TORONTO, Dec. 15 /CNW/ - Auryx Gold Corp. ("Auryx" or the "Company") (TSX: AYX) is pleased to announce that RC hole OTR 267 intercepted three zones of mineralization within 106m from surface; the best zone being 10m of 6.19 g/t Au starting at a depth of 60m.
Auryx is testing a number of targets over the course of its initial, 12 month, 25,000m program. Hole OTR 267 is one of thirty reverse-circulation ("RC") holes drilled on the southwest edge of the Otjikoto deposit in a tightly spaced grid (25m x 100m). Previous drilling in this area, undertaken by the prior operator, was widely spaced (50m x 100m) and did not identify any structurally controlled, high-grade mineralization. Link http://auryxgold.com/projects/otjikoto_drill_program/plan_views/all_holes/(1) is a close-up plan view of all drill holes in this area.
Auryx' President, Mr. Searcy, comments: "The results of OTR 267 are significant because they indicate the presence of a new high-grade structure within the lower-grade mineralized envelope. Auryx' interpretation of the mineralization at Otjikoto consists of a stratabound, low-grade, sheeted-vein deposit, within which sit elongate, high-grade structures. Two structures have been identified previously, and this new one identified by OTR 267 confirms that there is potential to find more. This is very encouraging as other drilling continues to grow the size of the low-grade envelope - expanding the area within which new mineralized structures can be found."
Significant intercepts from this batch of assays are:
|Hole ID||From||To||Intercept||Grade||True Thickness|
In addition to the RC grid on the southwest edge of the resource, a similar grid was drilled on the eastern edge of the resource and a third was drilled 300 to 600m south of the resource. Three fence lines of diamond drill ("DD") holes are testing the eastern extents of the low-grade envelope 400m to 450m east of the resource along a strike of 1100m. Widely spaced DD holes are also testing for a strike extension of the existing resource from 750m to 1100m to the northeast.
Link http://auryxgold.com/projects/otjikoto_drill_program/plan_views/drill_plan/(2) is a plan view of all holes drilled to date.
TRH9 represents the most westerly extent of a zone of hanging-wall mineralization. Two shallow holes, TRH7 (35m depth) and TRH8 (40m depth) were drilled west of TRH9. The mineralization intercepted in TRH9 projects into the calcrete zones of TRH7 & TRH8 where there is a subtle bump in grade above background, but not of reportable grade or width.
TRH2 is a pre-existing hole that was deepened by Auryx. Previously it tested only the hanging-wall; Auryx deepened it to test the main mineralized stratigraphy, known as OTC. The mineralization listed above correlates with three mineralized horizons from within the OTC.
TC85 was testing a south-eastern extension of the main structure. From the grades it is interpreted to have missed the structure. The two deeper intercepts, listed above, are from the OTC, while the shallower intercept is from a zone in the hanging-wall that is being tested more thoroughly by a grid of RC holes.
There were six holes from this batch of assays, including OTG12, which returned no significant intercepts. OTG 12 was drilled 400m east of the northern end of the resource. It was significantly veined but returned only two, one meter long samples with assays of greater than 1.0 g/t Au. As results come in from the other eastern step outs, they will be reviewed comprehensively and a follow-up plan will be generated. However, due to the intensity of veining in OTG 12, the presence of gold in the system, and to the fact that the grade of mineralization at Otjikoto can be highly variable over very short distances, a plan of follow-up drilling for the area around OTG 12 may be warranted prior to the receipt of all assay data.
Since taking over the project, Auryx has drilled 29 DD holes for 7,562m and 85 RC holes for 6,871 m at Otjikoto. As of today, results from nine DD and six RC holes have been released. The location of all holes drilled at Otjikoto, including the ten for which assays were most recently received, can be reviewed on a drill hole map in plan view by pointing to the following link on our website:
Quality Assurance/Quality Control
Auryx operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. One half of the NQ core is maintained for future reference and the other half is sent for analysis. Due to the significant nugget effect present at Otjikoto, Auryx consistently samples only the south half of the core in order to avoid personal bias from affecting the samples and, ultimately, the resource. Core and RC samples are both collected in one (1) meter intervals. Each RC sample is riffle split twice to generate four further samples - primary assay, field duplicate, reference, and metallurgical. All core and RC samples are stored in the company's secure core shack in Otjiwarongo and are transported from there and beyond by independent couriers.
Samples are screen fire assayed at Genalysis and SGS laboratories, both of which are in located in Johannesburg, South Africa. Analysis is by screen fire assay process whereby the sample is pulverized and sieved with into +106μm and -106μm fractions. The +106 fraction is assayed until completion, typically 10g to 50g. At SGS a 50g aliquot is split from the -106 fraction and assayed, while at Genalysis, two 25g aliquots are split and assayed.
The final assay result is calculated by a weighted average of mass x grade of the two size fractions divided by the total mass of the un-split sample. For both core and RC blanks are inserted at every 25th sample and standards (for each size fraction) for every 20th sample. For the RC only, duplicates are submitted at every 20th sample.
These 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 more detailed description of QA/QC procedures please see the SRK 43-101 report dated 31 March 2010.
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.
About Auryx Gold Corp.
Auryx Gold Corp. (TSX: 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 300km 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 behalf of the Board of Directors
Tim Searcy, P.Geo.
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 include management's assessment of Auryx Gold future plans and operations and are based on Auryx Gold 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 completion of the proposed transactions referred to herein; the satisfaction of the Escrow Release Conditions; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold 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.
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Auryx Gold Corp.
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