Auryn Resources Inc.
TSX VENTURE : AUG
OTCQX : GGTCF

Auryn Resources Inc.

October 14, 2015 09:32 ET

Auryn Drilling Confirms Continuity of High Grade Gold Mineralization at Committee Bay

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 14, 2015) - Auryn Resources Inc. (TSX VENTURE:AUG)(OTCQX:GGTCF) ("Auryn" or the "Company") is pleased to announce drill results from its pilot RAB (Rotary Air Blast) drill program from the Southwest region of the Committee Bay Gold Project. The drill program focused on the previously drilled West Plains structure and other targets within the area (see figure 1).

Highlights from the West Plains target include 16.76m of 10.36g/t Au (including 12.19m of 13.89g/t Au) and 28.96m of 1.41g/t Au (15WPPR001) and 27.43m @ 2.97g/t Au (including 10.67m of 5.45g/t Au) (15WPPR027).

  • Drill hole 15WPPR001 was designed as an infill hole offsetting previously reported historical diamond drill result of 8.73m of 14.76g/t Au and 8m of 13.14g/t Au (see North Country Gold NR - Aug 8, 2006).
  • Drill hole 15WPPR027 was designed as a 50m step out hole to the southwest of the known high grade to establish the orientation of high-grade mineralization at the West Plains target. The resultant intercept of 27.43m of 2.97g/t Au (including 10.67m of 5.45g/t Au) demonstrates that the high-grade mineralization has a sub-vertical plunge and is open at depth (figure 2).
  • The RAB drilling results compared favorably to the diamond drill results with no significant variations on grade or length of intercept.

Additional drill results from the West Plains structure include 24.38m of 0.64g/t Au (15WPPR015), 10.67m @ 1.26g/t Au (15WPPR023), and 7.62m of 0.51g/t Au (15WPPR020). Collectively these results show that the West Plains shear zone is gold bearing over 1.8 km of its 6 km total strike length as imaged in the 2015 Inversed Polarization (IP) survey (figure 1). The West Plains shear zone is considered to be underexplored and highly prospective as a host for additional gold mineralization with only 6 holes drilled away from the defined mineralization.

Table 1: Significant new intercepts from West Plains drilling:

Drill hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
15WPPR001 15.24 44.2 28.96 1.41
15WPPR001 60.96 77.72 16.76 10.36
including: 12.19 13.65
15WPPR027 1.52 28.96 27.43 2.97
including: 10.67 5.45
15WPPR015 13.72 38.1 24.38 0.64
15WPPR020 67.06 74.68 7.62 0.51
15WPPR023 38.1 48.77 10.67 1.26

The Company is currently waiting on results from its till program which, in conjunction with several preliminary exploration studies undertaken this summer, will be used as the primary geochemical vector for defining targets for the 2016 drill campaign.

Auryn President and CEO, Shawn Wallace, commented, "The initial drill program successfully established the geometry of the high grade mineralization at West Plains, discovered additional gold mineralization to the north demonstrating the excellent prospectivity of the 10 km plus extension of the West Plains shear zone and, most importantly, demonstrated the ability to drill at a much more efficient cost in Nunavut. We are excited about the effectiveness of the RAB rig as the primary exploration tool in the Arctic as we undertake more aggressive exploration programs in 2016."

About Auryn

Auryn is a 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 track record of success in the discovery, development, financing and monetizing of mining assets for shareholders.

Through the acquisition of North Country, Auryn now owns 100% interest in the Committee Bay Gold Project located in Nunavut, Canada. The Committee Bay project includes 217,600 hectares situated along the Committee Bay Greenstone Belt which occurs approximately 180 km northeast of Agnico Eagle Mines' Meadowbank mine and extends for more than 300 km.

On behalf of the Board of Directors

Shawn Wallace, President and CEO

Cautionary Statement on Forward-Looking Statements

This press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might", "be taken", "occur" or "be achieved". Such forward-looking information may include but is not limited to statements regarding Auryn's intention to delist the North Country Shares and cause North Country to cease being a reporting issuer, the overall economic potential of its properties and the availability of adequate financing. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Auryn operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Auryn cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Auryn's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, factors discussed in each management discussion and analysis of the Company, available on SEDAR at www.sedar.com.

Although Auryn has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Auryn disclaims any intention or obligation to update or revise such information, except as required by applicable law.

Neither the 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.

Michael Henrichsen (Chief Operating Officer), P.Geo is the QP who assumes responsibility for the technical contents of this press release.

Analytical samples were taken using 1/8 of each 5ft (1.52m) interval (chips) and sent to ALS Lab in Yellowknife, NWT for preparation and then to ALS Lab in Vancouver, BC for analysis. All samples are assayed using 50g nominal weight fire assay with atomic absorption finish (Au-AA26) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs using internal standard samples, field and lab duplicates, re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed.

Intercepts were calculated using a minimum of a 0.25 g/t Au cut off at beginning and end of the intercept and allowing for no more than four consecutive samples (six meters) of less than 0.25 g/t Au. True widths of the reported intercepts are believed to be approximately 60% of the drilled widths.

To view Figure 1: Plan view of drilling at the West Plains region of SW Committee Bay and Figure 2: Drilling overview at the West Plains target area showing geometry of high-grade ore shoot open at depth and lower grade gold mineralization discovery to the north, please visit the following link: http://media3.marketwire.com/docs/1028422_F1-2.pdf

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