AURELIAN RESOURCES INC.
NEWS RELEASE
Trading Symbol TSX:ARU
November 29, 2007
For immediate release
Aurelian Intersects 216.6 Metres Grading 12.85 g/t of Gold at FDN with
Infill Drilling; 13.5 Metres Grading 16.86 g/t of Gold in Step-out Drilling to
the South
TORONTO, ON - Aurelian Resources Inc. (TSX:ARU) today
announced additional drill results at the Fruta Del Norte (“FDN”) deposit,
discovered last year in its Condor Project in southeastern Ecuador. The results
are for step-out holes designed to test the southern and northern extensions of
FDN as well as infill holes in the central high grade part of the system on 50
m spaced sections.
The results from the infill holes include 216.6 metres
grading 12.85 g/t of gold (“Au”) and 10.5 g/t of silver (“Ag”) in CP-07-152 on
section 9583350N and 140.45 metres grading 16.91 g/t of Au and 14.8 g/t of Ag
in CP-07-151 on section 9583450N. In step-out drilling to the south, CP-07-158,
the first hole drilled on section 9582500N, assayed 13.50 metres @ 16.86 g/t of
Au and 27.4 g/t of Ag, thereby extending the mineralization for a further 100
m.
As of October, calculations at the FDN deposit
returned an initial inferred mineral resource of 58.9 million tonnes grading
7.23 g/t of gold and 11.8 g/t of silver for 13.7 million ounces of contained
gold and 22.4 million ounces of contained silver, determined at a cut off grade
of 2.3 g/t gold-equivalent (ARU PR 4/10/2007). The results reported in this
release were not included in that calculation.
“Our results
on the 50 m infill sections validate the recently released inferred resource
estimate, which was completed using drill sections spaced 100 m apart. They
illustrate the robust nature of the epithermal system and its continuity,” says
Patrick F.N. Anderson, Aurelian’s President and CEO.
“Moving FDN
toward production is one of three main value catalysts we are pursuing,” Mr.
Anderson adds. “We are also targeting an accord with Ecuador’s government to
develop FDN. The government has shown itself to be highly motivated to move the
best mining projects forward in a timely manner and under a structure that will
create a long-term, sustainable mining industry. Thirdly, we are actively
drilling regional gold targets on the rest of our large land position. Each of
these initiatives is led by an expert team in production, lobbying or
exploration.”
FDN Results
Mineralized
intercepts (uncut and cut) from eight recent FDN drill holes are tabulated
below followed by brief descriptions of each hole. Beginning with this press
release, Aurelian will report intercepts calculated with the 2.3 g/t Au Eq
lower cut used in the inferred resource estimate (ARU PR, 4/10/2007); this cut
off is used in the description of results in the following text (unless
otherwise stated). Tables showing drill intersections composited using the
lower cut (0.5 g/t Au) of all previous press releases are presented for
comparison. Maps, cross sections, photos, gold and silver assay data from this
and previous press releases may be viewed at www.aurelian.ca.
Step-out hole CP-07-158 (azimuth 90/dip -65) extends
the southern end of FDN to section 9582500N, 100m south of previously reported
results. Although the hole indicates the system is narrowing to the south, it
intersected a zone of intense epithermal quartz stockwork that assayed 13.50 m
@ 16.86 g/t Au and 27.4 g/t Ag.
A scissor hole (CP-07-152, azimuth 275/dip ���75) tested the western edge of the system on section 9582700N. The hole passed through a broad zone of low
grade mineralisation which included 15.80 m @ 4.42 g/t Au and 4.7 g/t Ag before
hitting the fault that bounds the system to the west.
The first drilling on the 50 m infill sections was
particularly successful, with holes on sections 9583350N and 9583450N showing
excellent correspondence with the predictions of the block model. Scissor hole
CP-07-162 (azimuth 265/dip -56) intersected a broad zone of epithermal
stockwork and brecciation on infill section 9583350N that assays 12.85 g/t of
Au and 10.5 g/t of Ag over 216.60 m. This interval includes 36.95 m @ 45.38 g/t
of Au and 16.0 g/t of Ag from 334.15 to 371.10 m.
Three holes
were completed on infill section 9583450N. CP-07-157 (azimuth 89/dip -55)
intersected 101.80 m @ 8.89 g/t of Au and 13.7 g/t of Ag, CP-07-161 (azimuth
87/dip -43) intersected 56.73 m @ 3.28 g/t of Au and 5..6 g/t of Ag and
CP-07-151 (azimuth 88/dip -65) intersected 140.45 m @ 16.91 g/t of Au and 14.8
g/t of Ag within the mineralized volume of the resource estimate. Hole
CP-07-151 also discovered a mineralized vein zone east of and below this volume
which assayed 17.61 g/t of Au and 930.7 g/t of Ag over 9.60 m.
Drill holes
CP-07-149 (azimuth 91/dip -58) and CP-07-154 (azimuth 90/dip -55) tested the
system at depth on section 9583800N near its northern limit. CP-07-149
intersected 8.8 m @ 2.69 g/t of Au and 3.5 g/t of Ag within a broader zone of
lower grade mineralisation (41.25 m @ 1.11 g/t of Au and 2.5 g/t of Ag at a 0.5
g/t of Au lower cut). CP-07-154 intersected two narrow high grade veins (1 m @
44.3 g/t of Au and 33.1 g/t of Ag; 0.97m @ 33.7 g/t of Au and 40.4 g/t of Ag)
within the broad zone of lower grade mineralisation (98.6 m @ 1.50 g/t of Au
and 2.4 g/t of Ag at a 0.5 g/t of Au lower cut).
Holes
CP-07-148, 153, 156 and 159 were drilled for geotechnical information to aid
development planning outside the FDN deposit envelope. No visible
mineralization was encountered and these holes have not been sampled for
assaying.
Drill holes
CP-07-150, 155 and 160 were drilled at the Papaya prospect 700 m north of the
northern end of FDN. The results will be released when all data has been
received, validated and compiled.
With the
results reported here, data for 100 diamond drill holes at FDN have been
released, only 85 of which were complete and included in the initial inferred
resource released in October. Infill drilling at FDN and exploration drilling
on additional targets is ongoing with six drills currently operating on the
property. Results for current and future drill holes will be released as
analytical data are received, validated and compiled.
The FDN
deposit is hosted by intensely silicified andesitic volcanic and intrusive
rocks that are buried by clastic sedimentary rocks of the Suarez Formation of
Jurassic age within a pull-apart basin. The hydrothermal system is
characterized by multiphase quartz-carbonate-sulphide stock work veining and
hydrothermal brecciation.. FDN is interpreted to be an intermediate
sulphidation epithermal gold-silver system that predates but is in part
contemporaneous with infilling of the basin.
Drilling has
outlined a mineralised envelope at FDN that is traceable continuously for over
1400 metres along strike, exceeds 100 metres in width through the central and
southern portions, has a vertical extent of over 350m and dips moderately
westward through to vertical with an eastern contact that dips steeply to the
east south of 9583500N. Drill holes intersect this envelope at various angles
and therefore drill hole intercept lengths reported in this and earlier press
releases are not true widths. Inspection of drill cross sections allow the
width of the mineralised envelope to be estimated visually.
Technical Information
Samples
consist of half HQ, NQ, NTW and BTW-size diamond core that are split by diamond
saw on site, prepared at the ALS Chemex laboratory in Quito, and assayed by 50g
fire assay with an AAS or gravimetric finish at the ALS Chemex Lima Laboratory.
The quality assurance-quality control (QA-QC) program of Aurelian includes the
insertion of certified standards of known gold content every 20 samples, blanks
at least every 20 samples and field or lab duplicates every 20 samples. Samples
from significant drill intercepts are sent to two additional independent
laboratories to verify gold and silver analyses. Metallic screen fire analyses
for gold are also run regularly as an additional QA-QC check. The half core
remaining after sampling is retained on site for verification and reference
purposes.
Stephen
Leary (MAusIMM), Aurelian’s Exploration Manager, is the Qualified Person in
compliance with National Instrument 43-101 with respect to this release. He has
reviewed the contents for accuracy.
Attachments:
Attachments:
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1-FDN map_Min.JPG
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1-FDN map_satellite image.jpg
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1-FDN map_simplified geology.jpg
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2500_blue.jpg
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2700_blue.jpg
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3350_blue.jpg
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3450_blue.jpg
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3800_blue.jpg
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Collar_and_Assay-Table.pdf
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About Aurelian
Aurelian Resources Inc. is a publicly-listed (TSX:ARU)
resource company engaged in the business of exploring, discovering and
developing mineral wealth in Ecuador. The Fruta del Norte (FDN) discovery lies at
the heart of the Condor Project properties, located in southeastern Ecuador and
consisting of 38 mining concessions totalling approximately 95,000 hectares.
The initial inferred resource for FDN was released in October 2007 and included
58.9 million tonnes grading 7.23 g/t gold and 11.8 g/t silver for 13.7 million
ounces of contained gold and 22.4 million ounces of contained silver. Aurelian
is committed to working with the government and people of Ecuador to achieve a
modern, sustainable mining industry, which will play an important role in the
future growth of the country. Visit www.aurelian.ca for more information.
Forward Looking Statement:
Some of the
statements contained herein may be forward-looking statements which involve
known and unknown risks and uncertainties. Without limitation, statements
regarding potential mineralisation and resources, exploration results, and
future plans and objectives of the Company are forward looking statements that
involve various degrees of risk. The following are important factors that could
cause the Company’s actual results to differ materially from those expressed or
implied by such forward looking statements: changes in the world wide price of
mineral commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital.
Contact
Patrick
Anderson, President and CEO
Phone: (416) 868-9100
pfnanderson@aurelian.ca
Marla Gale,
Investor Relations
Phone: (416) 868-9100
mgale@aurelian.ca