Auryx Gold Releases Results of Exploration and Infill Drilling from West Zones at the Otjikoto Gold Project in Namibia
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/20/11 -- Auryx Gold Corp. ("Auryx" or the "Company") (TSX: AYX)(NSX: AYX) is pleased to announce assay results from 37 exploration and infill diamond drill ("DD") holes in the western and south-western region of the current modelled pit at the Otjikoto gold project in Namibia. These holes combine with previously drilled holes to define the West A shoot, West B shoot, West 1 shoot and southern extensions to the western shoots. Please follow the link for the relative locations of the shoots and the drill holes reported below:
Aside from the southern extension of the western shoots, the remaining shoots are located in-pit. OT holes are exploration holes and TC holes are infill drilling done to convert the NI 43-101 resource estimate from inferred to indicated in certain regions.
Auryx's CEO, Mr. Searcy comments: "In-pit drilling is confirming the continuity of the inferred mineralization and demonstrating that areas that were previously modelled as waste are, in fact, mineralized. The potential to add resources 'in-pit' demonstrates that the Otjikoto gold deposit is still underexplored. The southern extensions of the western shoots are located below the Main Magnetite Zone ("MMZ", as defined in the Auryx Gold press release dated 8 Sep 2011) and demonstrate the potential for resource growth along strike at Otjikoto."
Drilling is ongoing at Otjikoto with 5 diamond drill ("DD") rigs and 1 reverse circulation ("RC") rig. Since taking over the project, Auryx has drilled 192 DD holes for 46,700 m and 90 RC holes for 8,640 m. As of today, results from 55 DD and 64 RC holes have been released. The location of all holes drilled at Otjikoto can be viewed on a drill hole map in plan view at
.
Quality Assurance/Quality Control
Auryx's QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample. For a detailed description of QA/QC procedures please see the Auryx Gold press release dated 12 May 2011 or the SRK NI 43-101 technical report dated 31 March 2010, available at .
About Auryx Gold Corp.
Auryx Gold Corp. (TSX: AYX)(NSX: AYX) is a Canadian, growth-focused resource company engaged in the acquisition and exploration of gold projects in Namibia. The Company is currently advancing the Otjikoto gold deposit, located 300 km north of Namibia's capital city, Windhoek. By virtue of its location, the Project benefits significantly from Namibia's well established infrastructure with paved highways, a railway, power grids, and the water grid all close by. Located in southwest Africa, Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. On October 11, 2011, Auryx announced the signing of a binding agreement with B2Gold Corp. to combine the two companies. The agreement is subject to, among other conditions, the approval of Auryx shareholders who are to vote at the Annual and Special Meeting, expected to be held in December, 2011.
On behalf of the Board of Directors,
Tim Searcy, P.Geo., Chief Executive Officer
Cautionary Notes
Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which is based on Auryx Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These risks and uncertainties include, but are not limited to: successful conversion of inferred mineral resource estimates to indicated mineral resource estimates based on drilling results, ability to successfully add resources "in-pit", successful growth of the resource along strike at Otjikoto; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Auryx Gold undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Qualified Person Statement.
Tim Searcy, PGeo, Auryx Gold's President, is a Qualified Person as defined under National Instrument 43-101. Mr. Searcy has reviewed and approved of all of the technical disclosure in this document.
Contacts:
Auryx Gold Corp.
Andisheh Beiki
Investor Relations
Direct: +1 (416) 361-2213 / Mobile: +1 (647) 968-1920
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Datum: 20.10.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 78376
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