February 19, 2015 @ 12:00
AURYN Mining Chile SpA is pleased to provide an update on the exploration program being conducted in the Altos de Lipangue area located approximately 30 kilometers northwest of Santiago, Chile and the results of diamond drill hole L15-24.
Hole L15-24 is located 100 meters to the west and 50 meters south of hole L00-16.
The hole was designed to be a major step out to the west to test the Gordon Breccia at depth. The upper approximately 80 meters of the hole intersected strongly argillically altered granodiorite with zones of intense hydrothermal kaolinite and pervasive iron oxide filling fractures and as pseudomorphs after disseminated pyrite. The first pass core sampling indicated that the zone contained anomalous values in gold and copper so the uncut intervals were later sampled to give a continuous series of assays. The highlight was a zone of 45 meters grading 0.78 g/t Au (from 3 to 48 meters depth) with the highest value being 8.34 g/t Au over 1 meter (from 30 to 31 meters depth). There also was a 5 meter zone of disseminated copper oxide (atacamite?) from 70 to 75 meters depth that assayed 0.25% Cu. This near surface gold mineralization has not been encountered in previous drilling and provides an exciting new target on the Altos de Lipangue property.
Drilling was suspended on the property in late January when the HQ rods got stuck in a fault zone between 223 and 224.3 meters.
The drillers have returned to the property today (Feb 18) and drilling will restart immediately. We have decided not to deepen hole L15-24 at present but rather will test the eastern potential of the Gordon Breccia with a hole located 100 meters east of L00-18. The hole is projected to be about 350 meters deep and while it is being drilled we will complete a trenching program in the area of the newly discovered near surface gold zone in order to get a better understanding of the controlling structures and use that information to plan follow up drilling.
The excavator began the trenching program on February 14th and has completed a 175 meter long trench parallel to and 25 meters west of hole L15-24. The trench has been sampled and the southern approximately 140 meters appear to be geologically similar to the intersection in hole L15-24. The zone is open to the south and we intend to extend the trench during the program. Presently the excavator is completing an east-west trench about 200 meters to the south of the first trench. The excavator will also be used to put in a series of trenches across a mineralized fault zone (vein?) that strikes at 330⁰ and is located within the andesite approximately 75 meters west of the granodiorite contact.
When the trenching program is completed near the Gordon Breccia, the plan is to use the excavator to put in drill access roads and platforms at the Las Dos Marias and Mina Fortuna properties.
The samples from L15-24 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 QA/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.