PHOENIX, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Uptick Newswire Stock Day Podcast welcomes Auryn Resources Inc. (NYSE: AUG | TSX: AUG), “Auryn” or the “Company”, a junior exploration company focused on finding the next globally significant discovery. Ivan Bebek, the Executive Chairman, spoke with Stock Day’s Everett Jolly.
Auryn’s most recent news release announced a significant zone of oxide copper mineralization at the Milpoc prospect near their Sombrero project in Peru. Jolly asked Bebek to talk about the significance of the numbers.
“Sombrero is a massive project for us, globally it’s probably one of the biggest swings you can take to find a major mine. Milpoc is just one more addition to some spectacular numbers. When you see copper grading about 1 percent or higher, and at Milpoc it goes up to 8 and half percent, you pay attention,” explained Bebek.
He went on to say that Milpoc may be the center of another major deposit in Peru, saying it could be a flagship discovery deposit that would complement the 120,000 hectare Sombrero district the company already has 12 kilometers away.
“Just spectacular copper numbers, you are not finding these anywhere on the globe.” Bebek said.
Jolly then asked Bebek to compare the Sombrero project with the Company’s Committee Bay project in Northern Canada. He explained that Committee Bay is about 220 miles of Greenstone Belt, with a resource of approximately 1.2 million ounces of 8 g/t gold, and could potentially host numerous deposits. In fact, the last major gold deposit over 5 million ounces found globally is not far from Committee Bay – Amaruq was discovered in 2013 by Agnico Eagle.
“When you look at Committee Bay you see a 220-mile Greenstone Belt with gold along the whole trend. The real challenge there is that there’s dirt (till) on top of the rocks. So, there’s covered rocks, you can’t see the rocks sticking out of the surface. That’s why major mines haven’t been found there yet,” he explained. “So, the potential of Committee Bay is to find 5, 10, 20 million ounces over the next three or four years, but because the rocks are covered, it’s really, really challenging.”
He went on to explain that they believe they are close at the Committee Bay project, but the covered rocks along with a short drilling season makes things tough. The Sombrero Project in Peru, on the other hand, is the greatest thing he’s seen in his career, as an executive and an investor, over the last 20 years.
“It’s a lot easier than Committee Bay, you can work on it for 12 months of the year.” He went on to say, “We expect the drills to turn by June or July and we’ve caught the attention of the biggest base metal companies in the world with this target. Really exciting times. It’s the biggest swing I’ve taken in my career.”
Bebek also explained to Jolly that Sombrero has never been drilled or explored by mining companies before and has been overlooked because of the volcanic cover associated with its location.
“We got there first. Some companies are staking ground around us, but we’ve gotten the most and the best real estate we could possibly get,” he said. “This has the potential to be as dramatic as a 50-million-ounce equivalent gold discovery.”
To hear the entire interview with Ivan Bebek, listen to the Uptick Podcast here.
There is also a video further explaining Auryn’s Sombrero project, narrated by the company’s C.O.O. and chief geologist, Michael Henrichsen, which can be found on the company’s website here: https://www.aurynresources.com/projects/peru-portfolio-1/#block-Fly-Over_Video
Auryn Resources is a technically driven junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company’s management team is highly experienced with an impressive track record of success and has assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn is focused on scalable high-grade gold deposits in established mining jurisdictions, which include the Committee Bay and Gibson MacQuoid gold projects located in Nunavut, the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru, through Corisur Peru SAC.
Manager of Corporate Communications
Forward Looking Information and Additional Cautionary Language
This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to or associated with the acquisition and title to mineral concessions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2017 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com and the Company’s registration statement on Form 40-F filed with the United States Securities and Exchange Commission and available at www.sec.gov.
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