November 6, 2014 @ 12:30
AURYN Mining Chile SpA is pleased to announce the results of the second 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.
L14-20 was drilled between historical holes L99-08 and L00-12 as a test of the continuity of the upper gold rich portion of the Gordon breccia. Historic hole L99-08 had intersected mineralization over a down hole width of 101 meters (120.70 – 221.70m) with the best reported zone being 4.91 g/t Au, 30 g/t Ag and 0.63% Cu across 43 meters (121.00 – 164.00 m).
Historical hole L00-12 had intersected mineralization over a down hole width of 96 meters (158 – 254 m) that had 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 L14-20 intersected a similar broad mineralized zone over a down hole width of 94 meters (142.5 – 236.5m). The results are tabulated below and shown graphically on the accompanying cross section.
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 hanging wall 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 the highest grade copper values occur in a zone of strong epidote replacement from 148 to 164 meters depth that gives the rock a mottled appearance with up to 10% disseminated and patchy pyrite (chalcopyrite) mineralization.
Hole L14-20 has successfully confirmed the uniformity of the upper gold rich zone of the Gordon breccia in the area of the highest grades of the historic drilling and will be a first step in the process of defining a mineral resource on the Alto de Lipangue property.
Results of hole L14-21, located 75 meters west of L14-19, should be available for release during the next week. Hole L14-22 is presently in progress at 415 meters depth. 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 underlying porphyry.
The samples from L14-20 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.