Mr. Ivan Bebek reports
AURYN IDENTIFIES 3.5 KILOMETRE DRILL TARGET AT SOMBRERO AND INITIATES PERMITTING
Auryn Resources Inc. has provided an update on its Sombrero copper-gold skarn project in southern Peru, where the company has conducted extensive surface exploration programs over the past three months.
Auryn's technical team has defined a significant copper-gold skarn target, beneath volcanic cover, along the contact zone between mineralized intrusives and the Ferrobamba limestone formation. The 3.5-kilometre-long drill target has been defined by copper-gold surface mineralization in trenches and well-developed copper-gold soil anomalies. Strong chargeability anomalies also indicate the potential for sulphide bodies along the contact zone between the Ferrobamba limestone and monzodiorite intrusives.Based on these results, Auryn is now working to obtain a drill permit for Sombrero's first drill program, which is expected to start in Q1 of 2019.
A message from Ivan Bebek, executive chairman and director
"The opportunity for discovery at Sombrero is substantial. It is extremely well situated with excellent access to infrastructure and all the results to date give us the confidence that major gold-copper skarn and/or porphyry bodies could be present.
"The Sombrero concessions are approximately 200 km northeast of some of the world's largest skarn and porphyry deposits.Our program in Q1 of 2019 will be the first drilling this project has ever seen, which will be a very exciting time for Auryn shareholders."
Summary of technical results
Additional trench results from the endo-skarn mineralization have yielded broad zones of copper and gold oxide mineralization in highly weathered intrusive rocks on the periphery of the contact with the Ferrobamba limestone exo-skarn target area as presented in the attached table.Detailed mapping of the endo-skarn area where these trenches (and those reported on June 19, 2018) are located demonstrate that the mineralization is hosted within a deeply weathered setting where extensive leaching of copper mineralization has occurred.
Auryn's technical team is anticipating higher copper grades within the primary sulphide mineralization, which could be located subsurface as observed in similar settings within copper skarn and porphyry bodies in Peru.
TRENCH RESULTSSombrero trench 2018 -- copper and gold significant intercepts*TrenchFrom (m)To (m)Interval (m) Cu (%)Au (g/t) CuEq (%) AuEq (g/t)18SRT-15 143622 0.170.63 0.53 0.92 98 106 8 0.150.08 0.19 0.34140 148 8 0.100.02 0.12 0.21180 186 6 0.140.40 0.37 0.63196 24650 0.270.13 0.34 0.59250 26414 0.150.06 0.18 0.3218SRT-16 147864 0.220.08 0.27 0.46 92 100 8 0.140.07 0.18 0.31111 12110 0.140.76 0.58 1.00135 139 4 0.140.72 0.56 0.96169 175 6 0.140.02 0.15 0.26181 24766 0.250.06 0.28 0.49 * No less than five metres of greater than or equal to 0.1 g/t copper, maximum dilution five metres.Metal price used for Eq calculations: Au $1,300 per ounce and Cu $3.28 per pound, no adjustments for metallurgical recoveries have been made.
To further define the geochemical vectors as part of the targeting effort an extensive portable X-ray fluorescence (pXRF) soil survey (5,950 samples) was completed. The geochemistry of the soils has produced clear copper-rich zones in the area of the trenches over an approximate width of one kilometre. The copper values are strongest in the southern area of the intrusive bodies and are associated with elevated bismuth and tellurium encountered in ICP data from trenching and rock samples.
The strengthening of the copper, bismuth and tellurium values in soils and rocks demonstrates a clear vector toward the contact zone with Ferrobamba limestone. Along the northern margin of the Ferrobamba limestone, strong marble development can be observed, coinciding with a strong pXRF lead anomaly. These factors provide further evidence that the contact between the intrusive bodies and the limestone is potentially mineralized.
In addition to geological and geochemical studies, Auryn completed ground-based induced polarization (IP) and magnetics geophysical surveys.A total of 87 line kilometres were completed in an effort to image potential sulphide bodies under the shallow volcanic cover at the contact zone between the mineralized intrusives and the Ferrobamba limestone.The results illustrate a 3.5-kilometre-long chargeability anomaly that Auryn believes has the potential to host multiple copper-gold-bearing sulphide bodies.Importantly, the observed strength of the chargeability anomalies is consistent with other sulphide bodies measured in mineralized skarn and porphyry systems in the region.
A message from Michael Henrichsen, chief operating officer and chief geologist
"The very clear target zone is extremely well supported by geological, geochemical and geophysical lines of evidence and gives us a high degree of confidence for drilling significant copper-gold mineralization.The scale of the project and the clear mineral endowment in the region re-emphasizes our impression that Sombrero is the best predrilling project many of us have seen in our careers."
Michael Henrichsen, PGeo, chief operating officer of Auryn, 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 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.
About Sombrero
This project consists of the North Sombrero and South Sombrero properties, comprising approximately 100,000 mineral claims owned or optioned by Auryn Resources. The copper-gold Sombrero mining concessions are located 340 kilometres southeast of Lima in southern Peru and are hosted in the Andahuaylas-Yauri belt. This belt is interpreted to be on the northwestern margins of this Eocene-Oligocene aged copper-gold porphyry and skarn belt that hosts the Las Bambas, Haquira, Los Chancas, Cotambambas, Constancia, Antapaccay and Tintaya deposits. The project is characterized by a strong structural control and significant copper and gold values from historical surface samples. The principal targets at Sombrero are copper-gold skarn and porphyry systems and precious metal epithermal deposits.
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