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Innovative exploration at Committee Bay

 

Last updated 7/12/2015 at Noon



North Country Gold Corp. and Auryn Resources Inc. July 8 reported the start of a C$4 million summer exploration program at the Committee Bay gold project in Nunavut.

The exploration program will focus on existing drill-ready targets as well as new areas identified through a recently completed prospectivity analysis on the southwest region of the Committee Bay belt.

The companies said the focus of the 2015 program is to bring an innovative exploration approach to the Arctic with the goal of maximizing operational efficiencies to reduce the cost of drilling and regional exploration work.

The exploration program will include: 3,000 to 5,000 meters of rotary air blast drilling utilizing a lightweight mobile drill; drone aerial imagery acquisition at 10-centimeter resolution across the entire project area; 60 line-kilometers of induced polarization geophysics; structural mapping; and a till sampling program utilizing bulk cyanide leach methodology.

This exploration will focus on known and newly identified targets in the West Plains and Raven areas.

Past drilling at West Plains has cut 14.76 grams per metric ton gold over 8.73 meters.

At Raven, one hole drilled in 2005 cut 36.22 g/t gold over 2.43 meters.

The partners also will continue to advance a deal in which Auryn will buy out the North Country Gold shares it does not already own by issuing 13.8 million Auryn shares valued at approximately US$20.4 million.

The merger is expected to close before the end of September.

No broker's or success fees are payable in connection with the transaction.

 

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