Aurelius Minerals Intersects Strong Mineralization in Phase One Exploration Drilling on Mikwam Property
TSX VENTURE: AUL
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V:AUL) (the “Company” or “Aurelius”) is pleased to announce results from its recently completed Phase One drilling program at its Mikwam Property. Aurelius is a well-positioned gold exploration company focused on advancing two district-scale gold projects in the Abitibi greenstone belt, one of the world’s most prolific mining districts; the 944-hectare, 9 claim Mikwam Property in the Burntbush area on the Casa Berardi trend and the 11,593-hectare, 57 claim Lipton Property on the Lower Detour Trend.
Highlights from the program on the Mikwam deposit include:
- 3.7 grams per tonne (“g/t”) over 22 metres (“m”) – 58% higher than the grade of the existing inferred mineral resource and including high grade intercept of 30.2 g/t over one metre and 7.16 g/t over 10 m (set out in the table below);
- Extended the Mikwam mineralization approximately 75 m vertically upwards, to the contact between bedrock and overburden and along the East-West trend, representing potential additions to the existing resource base; and,
- Confirmed multiple similarities to the gold mineralization at Hecla Mining Company’s Casa Berardi Mine:
- Same structural trend;
- Same mineral assemblage hosting gold; and,
- Similar stratigraphy.
Aurelius’ President and CEO, Mark N.J. Ashcroft, states, “We are very excited with our results from the Phase One drilling of the Mikwam deposit. We have extended the mineralization of the deposit both vertically and laterally, and we have gained a better understanding of the structural setting of the deposit. Jeremy and his team have intersected significant gold mineralization on both the Mikwam and Lipton deposits during our Phase One drilling programs. They have delivered on our objectives.”
Jeremy Niemi, the Company’s Vice President, Exploration, comments, “We are very happy with our first exploration campaign at Mikwam and with the potential the project demonstrates. The Project is wide open to the east, at depth and to the west on the other side of the fault. We look forward to commencing Phase Two drilling at both the Mikwam and Lipton properties this summer.”
The Company completed 10 NQ diameter core holes totaling approximately 2,700 m. The drill program successfully expanded the extent of mineralization at the Company’s Mikwam deposit and investigated three new grassroot targets, two on Mikwam West and one on Mikwam South-West that share geophysical and structural signatures with Mikwam. In addition, the Company identified a potential new gold system at the Mikwam West target.
Mikwam contains an estimated inferred mineral resource1 of 1.81 million tonnes grading 2.34 g/t gold, containing an estimated 136,000 ounces of gold as reported in the Technical Report dated December 8, 2016, compliant with NI 43-101 and filed on SEDAR.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. Estimated using a cut-off grade of 1.00 g/t gold. Tonnes have been rounded to the nearest 10,000, grade has been rounded to two significant digits and estimated ounces have been rounded to the nearest 1,000.
Table 1 - Summary of 2018 Drill Results from Phase One Exploration Drilling on Mikwam Property
|AUL-18-01/02||No significant values (“NSV”)||Mikwam West|
intervals over 0.2 g/t gold
Holes AUL-18-05 through AUL-18-09 were drilled in the vicinity of the Mikwam deposit. Holes were planned to test interpreted down plunge continuity, eastern continuity, and up-dip continuity to the zone.
Holes AUL-18-06 and AUL-18-07 both intersected impressive wide intervals of quartz vein breccia. The holes provide good continuity of mineralization in the up-dip direction from the mineral resource. Both holes intersected zones greater than 15 m wide and, in the case of hole AUL-18-07, gold grades up to 30.2 g/t over one metre were identified.
AUL-18-08 tested the western down plunge continuity of the mineralization. Mineralization was intersected but appeared to narrow. Based on the geophysics in the area it appears in holes AUL-18-08 and AUL-18-09 that a post-mineralization fault in this area has displaced the zone. The Company is modeling the geology with historical information to enhance its geological interpretation
The Company has conducted significant research into previous work and historical programs and has identified significant upside potential to the Mikwam deposit. One significant finding, following a comprehensive review of historical data is that one of the original discovery holes, was not included in the Mikwam inferred mineral resource calculation, and is located approximately 300 m to the west of the mineral resource, with no in-fill drilling in between.
In addition, the program provided the following positive takeaways from the testing of the three new targets, which are located approximately 1.5 km and 2 km from the original Mikwam deposit:
- Western targets intercepted the same rocks as Mikwam;
- Ends of holes AUL-18-04 and AUL-18-05 intersected wide zone of anomalous gold; and
- Next campaign will include drilling to the south of these holes.
Table 2 - Details on Drillhole Dip and Depth from Phase One Exploration Drilling on Mikwam Property
All samples were submitted to Bureau Veritas in Timmins, ON, for sample preparation by crushing one kilogram to 70 per cent less than two millimetres, creation of a 500-gram split and then pulverizing to 85 per cent passing 75 microns. Sample pulps are submitted for gold analysis with a 30-gram fire assay and atomic absorption spectroscopy finish (code FA430). Samples returning higher than 10 parts per million gold were re-assayed with a 30-gram fire assay and gravimetric finish. Control samples (accredited gold standards, blanks and duplicates) were inserted into the sample sequence by Bureau Veritas on a regular basis to monitor precision of results.
Mr. Jeremy Niemi, P.Geo. and Vice President, Exploration of Aurelius and 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.
AURELIUS MINERALS INC.
Mark N. J. Ashcroft, President & CEO
For further information please contact:
Aurelius Minerals Inc.
Mark N.J. Ashcroft, President & CEO
Tel.: (604) 687-3959
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Aurelius within the meaning of applicable securities laws, including statements with respect, the anticipated use of proceeds and the Company’s planned drilling and exploration activities. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Aurelius’ public filings under Aurelius Minerals Inc.’s SEDAR profile at www.sedar.com. Although Aurelius has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or 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 statements. Aurelius disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.