VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2017) - Aurelius Minerals Inc. (TSX VENTURE:AUL) (the "Company" or "Aurelius") is pleased to provide an update on its corporate activities. Over the past six months the Company has successfully assembled a significant land position in the Northern Abitibi Gold Belt of Northern Ontario. Aurelius is now the second largest landholder, with 12,537 hectares ("ha") in the Lower Detour Lake and Burntbush regions after Detour Gold Corp. ("Detour"). The Company has successfully:
- Executed an option agreement to acquire the Lipton Property ("Lipton"), with 1,993 ha adjacent to Detour and 3 kilometres ("km") from Detour's high grade discovery, the 58N Zone;
- Staked 9,600 ha adjacent to the Lipton property and the lower boundary of Detour's property;
- Settled a civil court action and executed an option agreement to acquire the Mikwam Property ("Mikwam"), which hosts the only National Instrument 43-101 inferred resource in the Burntbush Camp, where Detour has staked ground surrounding the Mikwam Property;
- Graduated to Tier 2 of the TSX Venture Exchange; and,
- Re-branded the Company and changed its corporate name to Aurelius Minerals Inc.
Mark NJ Ashcroft, President & CEO, stated, "We are extremely pleased to have successfully completed the relaunching of Aurelius as a prominent player in the Lower Detour Lake and Burntbush camps of the Northern Abitibi Gold Belt of Northern Ontario. As we enter 2017, we aim to continue our positive advancements and move forward to explore and drill on our properties."
The Lipton property comprises 724 contiguous claims totalling 11,593 ha (the Lipton option contains 57 claims, while the newly staked Atkinson South contains 667 claims). Liption is located approximately 150 km north-east of Cochrane, ON near the border between Ontario and Quebec, and is approximately 20 km south of the Detour Lake Mine, and 3km south of Detour's 58N high grade discovery.
Lipton is in the northern portion of the Abitibi Greenstone Belt, just south of the Lower Detour Deformation Zone. The area is composed of numerous sequences of mafic and felsic volcanics, with sedimentary sequences variably interbedded. There are also numerous felsic, mafic, and ultramafic intrusives.
Following the acquisition of the Lipton property option, Aurelius has engaged Scott Zelligan, B.Sc., P. Geo. to prepare a National Instrument 43-101 technical report on the Lipton property. The report, entitled "National Instrument 43-101 Technical Report - Lipton Project - Ontario, Canada", dated effective January 30, 2017 (the "Liption Report"), will be available under Aurelius' profile at www.sedar.com.
As disclosed in the Lipton Report, two zones of anomalous gold concentrations have been identified in historical exploration drilling on the Lipton property. The highest historical gold content have been coincident with the contact between sediments and felsic tuffs. Significant intersections from historical programs include:
- 10.7 g/t Au over 7.7 metres, reported by Better Resources Ltd. in 1996 ; and
- 14.10 g/t Au over 9.0 metres, reported by Dentonia Resources Ltd. 2006.
To view Figure 1, Lipton Property location and access in relation to Cochrane ON and the Detour Lake Mine, visit the following link: http://media3.marketwire.com/docs/1084255-F1.pdf
The Mikwam Property comprises nine contiguous claims (944 ha) located on the Casa Berardi deformation zone, surrounded by Detour's Burntbush property, in the Larder Lake mining division, approximately 160 km northeast of Timmins, ON.
Geologically, the Mikwam Property lies in the Harricana-Turgeon belt within the northern portion of the Abitibi greenstone belt of the Superior Province of the Canadian Shield. The Harricana-Turgeon belt hosts polymetallic deposits and several well-known gold deposits such as the Eagle mine, the Casa-Berardi mine and the Detour mine. Earlier this year, Detour staked its Burntbush project which now, completely surrounds the Mikwam property. In its September 15, 2016 news release, Detour noted that Aurelius' Mikwam Property is the only portion of the Burntbush land which contains a gold resource.
In connection with the acquisition of the Mikwam Property option, Aurelius engaged Caracle Creek International Consulting Inc. to prepare a National Instrument 43-101 technical report on the Mikwam Property. The report, entitled "Independent Technical Report -- Mikwam Gold Property -- Noseworthy township, Ontario, Canada," dated December 8, 2016, is available under Aurelius' profile at www.sedar.com.
The report provides an estimated inferred resource for Mikwam, presented below, of 1.81 million tonnes at 2.34 grams per tonne, containing 136,000 ounces.
Reported cut-off grade of 1.00 g/t Au. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
|(1) Tonnes have been rounded to the nearest 10,000. Grade has been rounded to two significant digits.
|(2) Rounded to the nearest 1,000.
To view Figure 2, Regional Geology Map, visit the following link: http://media3.marketwire.com/docs/1084255-F2.pdf
Aurelius is also pleased announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
"We are pleased to announce that we have selected Renmark to reinforce Aurelius' profile in the financial community and enhance the visibility of our company. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Mr. Ashcroft.
In consideration of the services to be provided, the monthly fees incurred by Aurelius Minerals will be a cash consideration of $5,000 CDN, starting February 1, 2017 for a period of six months ending on August 1, 2017 and monthly thereafter.
Renmark Financial Communications does not have any interest, directly or indirectly, in Aurelius Minerals Inc. or its securities, or any right or intent to acquire such an interest.
Mr. Jeremy Niemi, 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.
AURELIUS MINERALS INC.
Mark N. J. Ashcroft, President & CEO
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 Company's planned drilling and exploration activities and filing of the Lipton Report. 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.