More CB gold; Auryn to restart drilling in March

Auryn Resources Inc. Oct. 19 reported that drilling at Inuk, a prospect at its Committee Bay gold project in Nunavut, cut 25 meters of 1.15g grams per metric ton gold.

This hole was drilled 400 meters away from an historical intercept of 12.6 meters of 16.04 g/t gold.

"We are very pleased to have hit the broad intervals of consistent mineralization at our Inuk target," said Auryn Chief Geologist Michael Henrichsen. "We have extended the mineralized system by 400 meters to the northeast under an intrusive cover rock sequence and glacial till. Our understanding of the geology of the Inuk prospect is at an early stage but we are highly encouraged at the strength of sulfidation and gold mineralization within banded iron formations over tens of meters."

Auryn completed 33,133 meter of drilling testing 18 targets across the entire 155-mile (250 kilometers) greenstone belt covered by the Committee Bay property.

Results from 31 percent of the holes are pending.

This includes results from the Kinng Gold, Kinng Mountain, Mist, Koffy targets in the northeast portion of the belt.

Auryn plans to resume drilling at Committee Bay in March with a 10,000-meter program at Aiviq, a high-grade gold discovery made this year, and expansion drilling at Three Bluffs, a deposit with 2.1 million metric tons of indicated resource averaging 7.85 g/t (524,000 ounces) gold and 2.9 million metric tons of inferred resource averaging 7.64 g/t (720,000 oz) gold.

"We look forward to mobilizing drill rigs in March to further test the Aiviq discovery and commence extending the Three Bluffs deposit," said Auryn President and CEO Shawn Wallace. "This is the first year that our portfolio will be active through the winter months, generating additional results from drill programs soon to be underway."

Auryn said results are pending from the 37 holes (14,811 meters) drilled at its Homestake Ridge gold-silver project in the Golden Triangle, British Columbia.

The company said a number of the holes drilled this year encountered geological features consistent with the high-grade gold and silver mineralization known to exist at the South Reef prospect and the Homestake Main deposit but the turnaround on results this year has been slow.

"We have, much like the rest of the industry, been burdened with slower than expected assay turnaround but are due to see the first holes from Homestake Ridge later in October," said Wallace.

-SHANE LASLEY