Auriga Gold Corporate and Maverick Gold Project Update
01 12월 2012 - 5:30AM
Marketwired Canada
Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") is pleased
to provide an update on our Maverick Gold Project and other corporate
developments.
Maverick Gold Project - Exploration and Development
Auriga is now in receipt of all outstanding assays, including gravimetrics and
metallics which were run on higher grade core samples, taken during the 2011/12
diamond drill program.
Results from holes A3-100 to A3-114 into the PL deposit are encouraging and
confirm the north eastern extension of gold mineralization beyond the current
mine plan. Highlights include 48.33 gpt /0.9 metres in Hole A3-100 and 11.38 gpt
/1.5 metres holes A3-105.
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HOLE ID EASTING NORTHING ELEV AZIMUTH DIP FROM TO INTERVAL AU GPT
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PL DEPOSIT SHALLOW INFILL DRILLING
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A3-100 373334 6100683 345 360 -90 147.45 148.35 0.90 46.95
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A3-103 373131 6100808 345 360 -90 NSV
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A3-104 373214 6100659 345 360 -90 51.89 52.14 0.25 8.30
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A3-105 373161 6100803 345 360 -90 146.18 147.68 1.50 11.38
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and 149.34 149.74 0.40 5.41
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and 150.58 150.95 0.37 6.00
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A3-109 373189 6100663 345 360 -90 NSV
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A3-110 373238 6100673 345 360 -90 111.49 111.89 0.40 4.20
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A3-114 373190 6100705 345 189.3 -82 83.00 83.75 0.75 7.79
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and 95.06 95.28 0.22 9.77
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Note: true intercept widths are currently estimated at approx. 80% of
drilled widths. Hole numbers at Maverick Gold have not necessarily been
drilled or sampled sequentially.
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This data, will complete our drill hole database and we can now proceed to
incorporate an additional 63 holes, that were part of a targeted in-fill
drilling program, into an updated resource estimate at the PL deposit in the
near future.
Maverick Gold Project - Future Exploration
Management and consultants to the company believe there is significant untested
exploration potential on the MGP. We have completed a detailed review of the
highly prospective mine stratigraphy in conjunction with results of a VTEM
survey completed earlier this year and have identified a number of significant
and previously untested conductive anomalies located close to existing
mineralization at the PL and Nokomis deposits and along strike.
A proposed infill and step out drilling program has been planned and permitting
has been initiated. The proposed program will focus on the following priority
targets:
-- Northwest on strike extension of the PL deposit concentrated around Pits
4 and 5 where mineralization looks to be open along strike to the
northwest and down dip
-- Down dip from Pits 1-3 where closely spaced infill drilling to convert
inferred resources to indicated resources
-- Western limb of the PL fold structure where a large scale anomaly
exhibiting a strike length of over 1.3 kilometres has been identified.
The intent of the program is multi-fold; to further de-risk the PL resource by
converting inferred resources to the indicated category, expand the on strike
and down-dip resources at the PL deposit and new discovery on the western fold
limb target and elsewhere on the MGP.
Maverick Gold Project - Mine Development
An internal review of the proposed development plan, as outlined in the ACA Howe
Preliminary Economic Assessment, has been underway since August and we are
seeing opportunities to reduce development and operating costs.
Part of this review has included requesting proposals from leading small open
pit mining/contracting companies to provide updated quotes on the cost of
mobilization, drilling, blasting and haulage of ore and waste. Work is ongoing
and will be released when it is completed.
We continue to work with consultants and advisors on the completion of a Notice
of Amendment (NOA) that considers the initial development and operation of open
pits, as part of an integrated open pit and underground mining (already
permitted) plan as contemplated in the ACA Howe Preliminary Economic Assessment.
This document is largely complete but has not yet been submitted.
Preparation's for pre-feasibility level detailed engineering for the open pit
mining, underground mining and updated mill rehabilitation costs are underway.
Proposed engineering and drilling programs will resume when adequate funds are
available.
Other Corporate Developments
In July 2012 the company initiated a strategic review of its Maverick Gold
Project development plan in light of weakening capital markets and a decline in
Auriga share price. The initial step in the strategic review process was to seek
out new qualified management or a management team with the requisite expertise
in mine development and operations. During the course of our review we have
received significant interest in the project from a number of parties that are
looking closely at the Maverick Gold Project for possible investment, the sale
of all or a portion of the Maverick Gold Project, a gold asset merger or other
gold sector business combination involving a third party or joint venture.
It is the Corporation's current intention not to disclose developments with
respect to the strategic review process until such time the Board of Directors
has approved a specific transaction or otherwise determines that disclosure is
necessary or appropriate. The Corporation cautions that there are no assurances
or guarantees that the process will result in a transaction, and if a
transaction is undertaken, as to the terms or timing of such transaction or mine
development plan.
These discussions are in addition to previously announced discussions and
expressions of interest from financial institutions seeking mine development
investment opportunities in the gold sector. We continue to seek out and respond
to interested parties on a variety of financial structures to fund the re-start
of the maverick Gold Project.
On October 5, 2012 the board of directors appointed Christopher Irwin as Interim
Chief Financial Officer.
Gorden Glenn, Interim President and CEO commented, "While we are frustrated with
current share price and investor malaise related to near-term gold production
opportunities, like our Maverick Gold Project, we have been encouraged by the
steady interest and support by industry participants validating our planned
development approach. We believe the MGP's combination of low capex, forecast
+40,000 ounces of annual production and near-term production will enable us to
attract the right industry or financial sponsorship to advance the MGP toward
production. The management team remains committed to the Maverick Gold Project
and we continue to refine our internal mine development model with a goal of
reducing capital and operating costs and de-risking the mining operations
through systematic infill and step out drilling program."
About Auriga Gold
Auriga Gold Corp. is a Canadian mine development and exploration company focused
on re-starting its 100% owned past producing PL Mine and expanding the current
gold resource at the PL and Nokomis deposits (the "Maverick Gold Project").
Auriga's H2/2012 work program includes planning for; a) an infill drill program
to upgrade and expand the resources, b) planning for a pre-feasibility and
detailed engineering studies to further enhance and de-risk the PL Mine and c)
finalize discussions with contract miners for initial open pit development work
pending financing. The MGP is located just north of the full-service mining
community of Flin Flon, Manitoba. Existing onsite mining infrastructure includes
a 1,000 tpd flotation mill, underground development to a 135 metre vertical
depth, and access to existing road, rail and power infrastructure. To view
current images of the property and mill, please see
www.aurigagold.ca/s/photogallery.asp.
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.
This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, information with respect to the closing of the
second tranche of the private placement financings, TSX Venture Exchange
approval, use of proceeds and the future develop the Maverick Gold property.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes" or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates of management
at the date the information is made, and is based on a number of assumptions and
is subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking information, including risks associated with the exploration,
development and mining such as economic factors as they effect exploration,
future commodity prices, changes in foreign exchange and interest rates, actual
results of current exploration activities, government regulation, political or
economic developments, environmental risks, permitting timelines, capital
expenditures, operating or technical difficulties in connection with development
activities, employee relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of grades of
reserves, contests over title to properties, and changes in project parameters
as plans continue to be refined as well as those risk factors discussed in the
Company's Management's Discussion and Analysis for the Three and Nine Months
ended December 31, 2011, available on www.sedar.com. Although Auriga Gold has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information. Auriga Gold does not undertake to
update any forward- looking information, except in accordance with applicable
securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Auriga Gold Corp.
Gorden Glenn
Interim President and CEO
416-214-2785
gglenn@aurigagold.ca or info@aurigagold.ca
http://www.aurigagold.ca
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