TYPHOON AND AURIZON DRILL 8.8 GRAMS PER TONNE OF GOLD
OVER 11 METERS ON THE FAYOLLE PROJECT
Vancouver,
BC - November 2, 2010 - 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
Exploration Inc. (�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, over four years.
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-10-05 to FA-10-11, totalling
2,216 metres which have been drilled in the Fayolle deposit using a 25 to 50 metre
spacing to test geometry and grade consistency. The first four
drill holes of this 2010 campaign were reported on September 29,
2010. Assays and/or verifications are still pending for the
additional 6 holes (FA-10-12 � FA-10-17) that have been drilled to date.
The best
results received are from hole FA-10-08 which returned 8.8 grams per tonne of gold over 11.0 metres
and from hole FA-10-11 which returned 17.6 grams per tonne of
gold over 4.0 metres. All
of the intersections were drilled inside the existing drilling pattern
following a west south-west drilling direction. However, hole FA-10-05 shows that mineralization remains open
to the north-west, and hole FA-10-11 opens a mineralized trend to the
east and at depth. Mineralized zones appear to be sub-vertical,
true widths are therefore approximately 75% of the lengths reported
below.
Numerous
high-grade mineralized zones intersected in drill holes FA-10-01 to
FA-10-11 are located inside lower-grade envelopes. Also, some
low-grade intersections of extensive length do not show a local
high-grade concentration, which demonstrates the strong bimodal gold
distribution of the Fayolle deposit. The best
results from the seven drill holes reported in this news release are
shown in the table below. All of the drill hole
results to date are reported in a table at the end of this news release.
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Hole
Number
|
From
(metres)
|
To
(metres)
|
Grade
(grams/tonne Gold)
|
Length
(metres)
|
|
FA-10-05
|
128.0
|
132.0
|
6.0
|
4.0
|
|
FA-10-07
|
69.0
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75.0
|
8.7
|
6.0
|
|
FA-10-08
|
109.0
|
120.0
|
8.8
|
11.0
|
|
FA-10-11
|
182.5
|
186.5
|
17.6
|
4.0
|
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. 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,
6,203 metres have been drilled in seventeen
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 kilometres.
The objective
of the current exploration program at Fayolle
is to expand the current resource laterally and down dip and gain enough
geological knowledge to efficiently explore the favourable
deformation corridor transecting the property along a length of more than
2 kilometres. The current exploration program
includes two drill rigs operating for the remainder of the year, at an
estimated cost of approximately $3.0 million.
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
sketches show the geological context of the Fayolle
property, the position of the drill holes and a typical section of the Fayolle deposit.
About
Aurizon
Aurizon Mines Ltd. 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.
THIS
PRESS RELEASE CONTAINS A TABLE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
PDF FORMAT.
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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 th e 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.
CAUTIONARY NOTE TO U.S. READERS
As a Canadian reporting issuer,
the Company is subject to rules, policies and regulations
issued by Canadian regulatory authorities and is required to
provide detailed information regarding its properties including
mineralization, drilling, sampling and analysis, security of samples
and mineral resource and mineral reserve estimates. In addition, as a
Canadian reporting issuer, the Company is required to describe mineral
resources associated with its properties utilizing Canadian Institute
of Mining, Metallurgy and Petroleum ("CIM") definitions of
"indicated" or "inferred", which categories of
resources are recognized by Canadian regulations but are not recognized
by the United States Securities and Exchange Commission
("SEC").
The SEC allows mining companies,
in their filings with the SEC to disclose only those mineral deposits
they can economically and legally extract or produce. Accordingly,
information contained in this News Release regarding our mineral
deposits may not be comparable to similar information made public by
U.S. companies subject to the reporting and disclosure requirements
under the United States federal securities laws and the rules and
regulations of the Commission thereunder.
This News Release may use the
term "indicated" resources. U.S. readers are cautioned that
while that term is recognized and required by Canadian regulations, the
SEC does not recognize it. U.S.
investors are cautioned not to assume that any part or all of mineral
deposits in this category will ever be converted into mineral reserves.
In particular, this News Release
uses the term "inferred" resources. U.S readers are cautioned
that while this term is recognized and required by Canadian
regulations, the SEC does not recognize it. "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, except in rare
cases. U.S.
readers are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.
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