Auriga Gold intersects high-grade gold mineralization


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.
MAVERICK GOLD PROJECT – PUFFY LAKE PROPERTY
SUMMARY OF SIGNIFICANT ASSAYS
Hole
 
Location
 
Azimuth/Dip
 
From (m)
 
To (m)
 
Length (m)
 
Gold gpt
A3-01
 
373520E/6100750N
 
0/-90
 
245.20
 
245.70
 
0.50
 
3.71
and
 
 
 
 
 
247.20
 
247.70
 
0.50
 
8.17
and
 
 
 
 
 
251.25
 
251.75
 
0.50
 
28.79
A3-05
 
373270E/6100630N
 
235/-59
 
52.77
 
55.27
 
2.50
 
11.99
incl.
 
 
 
 
 
53.27
 
53.77
 
0.50
 
52.61
and
 
 
 
 
 
80.69
 
81.19
 
0.50
 
65.42
and
 
 
 
 
 
90.97
 
92.40
 
1.43
 
5.73
A3-06
 
373195E/6100593N
 
0/-90
 
8.77
 
9.61
 
0.84
 
18.65
and
 
 
 
 
 
35.16
 
35.41
 
0.25
 
11.23
and*
 
 
 
 
 
52.21
 
52.96
 
0.75
 
4.18
 
 
 
 
 
 
 
 
 
 
 
 
 
note: true widths are currently estimated at 85-90% of drilled widths
* only partial assays received to date

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.
Comments