TORONTO(Commodity Online) : Auriga Gold Corp. (TSX VENTURE:AIA) has reported that initial drilling at the company’s Maverick Gold Project, has intersected several
parallel zones of high-grade gold mineralization including
intersections of 11.99 g/t gold over 2.50 meters, 65.42 g/t gold over
0.5 meters, and 18.65 g/t gold over 0.84 meters.
The Maverick Gold Project, located 65 km northeast of Flin Flon, Manitoba, includes the past-producing Puffy Lake Mine and the adjacent Nokomis Property. Richard Sutcliffe, Auriga Gold's
President and CEO stated, "We are very pleased to receive these
encouraging results from our initial assays at the Maverick Gold
Property. While our focus will initially be on drilling to confirm and
extend the resource, this property has excellent location and
infrastructure and we anticipate an opportunity to quickly establish a
mine development plan at Maverick Gold."
Diamond drill holes A3-01,05 and 06
are part of the Phase 1 confirmation drilling program that commenced in
December 2010 and are the first three holes for which assay results have
been received. All three drill holes intersected high-grade gold
mineralization associated with quartz veins and silicification within
the host rocks.
This drilling confirms several
parallel gold mineralized zones that dip toward the northeast at
approximately 30°. Phase 1 is a 15 hole, 3,350 meter drilling program to
confirm historical (pre NI43-101) gold resources at the past-producing
Puffy Lake Mine. Phase 1 drilling has recently been completed and assay
results on remaining holes are pending. The Phase 2 program has recently
commenced and includes 32 planned drill holes for a total of 1,600
meters to test the potential of shallow open pit mining of the
mineralized vein system.
The company also announced that it has granted an aggregate of 400,000 options to purchase common shares of the company exercisable at a price of $0.30 per share for a period of five years, to certain independent consultants of the company. |
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