Mr. Ivan Bebek reports
AURYN COMMENCES DRILLING AT HOMESTAKE RIDGE GOLD PROJECT AND PROVIDES UPDATE ON DRILLING PROGRESS AT COMMITTEE BAY
Drilling has commenced at Auryn Resources Inc.'s 100-per-cent-owned Homestake Ridge project located in northwestern British Columbia. The program, which began on Aug. 7, 2018, consists of approximately 3,000 metres of core drilling to target gold mineralization along the high-grade South Reef deposit.
In the 2017 drill program, Auryn intercepted zones of high-grade gold mineralization at South Reef's down plunge. These intercepts included 30 metres of 2.00 grams per tonne gold (including four m at 6.03 g/t Au and two m at 11.80 g/t Au) and 10 metres of 4.12 g/t Au (including two m at 18.01 g/t Au) (see Auryn's press release dated Dec. 12, 2017, for full results).
This year's program aims to expand the known resource at South Reef by targeting the down-plunge extension along the bottom of a graben, which defines the mineralized corridor.The drill program will test 500 metres of strike extension along a one-kilometre gold-in-soils anomaly targeting multiple mineralized structures within the graben.
A message from Michael Henrichsen, chief operating officer and chief geologist:"The high-grade resource at the Homestake Ridge project has an exceptional opportunity for expansion along the South Reef mineralized corridor.Geological modelling based on the 2017 drill campaign has identified a well-defined graben system that is open to the northwest and will be targeted with six to eight drill holes."
Committee Bay update
A total of 7,200 metres in the 10,000-metre program have been completed, including: 3,700 metres of diamond drilling to follow up on the Aiviq discovery along a 1.2-kilometre strike length;3,500 metres of RAB (rotary air blast) drilling on high-resolution gold-in-till targets at Kalulik, Aarluk, Ridge and Castle. Completion of the program is expected Aug. 25.Results are anticipated between mid-September and the end of October.
A message from Ivan Bebek, executive chairman and director: "The fourth quarter of 2018 will be exciting for Auryn shareholders as we are drilling two fully funded opportunities for significant gold discoveries in Canada. We have also made great progress in Peru over the summer at our Sombrero project, where we recently identified several drill targets.Updates can be expected in the coming weeks.
"With respect to our recently announced funding, we appreciate the support from existing shareholders and welcome new shareholders. We plan to remain judicious with our treasury in these less-than-optimal market conditions."
Mr. Henrichsen is the qualified person who assumes responsibility for the technical disclosures in this press release.
About Auryn Resources Inc.
Auryn Resources is a technically driven junior mining exploration company focused on delivering shareholder value through project acquisition and development. The company's management team is highly experienced with an impressive record of success and has assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn Resources is focused on scalable high-grade gold deposits in established mining jurisdictions, which include the Committee Bay and Gibson MacQuoid gold projects located in Nunavut, the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru (through Corisur Peru SAC).
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