“We see Committee Bay as a District play with significant potential for additional discoveries that would likely spark the interest of Major gold miners looking to find an entry point into the region.”
This from Haywood Securities mining analyst Mick Carew, PhD, after a recent site visit to Auryn Resources’ (TSX-V: AUG) 100% owned Committee Bay gold project (CBGB) in Nunavut, Canada in a report published Wednesday.
A $10-million exploration program is underway at CBGB. This includes 10,000 metres of exploration drilling at a number of new targets using a RAB drill. Currently, Anuri and West plains are being drilled. Anuri is the highest priority target. Auryn is also planning 3,000 meters of diamond drilling at the Three Bluffs deposit focusing on expanding mineralization along strike and at depth.
Auryn acquired the project from North Country Gold last year for an all-share deal worth $18 million. The CBGB comprises 300 kilometres of greenstone belt over 382,000 hectares. The Three Bluffs deposit has roughly 501,000 ounces at 8.42 g/t gold in the Indicated category and an additional 772,000 ounces at 7.16 gt gold in the Inferred category.
More than 60 new exploration targets with anomalous gold results have been identified along the 300km long Committee Bay greenstone belt, according to Carew.
Auryn’s technical team has undertaken a boulder train and glacial X-ray fluorescence (XRF) program using drone imagery and geophysical interpretation methods, and an on site portable XRF analysis that helps to prioritize exploration targets in real time.