Auryn Resources Inc. (TSX:AUG)(OTCQX:GGTCF) ("Auryn" or the "Company") is pleased to provide an exploration update from it's Peruvian portfolio and further information about its proposed 2017 exploration plans.
Auryn has been active during Q4, 2016 on its Peruvian portfolio with extensive surface sampling undertaken on the Sombero and Huilacollo properties to advance these projects toward a drill ready stage. Auryn is also active in negotiations with various communities across the portfolio with good progress being made.
Surface exploration work at the Sombrero project focused on the southern half of the property where 773 meters of trenching, 405 rock chips and 311 soil samples were collected. The purpose of this work was to expand upon the previous limited rock chip geochemical sampling that returned significant gold and copper values in the mineralized skarn setting. Importantly, the footprint of the known mineralized system was expanded by the new discovery of a 300 by 350 meter zone of skarn mineralization in the southwest region of the claim area.
Exploration work on the Huilacollo project focused on the southern half of the property. 1,259 talus fine samples were taken over an area of 3 by 4 kilometers where no previous reliable surficial geochemical sampling had occurred. In addition, 25 rock chip samples were taken in select areas with outcrop that demonstrated epithermal textures. The purpose of this work was to develop a geochemical picture over geophysical anomalies characterized by resistivity highs and chargeability lows that have the potential to host oxide gold mineralization.
Banos del Indio
Exploration plans are to undertake a property wide IP survey in Q1 of 2017 and to further delineate targets which will be followed by surface sampling programs with drilling expected to begin in Q4. Banos Del Indio is one of the largest untested alteration systems in the Andes and sits on the same north south structure of the epithermal belt in Southern Peru which is 10 kms north of the Huilacollo concessions.
Exploration work on the Curibaya project focused on follow-up work on anomalous gold and copper drainage basins identified in Auryn's 2016 stream sediment survey. Two high-level, multi-kilometer potentially porphyry style clay alteration systems have been identified in the southwest and northwest portions of the claims demonstrating that further follow-up work of soil and rock-chip sampling is warranted.
Auryn 2017 Exploration Plans
Auryn focused on capitalizing on the advancements achieved in a very successful 2016 field season. Targeting efforts have provided 17 high priority drill targets at the flagship Committee Bay gold project. The company has also been successful at assembling a world-class exploration portfolio with the additional acquisitions of the advanced Homestake Ridge project in the "Golden Triangle" of northwestern British Columbia and the Sombrero, Huilacollo and Baños del Indio projects in southern Peru. Auryn's global exploration plan in 2017 will be to aggressively drill all projects across its portfolio with the primary focus on new discoveries.
The proposed drill plan for 2017 is to drill a total of 55,000 meters of which 25,000 meters will be drilled across 17 multi-kilometer long targets in the Committee Bay project, 15,000 meters across the Homestake Ridge project and another 15,000 meters across the Sombrero, Huilacollo, and Baños del Indio projects in southern Peru.
Shawn Wallace, President and CEO, commented, "We are thrilled to have been able to acquire these high quality projects over the past 2 years. Each project provides a significant standalone opportunity for major discoveries while our portfolio approach significantly lowers Auryn's overall risk profile. 2017 will be a year where our technical and financial teams will capitalize on this foundation and execute our operational plan to realize the goal of value creation for all stakeholders and investors."
Auryn has revised its portfolio video which is now available on our website