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Posts tagged ‘Auriga Gold Corp (AIA)’

Auriga reports Manitoba Gold Assays up to 1.18 g/t over 8.5m

April 30th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAuriga Gold Corp TSXV:AIA announced drill results from the Nokomis and Puffy Deposits of its Maverick Gold Project in Manitoba. Highlights include

94.35 g/t gold over 0.3 metres
1.12 g/t over 2.8 metres
1.04 g/t over 2.7 metres
5.46 g/t over 1.1 metres
2.79 g/t over 6 metres
1.81 g/t over 2 metres
4.89 g/t over 1.5 metres
1.18 g/t over 8.5 metres
13.72 g/t over 1 metre
11.64 g/t over 1 metre
8.25 g/t over 1 metre

CEO Richard Sutcliffe commented, “The Nokomis drilling has defined a zone of consistent near-surface high-grade mineralization. Following a NI 43-101 resource estimate, the company plans to evaluate the deposit for open-pit mining as part of a strategy of defining low-cost shallow resources on the Maverick mineralized trend. The Nokomis Deposit is located only seven kilometres northeast of the Maverick mill and could potentially contribute significantly more near-surface ore for our proposed mining operation evaluated in the preliminary economic assessment.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga CEO Richard Sutcliffe on Manitoba gold assays of 125.08 g/t over 7.6m

March 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAuriga Gold Corp TSXV:AIA announced assays from the Nokomis deposit of its Maverick gold project in Manitoba. Results include

1.91 g/t gold over 7.3 metres
125.08 g/t over 7.6 metres (including 820.28 g/t over 1.1 metres)
12.27 g/t over 5.2 metres
2.95 g/t over 4.6 metres
5.1 g/t over 6.4 metres
9.65 g/t over 5.6 metres (including 62.23 g/t over 0.5 metres)

President/CEO Richard Sutcliffe tells ResourceClips.com, “Auriga Gold acquired the Maverick project just over a year ago. We really like both the regional exploration potential and the existing infrastructure in the area—this is the Flin Flon Mining Camp. Our focus until recently had been strictly on the Puffy Lake deposit, which is a resource that we built up to three-quarters of a million ounces. This winter we moved out for the first time to one of the satellite deposits on this regional trend, and we’ve come back with some really exciting results from the first drill holes on the Nokomis deposit.

Our main focus as a company is to become a gold producer, and we can do that in the near term—Richard Sutcliffe

“The purpose of the drill program was initially to firm up a historical showing and, really, we are focused on shallow resources,” Sutcliffe continues. “These are all from surface to a maximum depth of 63 metres, and there are some pretty exciting widths and grades here. This is a very high-grade, near-surface deposit. I think it’s likely to become a significant source of feed for our Puffy Lake Mill, which is just seven kilometres away. It also demonstrates a very significant opportunity for resource expansion on this property package. It’s a very important mineralized trend—this is the second deposit we’re drilling on it.

“There is a mill on the property. We do see an opportunity to restart test mining on the property within the year. Our main focus as a company is to become a gold producer, and we can do that in the near term. In parallel with that, we keep a drill turning on the property, and we see exciting exploration potential—we’re committed to maintaining an ongoing exploration program. This is a significant opportunity, and we think we can quickly get the company to in excess of 40,000 ounces of gold production on an annual basis.

“We have a PEA and a 43-101 resource study, and we are going to move this forward into a test-mining program based on the PEA. [Puffy Lake] is a historical producer,” Sutcliffe notes. “It produced gold for just under two years back in 1988-1989. We have all the infrastructure on site, major infrastructure permits, and things like that are in place to resume. So this is an advanced-stage property with near-term production potential. We would anticipate initiating test mining at the end of this year. We would then wrap the results of that test mining into feasibility [study], then declare commercial production in the following year.

“The PEA outlines an $18 million program, and about half of that is earmarked for mill and site refurbishment. Then about half of the program is earmarked for exploration drilling, definition drilling, underground rehab and surface-pit preparation. We’ve got financing going right now, so there will be a couple of news items on that shortly.

“Manitoba is a great province,” Sutcliffe concludes. “It’s a great jurisdiction that’s very supportive of mining. We’re in a region that has an important mining heritage, and we’ve had a lot of support from the Manitoba government in driving this forward. We’re really excited to have a project that has such near-term development and production potential. We think we’re on a very significant regional structure that has lots of gold exploration opportunities. We see a lot of upside, and we think as we drive this to our objective there is some significant opportunity for share-price appreciation.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga reports Manitoba Gold Assays including 125.08 g/t over 7.6m

March 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAuriga Gold Corp TSXV:AIA announced assays from the Nokomis deposit of its Maverick gold project in Manitoba. Results include

1.91 g/t gold over 7.3 metres
125.08 g/t over 7.6 metres (including 820.28 g/t over 1.1 metres)
12.27 g/t over 5.2 metres
2.95 g/t over 4.6 metres
5.1 g/t over 6.4 metres
9.65 g/t over 5.6 metres (including 62.23 g/t over 0.5 metres)

President/CEO Richard Sutcliffe tells ResourceClips.com, “Auriga Gold acquired the Maverick project just over a year ago. We really like both the regional exploration potential and the existing infrastructure in the area—this is the Flin Flon Mining Camp. Our focus until recently had been strictly on the Puffy Lake deposit, which is a resource that we built up to three-quarters of a million ounces. This winter we moved out for the first time to one of the satellite deposits on this regional trend, and we’ve come back with some really exciting results from the first drill holes on the Nokomis deposit.

Our main focus as a company is to become a gold producer, and we can do that in the near term—Richard Sutcliffe

“The purpose of the drill program was initially to firm up a historical showing and, really, we are focused on shallow resources,” Sutcliffe continues. “These are all from surface to a maximum depth of 63 metres, and there are some pretty exciting widths and grades here. This is a very high-grade, near-surface deposit. I think it’s likely to become a significant source of feed for our Puffy Lake Mill, which is just seven kilometres away. It also demonstrates a very significant opportunity for resource expansion on this property package. It’s a very important mineralized trend—this is the second deposit we’re drilling on it.

“There is a mill on the property. We do see an opportunity to restart test mining on the property within the year. Our main focus as a company is to become a gold producer, and we can do that in the near term. In parallel with that, we keep a drill turning on the property, and we see exciting exploration potential—we’re committed to maintaining an ongoing exploration program. This is a significant opportunity, and we think we can quickly get the company to in excess of 40,000 ounces of gold production on an annual basis.

“We have a PEA and a 43-101 resource study, and we are going to move this forward into a test-mining program based on the PEA. [Puffy Lake] is a historical producer,” Sutcliffe notes. “It produced gold for just under two years back in 1988-1989. We have all the infrastructure on site, major infrastructure permits, and things like that are in place to resume. So this is an advanced-stage property with near-term production potential. We would anticipate initiating test mining at the end of this year. We would then wrap the results of that test mining into feasibility [study], then declare commercial production in the following year.

“The PEA outlines an $18 million program, and about half of that is earmarked for mill and site refurbishment. Then about half of the program is earmarked for exploration drilling, definition drilling, underground rehab and surface-pit preparation. We’ve got financing going right now, so there will be a couple of news items on that shortly.

“Manitoba is a great province,” Sutcliffe concludes. “It’s a great jurisdiction that’s very supportive of mining. We’re in a region that has an important mining heritage, and we’ve had a lot of support from the Manitoba government in driving this forward. We’re really excited to have a project that has such near-term development and production potential. We think we’re on a very significant regional structure that has lots of gold exploration opportunities. We see a lot of upside, and we think as we drive this to our objective there is some significant opportunity for share-price appreciation.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga reports updated PEA for Manitoba Property

January 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAuriga Gold Corp TSXV:AIA announced a positive updated preliminary economic study for its Maverick gold project in Manitoba. The report estimates a 7.5-year mine life at a processing rate of 750 tonnes per day to produce a total of 348,000 ounces gold, with average production costs per gold ounce of $950. At a base-case gold price of US$1,400 per ounce, the project is calculated to have a pre-tax net present value of $79.6 million, with a pre-tax internal rate of return of 84%. Pre-tax payback is anticipated to be reached in 20 months of processing. Capital costs are estimated at $18.1 million, which includes a 20% capital cost contingency.

President/CEO Richard Sutcliffe commented, “We are pleased with the updated PEA on a proposed open pit and underground mining operation. The combined mine plan is the result of a substantial amount of mine engineering and evaluation and provides the company with the opportunity to refurbish the existing mill, confirm its performance and significantly expand the mine life. Cash flow from the combined operation results in payback within 20 months and a pre-tax NPV with an 8% discount of $79.6 million. This is a significant improvement to the positive open pit PEA released in October. We will continue to explore and develop known gold mineralization at the Puffy Lake and Nokomis deposits with the intent of further extending the Maverick Gold mine life.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga reports Manitoba Gold Assays including 6.59 g/t over 5m

April 13th, 2011

Auriga Gold Corp TSXV:AIA announced assay results from its Maverick Gold Project in Manitoba. Highlights include 7.73 g/t gold over 1.5 metres, 7.88 g/t over 1.5 metres, 6.59 g/t over 5 metres (including 11.98 g/t over 2 metres), 2.77 g/t over 2.4 metres, 19.06 g/t over 0.4 metres, 2.99 g/t over 2 metres, 3.6 g/t over 3.2 metres, 1.18 g/t over 5.5 metres, 2.29 g/t over 2.3 metres and 4.06 g/t over 1 metre.

President Richard Sutcliffe said, “We continue to demonstrate continuity of high-grade gold mineralization at the Puffy Lake deposit and now plan to establish near-surface gold resources that could potentially contribute to a rapid restart of the past producing mine. The Maverick Gold Project has excellent location and infrastructure and we expect to quickly establish a mine development plan at Maverick.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga President Richard Sutcliffe on Manitoba gold assays of 30.44 g/t over 2m

March 25th, 2011

“This property was acquired from Barrick Gold last year. It was an asset that Barrick had through their acquisition of Pioneer Metals about four or five years ago. Being a narrow-vein deposit with a 1000-tonne-per-day mill, it was not of a size that met Barrick’s corporate threshold, so we saw it as an opportunity and felt that it was a property that had some really good near-term production potential.

“Obviously we’re quite pleased with how these assays are proving out. This is the second batch of assays, so early stages for drilling on the property. They are confirmation drilling; we’re confirming some of the reserve blocks that were identified by the former operators about 20 years ago. But we’re delighted with the continuity of these grades. While these zones are narrow, they’re obviously very high grade.

“Absolutely, the plan is to take it to production. We anticipate that this property could be in production in an 18-month time frame because of the existing infrastructure.

“Currently we’re in the process of completing this confirmation drilling program—there will be quite a few more assay results to be released on that. Then we’re going to move into a drilling program to evaluate some open pit mining potential where the veins come to the surface. By the middle of this year we will start to move into a development plan, both to refurbish the mill and the underground site infrastructure. And at the same time we’ll continue to explore on the property. There’s considerable strike-length potential here on our holdings. We’ve recently come up with some nice targets that we anticipate exploration drilling to test. That’ll happen the second half of the year.

“We like this property. We worked very hard last year to acquire the project and finance it and the results to date have been met and exceeded our expectations. We see a tremendous development potential for Maverick.”

View Company Profile

View Press Release Summary

Auriga reports Manitoba Gold Assays as high as 30.44 g/t over 2m

March 24th, 2011

Auriga Gold Corp TSXV:AIA announced results from the Maverick Gold Project, northeast of Flin Flon, Manitoba. Assays include 9.19 g/t gold over 2 metres (including 23.8 g/t over 0.5 metres), 11.88 g/t over 1.5 metres (including 28.55 g/t over 0.5 metres), 30.44 g/t over 2 metres, 9.64 g/t over 0.5 metres and 2.17 g/t over 1 metre.

President/CEO Richard Sutcliffe tells ResourceClips.com, “This property was acquired from Barrick Gold last year. It was an asset that Barrick had through their acquisition of Pioneer Metals about four or five years ago. Being a narrow-vein deposit with a 1000-tonne-per-day mill, it was not of a size that met Barrick’s corporate threshold, so we saw it as an opportunity and felt that it was a property that had some really good near-term production potential.

“Obviously we’re quite pleased with how these assays are proving out,” continues Sutcliffe. “This is the second batch of assays, so early stages for drilling on the property. They are confirmation drilling; we’re confirming some of the reserve blocks that were identified by the former operators about 20 years ago. But we’re delighted with the continuity of these grades. While these zones are narrow, they’re obviously very high grade.

“Absolutely, the plan is to take it to production. We anticipate that this property could be in production in an 18-month time frame because of the existing infrastructure.

“Currently we’re in the process of completing this confirmation drilling program—there will be quite a few more assay results to be released on that. Then we’re going to move into a drilling program to evaluate some open pit mining potential where the veins come to the surface. By the middle of this year we will start to move into a development plan, both to refurbish the mill and the underground site infrastructure. And at the same time we’ll continue to explore on the property. There’s considerable strike-length potential here on our holdings. We’ve recently come up with some nice targets that we anticipate exploration drilling to test. That’ll happen the second half of the year.

“We like this property. We worked very hard last year to acquire the project and finance it and the results to date have been met and exceeded our expectations,” concludes Sutcliffe. “We see a tremendous development potential for Maverick.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles

Auriga reports Manitoba Gold Assays including 11.99 g/t over 2.5m

March 9th, 2011

Auriga Gold Corp TSXV:AIA announced assays from its Maverick Gold Project, northeast of Flin Flon, Manitoba. Results include 8.17 g/t gold over 0.5 metres, 28.79 g/t over 0.5 metres, 11.99 g/t over 2.5 metres (including 52.61 g/t over 0.5 metres), 65.42 g/t over 0.5 metres, 5.73 g/t over 1.4 metres, 18.65 g/t over 0.8 metres and 11.23 g/t over 0.3 metres.

President/CEO Richard Sutcliffe remarked, “We are very pleased to receive these encouraging results from our initial assays at the Maverick Gold Property. While our focus will initially be on drilling to confirm and extend the resource, this property has excellent location and infrastructure and we anticipate an opportunity to quickly establish a mine development plan at Maverick Gold.”

View Company Profile

Contact:
Richard H. Sutcliffe
President/CEO
416.214.2785

or Alison Tullis
Manager, Investor Relations
416.214.2785

by Ted Niles