VANCOUVER, B.C., May 14, 2019 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V: AUL) (the “Company” or “Aurelius”) is pleased to announce the assay results from all ten holes from the recently completed (3,000 metre (“m”)) Phase Three drilling program at its Mikwam Property. The successful Phase Three program followed on the achievements of the 2018 summer program.
Phase 3 Highlights include:
- AUL-19-30 intersected 3.46 g/t gold (“Au”) over 31.5 m;
- Including 9.41 g/t Au over 4.1 m; and
- Including 9.21 g/t Au over 3.1 m.
- AUL-19-29 intersected 1.93 g/t Au over 20.4 m;
- Including 3.7 g/t Au over 2.4 m.
- AUL-19-32 intersected 1.98 g/t Au over 17 m;
- Including 6.34 g/t Au over 2.9 m.
- AUL-19-33 intersected 1.15 g/t Au over 33.7 m;
- Including 4.02 g/t Au over 1.4 m.
The Mikwam Property is in Northern Ontario, Canada and within the Casa Berardi Deformation Zone. The Casa Berardi Mine, operated by Hecla Mining, is approximately 30 kilometres to the east and the gold mineralization at Mikwam shares many geological similarities to the Casa Berardi gold deposits. Most of the Mikwam Property is covered with overburden and was historically under explored. Aurelius has completed 9,700 m of drilling from 37 holes in 2018 and 2019 and the gold mineralization remains open at depth and along strike.
“We are very happy with the continued success of our drill programs at the Mikwam deposit. With just 9,700 m of drilling, we have consistently intersected excellent grades and thicknesses and have only tested in the range of 380 m of depth,” commented Mark Ashcroft, President & CEO. “The deposit remains open along strike and at depth. We look forward to continued success as we plan our next phases of work.”
In the Phase Three drilling program eight of the ten holes were drilled in the Mikwam deposit. The holes have expanded the volume of gold mineralization at Mikwam at depth to below 380 m and further defined the zone along strike. The Company has identified several higher-grade gold zones within the deposit (see Figure 1) and continues to expand and define gold mineralization, which occurs in several horizons.
Holes AUL-19-28, 29, 30, 32, 36 and 37 were designed to bring the spacing between intersections to approximately 25 m in the upper 200 m of the deposit and to define the geological controls on the gold distribution. Holes AUL-19-31 and AUL-19-33 extend the gold mineralization and demonstrate the zone is open at depth. Hole AUL-19-33 is now the deepest intersection to date.
Hole AUL-19-30 intersected a wide (31.5 m approximate true width) zone of gold mineralization grading 3.46 g/t Au which includes two higher-grade zones grading greater than 9 g/t Au over widths of 4 m and 3 m. The high-grade zones displayed the characteristic coarse sulphide texture observed elsewhere in the Mikwam deposit (see Figure 2).
Several holes; AUL-19-30, AUL-19-31, AUL-19-33 and AUL-19-37 intersected repetitions in the stratigraphy including multiple gold horizons. The gold grades are higher to the west which appears to be a regional fold hinge. This western hinge and potential additional hinges along the 4 kilometre long trend will be the focus of future exploration campaigns.
The remaining two holes of Phase Three tested new exploration targets to the east and to the south. Hole AUL-19-35 was drilled approximately 400 m east and along strike from Mikwam. Historical work indicated the presence of gold from shallow drilling and surface sampling. The Company confirmed that a gold zone is present and occurs in the same stratigraphical setting as the Mikwam deposit.
Hole AUL-19-34 was drilled to the south of the Mikwam deposit and targeted a historical geophysical target (chargeability anomaly). Banded semi-massive to massive sulphides, dominantly pyrite, were encountered at the target. The sulphide zones were up to 20 cm wide and hosted in a tuff horizon, which is common in the Mikwam footwall. No significant gold mineralization was associated with sulphides.
The Phase Three program included a detailed downhole structural geology study using an Optical Televiewer to enhance the geological model at the Mikwam deposit.
Key Geological Findings
- Televiewer data coupled with logging observations have better defined the structural setting of the deposit;
- oriented bedding and structural measurements are key to constructing the structural setting.
- A Z-shaped drag fold is a significant control on the mineralization;
- a folded stratigraphy results in stacked multiple gold zones;
- higher grades are typically found in the fold hinges; and
- there is potential for multiple hinges along strike at Mikwam.
- Understanding the relatively consistent stratigraphy allows the Company to define targets more effectively;
- an altered footwall below the gold zone is an important marker (it indicates proximity to gold zone) and
- the repetition of the sequence and offsets open new targets to the north and along strike
“With the completion of our third drill campaign in a year, we have made several important observations relating to structure and stratigraphy. The host rocks for the gold mineralization are folded in a Z-shape which results in multiple stacked zones and higher gold grades in the fold hinges,” said Jeremy Niemi, Vice President, Exploration. “We are excited with these findings as they open up new targets, and the potential for higher grade gold, which we will focus on in our next campaigns.”
Figure 1. Mikwam Exploration Long Section looking north
Figure 2. High grade zone intersected in hole AUL-19-30 at 206m depth with typical coarse arsenopyrite and pyrite. Late stage quartz vein cuts mineralization in upper left of image.
Figure 3. Z-shaped drag fold in NQ (~5 cm diameter) drill core from Mikwam. This structure is reflective of the significant regional structures.
Table 1. Summary of Gold Intersections from Mikwam Phase Three Drilling
|Hole ID||From (m)||To (m)||Width (m)||Au g/t||g●m|
Mikwam contains an estimated inferred mineral resource1 of 1.81 million tonnes grading 2.34 g/t Au, 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. Drill Hole Locations and Orientations for Phase 3 Mikwam Drilling being Reported
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.
As part of the Company’s Quality Assurance and Quality Control procedures (QA/QC) the Company reviews results from Certified Standard Reference materials (CRSM or Standards), which are inserted at a rate of 4 per 100 assays. The Company also inserts Certified Reference Blanks (Blanks), at a rate of 2 per 100 assays, and quarter-core duplicates, at a rate of 4 per 100 assays (total QA/QC insertions of 10 per 100 assays, representing 10% of all assays). Within the results disclosed herein there were no samples with results outside of the recommended tolerances for the standards or blanks. Duplicates were within normal tolerances for this type of deposit in this geological setting.
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 968-hectare Mikwam Property, in the Burntbush area on the Casa Berardi trend and the 12,425-hectare Lipton Property, on the Lower Detour Trend. In 2018, Ontario converted its manual system of ground and paper staking and maintaining unpatented mining claims to an online system. All active, unpatented claims were converted from their legally defined location to a cell-based provincial grid. The Mikwam Property is comprised of 9 legacy claims consisting of 69 Cell Claims including 29 Single Cell Mining Claims (“SCMC’s”) and 40 Boundary Cell Mining Claims (“BCMC’s”). The Lipton Property is now comprised of 57 legacy claims consisting of 721 Cell Claims, 563 SCMC’s, 143 BCMC’s, and 30 “internal” and overlapping (i.e., two occupying the same space) BCMC’s. 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.
On Behalf of the Board
AURELIUS MINERALS INC.
For further information please contact: Aurelius Minerals Inc.
Mark N.J. Ashcroft, President & CEO
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.