Auryx Gold Releases Results of Exploration and Infill Drilling from West Zones at the Otjikoto Gold Project in Namibia
TORONTO, ONTARIO -- (Marketwire) -- 10/20/11 -- Auryx Gold Corp. ('Auryx' or the 'Company') (TSX: AYX)(NSX: AYX) is pleased to announce assay results from 37 exploration and infill diamond drill ('DD') holes in the western and south-western region of the current modelled pit at the Otjikoto gold project in Namibia. These holes combine with previously drilled holes to define the West A shoot, West B shoot, West 1 shoot and southern extensions to the western shoots. Please follow the link for the relative locations of the shoots and the drill holes reported below:
http://auryxgold.com/projects/otjikoto_drill_program/plan_views/october_2011/
Aside from the southern extension of the western shoots, the remaining shoots are located in-pit. OT holes are exploration holes and TC holes are infill drilling done to convert the NI 43-101 resource estimate from inferred to indicated in certain regions.
Auryx's CEO, Mr. Searcy comments: 'In-pit drilling is confirming the continuity of the inferred mineralization and demonstrating that areas that were previously modelled as waste are, in fact, mineralized. The potential to add resources 'in-pit' demonstrates that the Otjikoto gold deposit is still underexplored. The southern extensions of the western shoots are located below the Main Magnetite Zone ('MMZ', as defined in the Auryx Gold press release dated 8 Sep 2011) and demonstrate the potential for resource growth along strike at Otjikoto.'
Drill Results
Table 1: Otjikoto Drilling Results 20 October 2011 - West A Shoot
Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
----------------------------------------------------------------------------
TC90 142 154 12 1.51 10.8
including 142 144 2 4.38 1.8
and 146 147 1 2.77 0.9
170 173 3 0.51 2.7
192 203 11 1.69 9.9
including 192 195 3 3.64 2.7
and 201 202 1 2.32 0.9
208 211 3 0.79 2.7
including 210 211 1 1.29 0.9
218 219 1 2.59 0.9
TC91 158 162 4 3.42 3.6
including 159 161 2 6.41 1.8
166 170 4 4.04 3.6
198 201 3 2.36 2.7
TC94 110 116 6 3.72 5.4
including 110 112 2 10.25 1.8
140 141 1 1.07 0.9
151 159 8 0.46 7.2
162 166 4 1.46 3.6
including 165 166 1 4.20 0.9
171 172 1 2.53 0.9
177 183 6 1.73 5.4
including 178 179 1 2.94 0.9
181 183 2 2.89 1.8
186 191 5 0.57 4.5
including 186 187 1 1.02 0.9
204 209 5 0.95 4.5
including 204 206 2 1.32 1.8
TC95 218 222 4 0.93 3.6
including 221 222 1 1.63 0.9
230 231 1 1.24 0.9
TC96 98 99 1 1.35 0.9
105 106 1 3.01 0.9
194 197 3 7.96 2.7
including 195 197 2 11.49 1.8
224 225 1 6.37 0.9
226 228 2 0.64 1.8
252 253 1 2.06 0.9
TC99 185 191 6 3.97 5.4
including 185 187 2 10.89 1.8
194 195 1 1.43 0.9
222 225 3 0.48 2.7
234 237 3 3.32 2.7
240 245 5 1.28 4.5
including 243 244 1 3.81 0.9
249 252 3 1.11 2.7
TC100 62 63 1 2.27 0.9
113 114 1 1.30 0.9
121 122 1 1.00 0.9
183 185 2 0.94 1.8
190 192 2 0.52 1.8
195 199 4 2.52 3.6
204 207 3 0.61 2.7
219 222 3 2.26 2.7
231 234 3 1.55 2.7
246 250 4 1.31 3.6
including 249 250 1 3.38 0.9
TC101 80 81 1 1.82 0.9
222 225 3 0.50 2.7
235 238 3 0.41 2.7
242 243 1 1.58 0.9
248 249 1 12.56 0.9
TC104 130 131 1 1.15 0.9
198 205 7 1.03 6.3
219 222 3 0.56 2.7
227 242 15 1.20 13.5
including 237 238 1 2.64 0.9
TC105 175 178 3 0.72 2.7
including 175 176 1 1.55 0.9
187 190 3 0.55 2.7
195 198 3 0.49 2.7
216 219 3 0.69 2.7
241 261 20 0.79 18
including 255 256 1 4.95 0.9
TC106 89 90 1 3.31 0.9
211 218 7 2.62 6.3
222 229 7 0.80 6.3
including 226 227 1 2.58 0.9
250 263 13 1.55 11.7
266 269 3 2.04 2.7
272 275 3 0.72 2.7
278 281 3 0.72 2.7
TC107 238 239 1 1.08 0.9
244 252 8 0.57 7.2
255 256 1 3.53 0.9
297 300 3 0.49 2.7
Table 2: Otjikoto Drilling Results 20 October 2011 - West B Shoot
Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
----------------------------------------------------------------------------
OTM67 130 133 3 0.62 2.7
139 144 5 0.43 4.5
148 151 3 2.63 2.7
including 149 150 1 6.15 0.9
162 171 9 1.86 8.1
including 169 171 2 6.61 1.8
OT241 151 154 3 1.74 2.7
including 153 154 1 4.35 0.9
178 181 3 0.51 2.7
186 198 12 2.07 10.8
including 187 188 1 4.08 0.9
and 192 196 4 4.00 3.6
OT242 69 72 3 0.55 2.7
76 79 3 0.59 2.7
including 78 79 1 1.32 0.
9
113 118 5 1.34 4.5
including 113 114 1 4.93 0.9
169 172 3 0.59 2.7
181 186 5 0.70 4.5
TC89 97 99 2 0.67 1.8
130 133 3 1.58 2.7
including 131 132 1 3.65 0.9
152 153 1 1.10 0.9
156 159 3 0.43 2.7
180 188 8 1.05 7.2
212 215 3 0.44 2.7
TC93 70 73 3 0.40 2.7
134 137 3 0.44 2.7
152 153 1 1.34 0.9
TC97 101 104 3 0.56 2.7
175 181 6 1.28 5.4
including 175 177 2 2.74 1.8
TC102R 181 184 3 8.27 2.7
including 182 183 1 23.79 0.9
TC131 51 54 3 4.98 2.7
including 51 52 1 10.41 0.9
131 134 3 0.48 2.7
148 151 3 0.77 2.7
158 161 3 0.86 2.7
TC133 162 165 3 0.42 2.7
188 189 1 1.91 0.9
192 200 8 1.35 7.2
including 192 193 1 7.11 0.9
Table 3: Otjikoto Drilling Results 20 October 2011 - West 1 Shoot
Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
----------------------------------------------------------------------------
TC103 107 110 3 1.13 2.7
190 195 5 7.11 4.5
including 193 195 2 16.95 1.8
OT206 73 74 1 1.35 0.9
OT252 114 117 3 0.75 2.7
including 115 116 1 1.21 0.9
149 152 3 0.40 2.7
OT255 136 139 3 0.70 2.7
including 138 139 1 1.60 0.9
153 171 18 1.39 16.2
including 159 162 3 3.00 2.7
and 163 165 2 2.18 1.8
OT256 42 43 1 1.28 0.9
49 50 1 1.30 0.9
139 142 3 0.42 2.7
159 160 1 1.89 0.9
OT261 68 74 6 1.86 5.4
including 73 74 1 7.04 0.9
91 94 3 1.85 2.7
including 91 92 1 4.90 0.9
98 102 4 0.86 3.6
including 100 101 1 1.50 0.9
108 115 7 0.80 6.3
including 108 109 1 1.90 0.9
112 113 1 1.00 0.9
Table 4: Otjikoto Drilling Results 20 October 2011 - southern extensions of
western shoots
Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
----------------------------------------------------------------------------
OT208 50 53 3 0.40 2.7
212 217 5 0.77 4.5
221 226 5 0.61 4.5
230 232 2 1.01 1.8
245 247 2 0.97 1.8
273 276 3 1.34 2.7
including 273 274 1 3.10 0.9
313 317 4 0.72 3.6
OT209 263 266 3 0.71 2.7
292 296 4 0.41 3.6
311 320 9 0.41 8.1
326 330 4 0.40 3.6
349 350 1 1.22 0.9
363 367 4 1.32 3.6
including 363 364 1 2.58 0.9
and 366 367 1 2.36 0.9
OT210 341 344 3 0.47 2.7
362 364 2 0.67 1.8
OT211 244 246 2 0.95 1.8
265 268 3 0.81 2.7
280 283 3 0.48 2.7
295 296 1 1.49 0.9
OT244 174 175 1 1.24 0.9
OT246 237 238 1 4.15 0.9
268 272 4 1.00 3.6
including 268 269 1 2.92 0.9
312 317 5 0.92 4.5
including 312 313 1 2.29 0.9
OT247 336 337 1 1.06 0.9
379 380 1 7.97 0.9
OT250 220 223 3 0.71 2.7
236 237 1 1.25 0.9
269 272 3 0.58 2.7
285 288 3 1.75 2.7
including 286 288 2 2.35 1.8
318 319 1 1.89 0.9
OT251 248 252 4 0.40 3.6
292 295 3 0.50 2.7
299 303 4 1.24 3.6
352 355 3 0.78 2.7
OT260 204 207 3 1.31 2.7
250 253 3 0.40 2.7
309 312 3 3.78 2.7
including 309 311 2 5.34 1.8
Drilling is ongoing at Otjikoto with 5 diamond drill ('DD') rigs and 1 reverse circulation ('RC') rig. Since taking over the project, Auryx has drilled 192 DD holes for 46,700 m and 90 RC holes for 8,640 m. As of today, results from 55 DD and 64 RC holes have been released. The location of all holes drilled at Otjikoto can be viewed on a drill hole map in plan view at
http://auryxgold.com/projects/otjikoto_drill_program/plan_views/october_2011/.
Quality Assurance/Quality Control
Auryx's QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample. For a detailed description of QA/QC procedures please see the Auryx Gold press release dated 12 May 2011 or the SRK NI 43-101 technical report dated 31 March 2010, available at www.sedar.com.
About Auryx Gold Corp.
Auryx Gold Corp. (TSX: AYX)(NSX: AYX) is a Canadian, growth-focused resource company engaged in the acquisition and exploration of gold projects in Namibia. The Company is currently advancing the Otjikoto gold deposit, located 300 km north of Namibia's capital city, Windhoek. By virtue of its location, the Project benefits significantly from Namibia's well established infrastructure with paved highways, a railway, power grids, and the water grid all close by. Located in southwest Africa, Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. On October 11, 2011, Auryx announced the signing of a binding agreement with B2Gold Corp. to combine the two companies. The agreement is subject to, among other conditions, the approval of Auryx shareholders who are to vote at the Annual and Special Meeting, expected to be held in December, 2011.
On behalf of the Board of Directors,
Tim Searcy, P.Geo., Chief Executive Officer
Cautionary Notes
Certain information set forth in this press release contains 'forward-looking information' under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which is based on Auryx Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These risks and uncertainties include, but are not limited to: successful conversion of inferred mineral resource estimates to indicated mineral resource estimates based on drilling results, ability to successfully add resources 'in-pit', successful growth of the resource along strike at Otjikoto; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks. 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. Auryx Gold undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Qualified Person Statement.
Tim Searcy, PGeo, Auryx Gold's President, is a Qualified Person as defined under National Instrument 43-101. Mr. Searcy has reviewed and approved of all of the technical disclosure in this document.
Contacts:
Auryx Gold Corp.
Andisheh Beiki
Investor Relations
Direct: 1 (416) 361-2213 / Mobile: 1 (647) 968-1920
info@auryxgold.com
www.auryxgold.com