurynminingcorp.com