Auriga Gold Drills 1.69 Meters of 47.2 g/t Gold, the Highest Grade Intersection to Date at the Maverick Gold Project, Manitoba
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/17/12 -- Auriga Gold Corp. (TSX VENTURE: AIA) ("Auriga Gold" or the "Company") is pleased to report results from its Autumn 2011 drilling program at the Company's Maverick Gold Project. The drilling continues to extend high grade mineralization in the northern part of the Puffy Lake deposit. In this area, drill hole A3-81 intersected 1.69 meters grading 47.21 g/t gold including 0.46 meters grading 158.45 g/t gold at a depth of 98.8 meters and down-dip from the planned north starter pit. Hole A3-84, drilled 50 meters northwest of hole 81, intersected 6.23 meters grading 7.55 g/t gold including 0.50 meters grading 29.61 g/t gold at a depth of 98.2 meters. Auriga Gold completed a Preliminary Economic Assessment on the Maverick Gold Project in December 2011 that confirmed positive economics and pre-tax IRR of 84% (see press release dated January 5, 2012). The Project, located 65 km northeast of Flin Flon, Manitoba, includes the past-producing Puffy Lake Mine and on-site mill, the adjacent Nokomis deposit, and recently staked mining claims covering a total of 6,640 hectares (66.4 km2).
Richard Sutcliffe, Auriga Gold's President and CEO commented, "We are very encouraged with the latest results that demonstrate the potential to increase our gold resources and to have drilled the highest grade gold intersection to date at the Maverick Gold Project with assays up to 158 g/t gold or 4.6 ounces per tonne. Exploration drilling in the northern part of the Puffy Lake deposit continues to provide some of best and most consistent results at Maverick Gold."
In the latest drilling campaign, holes A3-71, 72, 73, 76, 81, 84, and 86 all tested shallow underground mineralization down-dip from the planned northern starter pit. All of the holes except A3-73 contained significant intercepts and are reported in the table above. Four shallow holes (A3-64, 65, 67 to 69) drilled to test for an extension of the planned south starter pit did not intersect significant values. Two holes A3-50 and 62 on the planned Sherridan starter pit intersected narrow, low grade mineralization. The drill results reported here have been completed subsequent to the Company's NI43-101 resource announced in August 2011 (see press release dated August 4, 2011).
Exploration drilling at Maverick Gold will continue through the winter season with the intention of both upgrading and expanding existing NI 43-101 resources. As part of the program the Company is planning a 1,500 meter drilling program at the Nokomis deposit located 7 km northeast of the Puffy lake mill with particular emphasis on testing near surface mineralization. A winter road to obtain access to the Nokomis deposit is currently under construction and drilling is expected to begin in February.
A plan section showing the location of the diamond drill holes is available on the Company's website at .
Please visit our booth #1430, at the Vancouver Resource Investment Conference on January 22 and 23, 2012. Additionally, Dr. Richard Sutcliffe, CEO, will be speaking on Monday January 23rd at 12:00 in the South Speaking Hall. The conference will be held at the Vancouver Convention Center West.
About Auriga Gold
Auriga Gold Corp. is a Canadian mine development and exploration company focused on developing the Puffy Lake Mine and expanding gold resources on its Puffy Lake and Nokomis deposits (the "Maverick Gold Project"). The Company plans to upgrade and expand the resources at the Maverick Gold Project, initiate test mining, complete feasibility studies of mineral reserves, and bring the Puffy Lake Mine back into production. The Puffy Lake Mine includes a 1,000 tpd flotation mill, a developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba.
Qualified Person
The Company's Qualified Person ("QP") for the drill program at the Maverick Gold Project is Bruce Mackie, P.Geo. As QP, Mr. Mackie has prepared or supervised the preparation of the scientific or technical information for the property and has verified the data disclosed in this press release.
Sample Preparation, Analyses and Security
The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill cores are NQTW in size and assays are completed on split or sawed half-cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples are analysed using standard fire assay procedures with an AA/ICP finish, using 50g aliquots. Assay results greater than 2.50 gram per tonne will be rerun using a gravimetric finish. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Auriga Gold Corp.
Dr. Richard H. Sutcliffe
President and CEO
416-214-2785
Auriga Gold Corp.
Alison Tullis
Manager, Investor Relations
416-214-2785
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Datum: 17.01.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 104656
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