VANCOUVER, British Columbia, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V: AUL) (the “Company” or “Aurelius”) is pleased to announce the balance of drill results and the completion of its successful Phase Two drilling program at the Mikwam Property. The Phase Two program demonstrates a substantial and expanding continuous gold system with high-grade zones.
The 3,923 metre Phase Two program included 17 exploration holes on five sections along strike of the Mikwam gold deposit.
Highlights from the remaining Phase 2 holes include:
- AUL-18-19 intersected
--2.3 grams per tonne (“g/t”) of gold over 24.5 metres (“m”); and
- AUL-18-20 intersected
--6.3 g/t gold over 3m; and
- AUL-18-23 intersected
--2.2 g/t gold over 29m;
----Including 7.9 g/t gold over 6m; and
- AUL-18-24 intersected
--1.36 g/t over 41m;
----Including 5.0 g/t gold over 8m; and
------Including 8.9 g/t gold over 4m.
“The Phase Two program, combined with our Phase One results, exceeded expectations. We are thrilled with the results of our two programs in 2018. They demonstrate an expanding continuous gold system at the Mikwam Property,” stated Mark N.J. Ashcroft, P. Eng, Aurelius President and CEO. “We look forward to the next phase of exploration.”
“Our Phase Two program has successfully expanded the size of the gold zone at Mikwam and revealed a trend of considerably higher grades,” commented Jeremy Niemi, P.Geo., Vice President, Exploration. “Our goal is to define a significant gold resource at Mikwam and we have set the stage for the next round of work.”
The Mikwam Deposit is located approximately 30 kilometres west of the Casa Berardi Mine and along the same prominent regional structure, known as the Casa Berardi Deformation Zone (CBDZ). The Mikwam area is covered with up to 40 metres of overburden, and as a result, is relatively under explored when compared to other regions of the Abitibi Greenstone Belt. The two drilling campaigns by Aurelius in 2018 have expanded the gold mineralization zone at Mikwam and confirmed a similar local geological setting as Casa Berardi.
Future campaigns at Mikwam will be designed to continue to expand the deposit and to identify additional mineralized bodies along the CBDZ on the property.
|Table 1. Summary of Gold Intersections from Mikwam Phase Two Drilling Program|
|Hole ID||From (m)||To (m)||Length (m)1||Gold g/t||Comments|
|AUL-18-17||no significant results|
1. Intervals may not represent true width of the mineralized zone and gold values are not capped.
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.
1. 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 2. Drillhole Locations and Orientations for Mikwam Phase Two Drilling Program|
All samples were submitted to Bureau Veritas in Timmins, Ontario, 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 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.: (416) 304-9095
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, to 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.