Aurizon Announces Further Drill Results From The Fayolle Project
Aurizon (TSX:ARZ; AMEX:AZK)
("Aurizon" or "the
Company") is pleased to announce a new series of drill results from
the exploration program on the Fayolle project
located 20 kilometres north-east of Rouyn-Noranda, Qu�bec and 10 kilometres
north of Aurizon's Joanna project. The current
drill program is the first phase of a work program totalling
$3.5 million to be spent by Aurizon under the
joint venture agreement announced on May 18, 2010 with Typhoon
Exploration Inc ("Typhoon"). The Fayolle
property is 100% owned by Typhoon and Aurizon
can earn a 50% interest, subject to an underlying 2% net smelter royalty,
by incurring expenditures of $10 million, and subscribing for $2 million
in common shares of Typhoon. Aurizon can earn
an additional 15% interest for a total interest of 65% by either
delivering a feasibility study or spending an additional $15 million on
the project.
Additional drill results and associated geological interpretations have
been received for holes FA-10-12 to FA-10-21, which have been drilled in
the Fayolle deposit using a 25 to 50 metre spacing to confirm the new geometrical
interpretation and grade consistency. The first eleven drill holes of
this 2010 campaign were reported on September 29 and November 2, 2010.
Assays and/or verifications are still pending for an additional five
holes (FA-10-22, FA-10-23, FAX-10-01 to
FAX-10-03) that have been drilled to date.
The best results received are from hole FA-10-20, which returned 5.1
grams per tonne of gold over 10.5 metres in a zone of intense brecciation
with visible gold, and from hole FA-10-14, which returned 10.8 grams
per tonne of gold over 4.0 metres.
The best results from the ten drill holes reported in this news release
are shown in the table below. All of the results for holes FA-10-12 to
FA-10-21 are reported in a table at the end of this news release. True
widths are estimated to be approximately 75% of core length.
Hole
Number
|
From
(metres)
|
To
(metres)
|
Length
(metres)
|
Grade
(grams/tonne
gold)
|
FA-10-20
|
28.0
|
38.5
|
10.5
|
5.1
|
FA-10-14
|
270.0
|
274.0
|
4.0
|
10.8
|
FA-10-13
|
148.0
|
161.0
|
13.0
|
3.0
|
FA-10-17
|
118.0
|
119.7
|
1.7
|
6.4
|
FA-10-21
|
77.0
|
121.0
|
44.0
|
1.3
|
The intersection from hole FA-10-20 is located in the western end of the Fayolle deposit, approximately 30 metres
west of drill hole FA-10-04, which returned 112.0 grams of gold per tonne over 6.0 metres (see
the attached map). This new intersection appears to confirm the
mineralization model, with multiple stacked sub-vertical high-grade
lenses striking NNW, hosted inside an important deformation corridor
trending E-W. These lenses are stacked with a general 45� east-dipping
rake (see the attached cross-section). The new geological model has
therefore allowed prediction of new lenses west and upwards from the main
Fayolle deposit.
Holes FA-10-20 and FA-10-21 both returned anomalous gold assays at
greater depth than the aforementioned lenses. The anomalies may indicate
the presence of mineralized lenses further west. This would also be in
accordance with the new geological model.
Mineralization is hosted by strongly brecciated,
altered and deformed ultramafic rocks and by
dykes of varied composition, but generally intermediate and bordered by
breccias as described above. The grade can generally be correlated with
the intensity of brecciation and
quartz-carbonate flooding. Alteration is characterized by carbonates and
fuchsite in ultramafic rocks and by hematite in
dykes. Gold is mostly observed as free grains up to a millimetre
in size, as fracture-filling and veinlets in
both host rocks.
Outlook
To date, 9,098 metres have been drilled in
twenty-six holes as part of a 15,000 metre
program of approximately thirty nine (39) holes aimed to test the new
grade model on the Fayolle deposit and to
explore the entire deformation corridor transecting the property along a
strike length of more than 2.5 kilometres. The
same geological model applied on the Fayolle
deposit will be used to explore efficiently the rest of the property. The
current exploration program includes two drill rigs operating at an
estimated cost of approximately $3.0 million.
Correction
In the news release dated November 2, 2010, the results for hole FA 10-8
should have read as follows:
Hole
Number
|
From
(metres)
|
To
(metres)
|
Length
(metres)
|
Grade
(grams/tonne
Gold)
|
FA-10-08
|
109.0
|
117.0
|
8.0
|
11.4
|
instead of
8.8 grams of gold per tonne over 11.0 metres from 109.0 to 120.0 metres.
Quality Control and Qualified Person
All drill core is oriented using Fordia's
"Corientr" tool to measure the
geological structures of the drill core. Core assays are performed on
core sawed in half, with standard fire assay procedures and atomic
absorption finish. Certified reference material, duplicate and blanks are
inserted in the sample sequence for quality control. Primary assaying is
performed by ALS Chemex of Val d'Or. The
rejects for all samples returning >10 g/t Au are totally pulverized
and re-assayed.
Information of a scientific or technical nature included in this release
has been prepared under the supervision of Martin Demers, P. Geo.,
Exploration Manager of Aurizon and Qualified
Person under NI 43-101.
Additional information
The attached sketch shows the position of the drill holes and a schematic
section of the Fayolle deposit.
About Aurizon
Aurizon is a gold producer with a growth
strategy focused on developing its existing projects in the Abitibi
region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and
base metal regions, and by increasing its asset base through accretive
transactions. Aurizon shares trade on the
Toronto Stock Exchange under the symbol "ARZ" and on the NYSE
Amex under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
For Further Information,
Contact
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada and the United States (collectively,
"forward-looking information"). The forward-looking information
contained in this news release is made as of the date of this news
release. Except as required under applicable securities legislation, the
Company does not intend, and does not assume any obligation, to update
this forward-looking information.
Specifically, this news release contains forward-looking information with
respect to future exploration work on the Fayolle
property. Forward-looking information contained in this news release is
based on certain assumptions that the Company believes are reasonable,
that the current price of and demand for gold will be sustained or will
improve. However, forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed
or implied by the forward-looking information. Such factors include,
among others, the risk that actual results of exploration activities will
be different than anticipated, that required supplies, equipment or
personnel will not be available or will not be available on a timely
basis or that the cost of labour, equipment or
supplies will increase more than expected, that the future price of gold
will decline, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources are not as estimated, that actual costs or
actual results of reclamation activities are greater than expected; that
changes in project parameters as plans continue to be refined may result
in increased costs, of accidents, labour
disputes and other risks generally associated with exploration,
unanticipated delays in obtaining governmental approvals or financing or
in the completion of exploration activities, as well as those factors and
other risks more fully described in Aurizon's
Annual Information Form filed with the securities commission of all of
the provinces and territories of Canada and in Aurizon's
Annual Report on Form 40-F filed with the United States Securities and
Exchange Commission, which are available on Sedar
at www.sedar.com and
on Edgar at www.sec.gov/.
Although the Company 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 forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.
Readers are cautioned not to place undue reliance on forward-looking information
due to the inherent uncertainty thereof.
Hole ID
|
E
(mE)
|
N
(mN)
|
Total
length
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t Au)
|
FA-10-12
|
662297
|
5367091
|
330
|
89.0
|
90.2
|
1.2
|
0.6
|
176.0
|
179.0
|
3.0
|
0.5
|
FA-10-13
|
662348
|
5367137
|
343
including
|
113.0
|
121.0
|
8.0
|
0.5
|
148.0
|
161.0
|
13.0
|
3.0
|
152.1
|
154.0
|
1.9
|
9.9
|
209.0
|
210.0
|
1.0
|
3.7
|
215.0
|
216.0
|
1.0
|
4.5
|
FA-10-14
|
662473
|
5367155
|
453
|
131.0
|
132.0
|
1.0
|
1.1
|
224.0
|
235.0
|
11.0
|
0.5
|
259.0
|
260.0
|
1.0
|
4.2
|
270.0
|
274.0
|
4.0
|
10.8
|
FA-10-15
|
662440
|
5367170
|
501
|
246.0
|
247.0
|
1.0
|
1.1
|
271.0
|
272.0
|
1.0
|
1.1
|
FA-10-16
|
662403
|
5367236
|
462
|
251.7
|
263.1
|
11.4
|
0.4
|
FA-10-17
|
662371
|
5367305
|
444
|
118.0
|
119.7
|
1.7
|
6.4
|
FA-10-18
|
662290
|
5367302
|
312
|
No significant values
|
FA-10-19
|
662218
|
5367276
|
420
|
No significant values
|
FA-10-20
|
662131
|
5367164
|
240
|
28.0
|
38.5
|
10.5
|
5.1
|
51.0
|
55.0
|
4.0
|
1.9
|
85.0
|
90.0
|
5.0
|
1.7
|
171.0
|
175.0
|
4.0
|
1.3
|
FA-10-21
|
662152
|
5367121
|
306
including
|
77.0
|
121.0
|
44.0
|
1.3
|
94.0
|
98.0
|
4.0
|
3.9
|
162.5
|
163.3
|
0.8
|
1.1
|
Click to Enlarge
|