AURYN Mining Corporation Shareholder Update
AURYN Mining Corporation (OTC: AUMC) is pleased to share the following update with its shareholders.
Mining works on Fortuna
AURYN Mining Corporation is pleased to announce that our mining operations at Fortuna are progressing smoothly, in line with the strategic decision made by our Board of Directors in the previous quarter. Our mining team is diligently carrying out ore extraction and accumulation directly from the vein on a modest production scale. Simultaneously, we are advancing our efforts on the Lipangue Flotation Plant project.
Project visit from German mining experts
The recent visit to Fortuna on December 1st by a group of esteemed German professors and academics, led by Prof. Dr. Helmut Mischo, Dr.-Ing. from the Institute of Mining and Special Civil Engineering at the Technical University Bergakademie Freiberg (TUBAF), was a noteworthy event. Prof. Mischo, a specialist in Underground Mining Methods, has extensive expertise in mine planning and design, underground deposit extraction, mine development, conveyor and transport systems, and mine safety and rescue.
The group thoroughly inspected our Antonino Tunnel project, including key sites such as the Don Luis Vein interception, the Emergency Chimney, and the most significant mineralized structures discovered along the tunnel, as well as the historical Fortuna Old Works. The visiting team expressed high regard for the development of our mining project, with Prof. Mischo offering particularly favorable opinions about Fortuna. He acknowledged the evident presence of significant mineral deposits and the proven access to the vein structure at various levels and areas.
Prof. Mischo emphasized the critical challenge of optimizing mining operations for maximum efficiency. He advised that each mining site’s unique physical and chemical characteristics necessitate a tailored approach, using the latest and most effective extraction techniques. This advice aligns with Auryn’s strategy to consider a 100 ton/day flotation plant, incorporating cutting-edge mineral processing technologies. Prof. Mischo supported this strategy, suggesting that it could yield the optimal combination for recovering Fortuna’s minerals. He assured that once the most efficient recovery method is established, production scaling would be straightforward and highly effective.
In recent weeks, we have engaged in discussions with Prof. Mischo to involve a select group of TUBAF students in developing a conceptual model to optimize Fortuna’s exploitation. We are enthusiastic about this collaboration and anticipate sharing positive developments soon.
On-Site Flotation Plant in Lipangue
We are actively engaged in preparing the essential technical documentation required for submitting our project to the relevant authority in Chile. This preparation is a critical step in ensuring compliance with local regulations and advancing the project efficiently.
Q1 2024 – OBJECTIVES
The company continues to explore options for financing the development of a 100 ton/day flotation plant.
Our long-term goal is to transition the Lipangue project from exploration to full-scale production. The cash flow generated will not only fuel further exploration but will also enable us to return value to our shareholders, reinforcing our commitment to stakeholder profitability.
AURYN will consistently update investors through required financial disclosures on OTC Markets. Expect quarterly shareholder updates during the first week of every calendar quarter. To stay informed, subscribe to email notifications on our website.
For more details, please visit our website, AURYN Mining Corp.
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.