Aurelius Minerals Commences Phase Two Drilling at Mikwam Property
TSX VENTURE: AUL
VANCOUVER, British Columbia, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V: AUL) (the “Company” or “Aurelius”) is pleased to announce the Phase Two drilling program has commenced on its Mikwam Property. The minimum 4,000 metre (“m”) drill program aims to expand the gold zone hosting the Mikwam Deposit. The Mikwam Deposit is a gold-bearing quartz vein system, often tens of metres wide, associated with extensive sulphide mineralization.
The Phase Two drill program is systematically targeting the historical drilling to fill in areas where drill hole spacing exceeded 50 meters. The program is starting with shallow holes targeting near surface mineralization and will subsequently follow the gold mineralization trend to depth. The Company’s objective is to increase the volume of gold mineralization and to be in a position to expand the existing resource.
“We are very excited to commence our Phase Two drilling program on the Mikwam Property after the successful Phase One program. The Phase Two program is a continuation of the great work by our team that was rewarded in the Phase One program with the expansion of the known mineralization on Mikwam,” stated Mark N.J. Ashcroft, P. Eng, Aurelius President & CEO. “We successfully expanded the mineralization upwards 75 metres to surface and aim to continue growing the mineralization and to make further discoveries in Phase Two.”
Highlights from the Phase One program on the Mikwam deposit, released on May 30, 2018, include:
- 3.7 grams per tonne (“g/t”) gold over 22 m – 58% higher than the grade of the existing inferred mineral resource and including high grade intercept of 30.2 g/t over one m and 7.16 g/t over 10 m;
- 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 several similarities to the gold mineralization at Hecla Mining Company’s Casa Berardi Mine:
- Same structural trend;
- Same mineral assemblage hosting gold; and,
- Similar stratigraphy.
Jeremy Niemi, VP Exploration says, “Our spring exploration program successes have placed us in an excellent position to grow the Mikwam Deposit. We have designed the current campaign to intersect the gold zone at key locations to build on our geological framework and to expand the size of the existing resource.”
Mikwam contains an estimated inferred mineral resource 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 National Instrument 43-101 and filed on SEDAR.
Mr. Scott Zelligan, 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 well-positioned gold exploration company focused on advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario, Canada, 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. 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.