Typhoon Exploration Inc.

Typhoon Exploration Inc.

June 08, 2012 09:00 ET

Typhoon Announces the Results of its Winter Drilling Campaign at Fayolle

LAVAL, QUEBEC--(Marketwire - June 8, 2012) - Typhoon Exploration Inc. - (TSX VENTURE:TYP) announces the results of its winter drilling campaign on the Fayolle Project, 100%-owned by Typhoon. This Project is comprised of 39 mining claims and covers a surface of approximately 1475.12 hectares. It is located within the Aiguebelle and Cléricy townships, at approximately 25 kilometers north-east of the town of Rouyn-Noranda. Typhoon Exploration Inc. acts as manager on this project, under an option agreement with Aurizon Mines ltd.

During the first quarter of 2012, Typhoon and Aurizon completed their 7,100 meter drilling campaign as planned. This campaign aimed to define the extensions and the geometry of the Fayolle Deposit, as well as improving the quality of the resources by drilling in a grid pattern with a spacing ranging between 25 and 50 meters. All was performed in order to supplement the information needed to produce a new resource calculation, expected by the end of the second quarter of 2012. We are also awaiting a metallurgical study of the gold recovery rate on the Fayolle Deposit.

This press release covers drill holes FA-12-93 to FA-12-100. The majority of surveys were conducted on the East side of the Fayolle Deposit, with the exception of drill holes FA-12-99 and FA-12-100, which were located in the central part of the zone. The corresponding sections generally show an extension of the mineralized zones with values consistently >1g/t/Au. The mineralization pinches at the eastern limit of the Fayolle Deposit.


DDH # From
Mineralized Length
Gold Value
FA-12-93 200 208 8.0 0.84
Including : 203 206 3.0 1.62
FA-12-93 209 213 4.0 5.87
FA-12-94 218 228 10.0 0.81
Including : 223 226 3.0 1.80
FA-12-96 243 244 1.0 5.91
FA-12-97 90 91 1.0 1.7
FA-12-97 139 140 1.0 3.29
FA-12-98 215 216 1.0 1.47
FA-12-99 88 94 6.0 0.61
FA-12-99 106 114 8.0 0.71
Including : 107 109 2.0 1.86
And : 124 126 2.0 1.9
FA-12-99 124 129 5.0 1.03
FA-12-100 96 102 6.0 0.93
Including : 98 100 2.0 2.33


Aurizon Mines Ltd. can acquire a 50% interest in the Fayolle Property over a four-year period under the following terms:

  • An investment totaling $10,000,000 in exploration work, of which an amount of $8,661,835 has already been invested to date;
  • Subscribe over a three year period to placements consisting of common shares of Typhoon, for gross proceeds of $2,000,000, in four equal tranches of $500,000. To date, $1,000,000 has already been invested and the third placement will be completed this month by Aurizon Mines Ltd.

The details of the next placement are as follows: the share price was set at $0.26 and 1,923,077 common shares will be issued. This placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

Upon acquiring a 50% interest in the property, Aurizon will become Project Manager and will have the option to acquire an additional 15% interest:

  • By delivering a feasibility study to Typhoon or;
  • By incurring additional exploration expenditures on the project, thus allowing it to acquire an additional 1% interest in the project for every $1,000,000 tranche invested, up to an amount of $15 million dollars.

Typhoon is acting as Project Manager for the first $10,000,000 invested by Aurizon Mines Ltd.


Typhoon is taking this opportunity to announce that it has acquired, through an arm's length transaction, the Nordair Property (39 mining claims) located in James Bay, in exchange for a cash investment of $5,000 upon signature, 750 thousand common shares of Typhoon and a 2% NSR royalty, of which 1% is redeemable for 1.5 million dollars. This acquisition is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory.


The Company holds only 19,918,158 shares outstanding, carries no debt, maintains a strong financial position, is awaiting a new resource calculation as well as a metallurgical study followed by a preliminary economic study on the Fayolle Deposit and owns the following projects:

  • Fayolle Project,100%-owned by Typhoon Exploration Inc. (See agreement with Aurizon Mines Ltd. described in the press release dated May 18, 2010)
  • Faille 1 Project, 100%-owned by Typhoon Exploration Inc.
  • Monexco Project, 100%-owned by Typhoon Exploration Inc.
  • Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited
  • Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Exploration Inc.

Visit our company website at http://www.typhoonexploration.com


The exploration program on the Fayolle Project is conducted under the supervision of the technical committee comprised of members of Typhoon Exploration Inc. and Aurizon Mines Ltd. Deviation testing is performed with a «FLEXIT» device. Cores are sawn in half, with one part being kept as a control and the other part being analyzed. Analyses are performed by standard fire assay with atomic absorption finish. Certified reference materials, field duplicates and blanks are inserted into the sample sequence for quality control purposes. Primary assaying is performed by ALS Minerals Laboratory in Val-d'Or. The rejects for all samples returning >10g/t Au are re-assayed by gravity finish.


Mr. Daniel Gaudreault, P. Eng., Geol. (OIQ), is the Qualified Person as defined by National Instrument 43-101, to supervise the preparation of this press release.

The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".

Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 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.

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