Aurelius Resources Approves Lipton Exploration Program
TSX VENTURE: AUL
VANCOUVER, British Columbia, July 06, 2017 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V:AUL) (the “Company” or “Aurelius”) is pleased to announce that its Board of Directors have approved the Phase One 2017 exploration program on the Lipton Property, located approximately 20 kilometres (“km”) south of Detour Gold Corporation’s Detour Gold mine and approximately 4.5 km south of the 58-N discovery. The program will commence this month and include an induced polarization (IP) geophysical survey and approximately 2,000 meters (“m”) of diamond drilling. The drill program is designed to test and expand the area of the Mafic and Contact Gold Zones at Lipton and to test the larger and untested northern magnetic anomaly at the interpreted fold nose.
“We are very excited to get the drills turning and to launch our Phase One exploration program at Lipton,” stated Aurelius President & CEO, Mark N.J. Ashcroft, P.Eng. “This is an under explored part of the Abitibi, recent exploration work in the area has shown that the Lower Detour area has great potential for high grade gold mineralization.”
The Lipton property consists of 11,593 hectares and is located 150 km north-east of Cochrane, Ontario in the Abitibi Greenstone Belt, a prolific area of gold production that has produced in excess of 170 million ounces of gold since 1901. Aurelius is the second largest landholder on the Ontario side of the border in this camp, after Detour Gold. The Lipton property has been subject to various exploration campaigns since the late 1950s, but no group until Aurelius has systematically compiled all of the datasets into one complete set. Historical results at the Lipton property include 10.7 grams per tonne (“gpt”) over 9 m (Better Resources, 1996) and 13.72 gpt over 7.7 m (Dentonia Resources Ltd., 2006).
In addition, the Company announces the granting of incentive stock options to certain directors, officers and consultants to purchase up to 2,900,000 common shares under the Company’s Incentive Stock Option Plan. The options will be granted for a period of five years commencing on July 5, 2017, exercisable at a price of $0.12 per share.
Mr. Jeremy Niemi, P.Geo., the Company’s Qualified Person as defined by National Instrument 43-101 for the Abitibi Greenstone belt properties, has reviewed and approved the technical information in this release.
Aurelius is a premier gold exploration company, holding the Mikwam and Lipton Properties within the prolific northern Abitibi Gold belt in Ontario, Canada. The Company has a sound management team with experience in all facets of the mineral exploration and mining industry who will be considering additional acquisitions of advanced staged opportunities in the Abitibi and other proven mining districts.