Aurelius Announces Drill Results from Lipton & 2018 Exploration Plans
VANCOUVER, British Columbia, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX-V:AUL) (the “Company” or “Aurelius”) is pleased to provide a review of its 2017 exploration program on the Lipton Property as well as geophysical survey results at the Lipton and Mikwam Properties. The Company is also pleased to announce a 5,500 metre gold exploration drill program for 2018 on the Lipton and Mikwam properties which is planned to commence in the first quarter.
|
|||||||||||||||
Figure 1. Lipton 2017 hole locations on satellite imagery: http://www.globenewswire.com/NewsRoom/AttachmentNg/09b35fb5-ad5e-4515-bbeb-1b6b82837c85
2017 Highlights Include:
• Completed the Company’s Phase One drilling program on the Lipton Property
• Previously reported Phase One drilling at the Lipton Gold Zone intersected
o 6.58 metres grading 9.4 g/t gold in AUL-17-01,
o 1.5 metres grading 5.3 g/t gold and, 1.5 metres grading 7.4 g/t gold in AUL-17-02, and
o 0.4 metres grading 8.3 g/t gold in AUL-17-07
• Phase One drilling at the new Lipton North target intersected 1 metre grading 3.0 g/t gold in AUL-17-10 (new mineralized zone) and the hole ended in 12 metres grading 0.2 g/t gold
• Deep looking IP survey completed at Lipton
o Anomaly at hole AUL-17-01 extends at depth
o Anomaly immediately below hole AUL-17-10
o Anomaly widens to the north
• Mikwam flown with VTEM/Mag survey
o Detour Gold Corporation (“Detour Gold”) commissioned the survey
o Extensive east-west anomaly confirmed at Mikwam deposit
o New southern anomaly identified 2 kilometres south of Mikwam deposit
“We are very pleased with the success of our 2017 exploration program at Lipton” stated Mark N.J. Ashcroft, P.Eng, Aurelius President and CEO. “Intersecting over 6 metres of 9.4 g/t gold in the first hole and then following up with many additional gold values, including identifying a new zone approximately one kilometre north of the Lipton Gold Zone is a clear indication of the strong exploration potential of the property. We look forward to getting back on the ground in 2018 and building on this success.”
Aurelius previously announced drill hole results from holes AUL-17-01 to AUL-17-07 on November 9, 2017. The program included a total of 1,833 metres of NQ core drilling in 12 holes from 9 distinct platforms. Concurrent with the drilling the Company completed a deep looking ground induced polarization (IP) survey covering 11-line kilometers to identify additional targets. Five new drill targets have been identified in the new Lipton North area. The targets will be drilled in the upcoming 2018 campaign in which approximately 3,000 metres is planned to commence in the first quarter of 2018.
Lipton 2017 Phase One Drilling
The Company’s inaugural drill campaign at Lipton successfully intersected significant gold mineralization at the Lipton Gold Zone, identified a new gold zone to the north and confirmed the presence of the host unit for Detour Gold’s 58N (“58N”) gold mineralization.
Historically, sporadic drilling campaigns at the Lipton Property, prior to 2010, identified gold mineralization and focused on the contact between the mafic volcanics and sediments (including iron formation). In 2013, Detour Gold established a new host for gold mineralization in feldspar porphyry at the 58N gold zone, approximately 5 kilometres north of the Lipton Project. The 58N discovery improved the prospectivity of the Lower Detour camp and for additional hosts for gold mineralization. The gold mineralization at 58N also has higher reported gold grades and extends deeper than the traditional regional target, and the multi-million ounce Detour Gold Mine deposit.
Holes AUL-17-01 through AUL-17-07 were drilled along the western limb of a prominent magnetic high at Lipton which, historically has been shown to have gold mineralization at the contact between the iron formation and mafic volcanic (the “Contact Zone”). Several important findings were revealed in these seven holes. First, significant gold grades and thickness were intersected in hole AUL-17-01 in the vicinity of the Contact Zone. Second, the gold mineralization persisted beyond the Contact Zone and down to the lower limit of the drilling at approximately 150 metres. Third, AUL-17-07 intersected the Contact Zone approximately 50 metres further east than any previous historical intersections. Finally, feldspar porphyry, the host rock of the 58N gold zone, was intersected in all seven holes near the Contact Zone.
Holes AUL-17-08/09 were drilled along the eastern limb of the Lipton magnetic high, approximately 1 kilometre to the east of hole AUL-17-01. Both holes intersected sulphide mineralization and anomalous gold mineralization up to 0.13 g/t.
Hole AUL-17-10 was drilled approximately 700 metres north of hole AUL-17-01 and intersected two zones of gold mineralization. A shallow gold interval comprised of 1 metre of 3.0 g/t gold was intersected at the 35 metre depth and. A second, deeper interval of 12 metres at 0.2 g/t gold starting at the137 metre depth is within the halo of the new Lipton North IP target. The upcoming 2018 drill program will drill deeper into the extensive target at five locations.
Holes AUL-17-11/12 were designed as regional scout holes and drilled at 1.3 and 2.3 kilometers north of hole AUL-17-01, respectively. Both holes intersected sulphides (primarily pyrite), brecciated volcanics and sporadic quartz veins, which are commonly associated with gold mineralization. While no significant gold mineralization was encountered, the presence of anomalous gold up to 0.08 g/t may be indicative of higher grades nearby.
Upcoming drilling will follow up on successes at holes AUL-17-01, AUL-17-02 and AUL-17-10 and test for additional and potentially larger gold zones at depth. In addition, the drilling will test the extensive Lipton North IP anomaly at five distinct locations.
| Drillhole | Depth | Interval Length (m) | Au Grade (g/t) | |
| From (m) | To (m) | |||
| AUL-17-01 | 22.00 | 25.0 | 3.0 | 0.45 |
| And | 86.30 | 92.88 | 6.58 | 9.4 |
| including | 86.30 | 88.53 | 2.23 | 11.5 |
| including | 89.96 | 92.00 | 2.04 | 17.7 |
| AUL-17-02 | 21.00 | 22.50 | 1.50 | 5.32 |
| And | 68.00 | 69.50 | 1.50 | 1.82 |
| And | 81.42 | 83.31 | 1.89 | 0.5 |
| And | 144.5 | 146.00 | 1.50 | 7.44 |
| AUL-17-03 | 64.50 | 74.00 | 9.50 | 0.83 |
| And | 94.15 | 101.00 | 6.85 | 0.69 |
| AUL-17-04 | 64.00 | 81.00 | 17.00 | 0.54 |
| AUL-17-05 | 22.00 | 26.27 | 4.27 | 0.13 |
| AUL-17-06 | 8.74 | 22.50 | 13.76 | 0.23 |
| AUL-17-07 | 47.88 | 48.25 | 0.37 | 8.25 |
| And | 94.0 | 96.0 | 2.0 | 0.82 |
| AUL-17-10 | 34.00 | 35.00 | 1.00 | 3.04 |
| And | 137.00 | 149.00 | 12.00 | 0.22 |
| including | 143.00 | 144.50 | 1.50 | 0.81 |
Table 1: Gold intervals from Phase One program at Lipton. Results are not capped and may not represent the true width of the mineralization.
Lipton 2017 Deep Looking IP Survey
The 2017 deep looking Orevision IP survey at Lipton, conducted by Abitibi Geophysics, successfully identified the new Lipton North drill target and mapped the Lipton Contact Zone (the “Lipton Contact Zone”). The anomaly remains open towards the 58N discovery. In tandem with identifying the new Lipton North target, the Company carried out a test line at the Lipton Contact Zone to establish a geophysical signature of the zone for targeting additional gold and identified a potential continuity between the Lipton Contact Zone and the North Zone.
Figure 2. Lipton North IP targets shown with regional airborne magnetics data: http://www.globenewswire.com/NewsRoom/AttachmentNg/c2a3f075-67a2-4362-9bea-2b417ca05bb3
Mikwam/Burntbush 2017 VTEM Survey
The Company recently received a portion of the extensive high resolution (100 metre line spacing) VTEM survey which Detour commissioned over their Burntbush Property. The Burntbush Property completely surrounds the Mikwam Property. The Mikwam Property contains the only inferred mineral resource of 1,810,000 tonnes grading 2.34 g/t estimated in accordance with NI 43-101 in the region. Covering the Mikwam deposit provides a unique opportunity to define a signature for exploration for additional gold deposits on the property.
The Mikwam deposit is located at an inflection in a prominent east-west trending magnetic anomaly. The magnetic anomaly continues across the entire Mikwam property and a second parallel anomaly has been identified approximately 2 kilometers south of the deposit.
Four strong gold exploration targets have emerged or been confirmed from the VTEM survey. Three are proximal and along strike to the east and west of the Mikwam deposit. The fourth target is at the parallel magnetic anomaly 2 kilometers south of the Mikwam deposit. The Company plans to drill all four targets in 2018.
Figure 3. Mikwam 2018 drill targets over airborne magnetics data: http://www.globenewswire.com/NewsRoom/AttachmentNg/ea3736a7-c9f1-4180-831e-ef7358a95b33
2018 Exploration Goals
The Company intends to conduct $1.5mm of exploration on its portfolio of assets in Ontario. This will comprise approximately 5,500 metres of diamond drilling on both the Lipton and Mikwam properties.
Lipton Phase 2 Drilling
The 2018 Phase 2 drill program will test both the Lipton Gold Zone and five distinct locations at the Lipton North target where prominent regional structures are interpreted to cross-cut the anomaly. We expect to drill approximately 3,000 metres at Lipton during Phase 2.
Mikwam Phase 1 Drilling
The 2018 Phase 1 drill program on Mikwam will test continuity of mineralization on the east and west extensions of the current resource, as well as test the southern anomaly highlighted in the 2017 VTEM survey. We expect to drill approximately 2,500 metres at Mikwam in our Phase 1 drilling campaign.
Drill samples were submitted to Bureau Veritas in Timmins, ON., 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 g fire assay and atomic absorption spectroscopy finish (code FA430). Samples returning higher than 10 parts per million gold were re-assayed with a 30 g 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. 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.
Corporate Update
The Company and its Board of Directors are also pleased to announce the appointment of Germaine Coombs, CPA, CMA to the position of Vice President, Finance and Chief Financial Officer for the Company. Ms. Coombs was most recently the Vice President and Chief Financial Officer for Stonegate Agricom Ltd. Prior to this, she was Corporate Controller for FNX Mining Company Inc. from August 2004 to May 2010. From 1998 to 2004, she held progressively senior accounting roles at the Iron Ore Company of Canada, a Rio Tinto company. Ms. Coombs brings over 20 years of extensive financial and commercial experience predominantly in the mining and resource industry, successfully leading finance teams through different stages of project financing, construction and operations. The Company thanks Mr. Chan, the former CFO, for his contribution and assistance with the transition while the Company recruited a permanent CFO.
About Aurelius
Aurelius is a premier gold exploration company, holding the Mikwam and Lipton Properties within the prolific northern Abitibi Gold belt in Ontario, Canada. 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 info@aureliusminerals.com Tel.: (604) 687-3959 www.aureliusminerals.com |
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.