Company News – Thu 16 Feb, 2017

Auryn acquires second Greenstone belt with excellent gold exploration potential in Nunavut, Canada

Here is the latest news out of Auryn. With an already busy year planned with 55,000 meters of drilling Ivan and his team just acquired another property. I have reached out to Ivan for an interview that should be completed by next week. At first glance I like this deal for a couple of reasons. The area acquired is large which fits into the Company’s strategy. They are able to start working right away thanks to permits being in place. There has been very limited historic drilling but what has been done has shown some pretty decent grades. With cash in the bank and an already large drill program planned this acquisition adds to the blue sky potential for the Company. I have worked very hard over the past two year to bring on our show some of what I think are the best companies in the sector. Auryn Resources is one that I am very excited for this year and throughout what we think is a bull market just getting started.

Please email me any questions you have for Ivan and I will be sure to bring it up with him. Here’s the news.

Vancouver, British Columbia – February 15th, 2017 – Auryn Resources Inc. (TSX: AUG, OTCQX: GGTCF) (“Auryn” or the “Company”) is pleased to announce the acquisition of 19 prospecting permits along the Gibsons MacQuoid greenstone belt located in Nunavut, Canada. These permits are located between the Meliadine deposit and Meadowbank mine (Figure 1). The 19 prospecting permits encompass approximately 120 km of strike length of the prospective greenstone belt and total 329,000 hectares collectively (Figure 2). The acquisition of the prospecting permits cost approximately CAD$100,000 and provides Auryn exploration rights over the area for a total of three years with the exclusive right to stake minerals claims within the area.

The Gibsons MacQuoid greenstone belt lies approximately 125 km from Baker Lake and 136 km from Rankin Inlet. Auryn plans to undertake an extensive till program over the newly acquired ground this summer in an effort to identify key areas of gold mineralization.

President and CEO Shawn Wallace commented, “With the acquisition of 120 km of strike length located within the highly prospective Gibsons MacQuoid greenstone belt, Auryn has created another substantial gold exploration opportunity within the eastern Arctic. The opportunity to explore two highly prospective greenstone belts concurrently in Nunavut is consistent with Auryn’s ambitious strategy and increases the odds of successfully discovering high quality gold deposits ”.

Gibsons MacQuoid Greenstone Belt (GMB):

The Gibsons MacQuoid Greenstone belt is one of a number of Archean aged greenstone belts located in the Western Churchill province of north-eastern Canada. The character and history of the rock packages as well as the nature and timing of deformation in the GMB is considered to be equivalent to other significant belts within the Western Churchill province. These gold bearing Archean greenstone belts host deposits such as the Meadowbank, Amaruq, and Meliadine deposits. In particular, the highly magnetic signature of the GMB is consistent with the other productive greenstone belts in the eastern Arctic that host large scale gold deposits.

The Gibsons MacQuoid greenstone belt has received no systematic gold exploration with previous work limited to short reconnaissance programs conducted by Comaplex Minerals during 1989 and 1993 that collected isolated rock samples. Within Auryn’s prospecting permits two documented gold showings that resulted from these reconnaissance programs have returned up to 12.9g/t Au in quartz veins in the northern showing and up to 2.2g/t in banded iron formation in the SW showing (figure 2).

About Auryn

Auryn Resources is a technically driven junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company’s management team is highly experienced with an impressive track record of success and has assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn is focused on scalable high-grade gold deposits in established mining jurisdictions, which include the Committee Bay gold project located in Nunavut, the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru, through Corisur Peru SAC.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.

“Shawn Wallace”
President and CEO of Auryn Resources Inc.

For further information on Auryn Resources Inc., please contact Jay Adelaar, Manager of Investor Relations at (778) 729-0600 or info@aurynresources.com


Cautionary Statements

The Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com

Michael Henrichsen, P Geo, COO of the Company, supervised the preparation or approved the scientific and technical disclosure within this news release


Figure 1: Illustrates the position of the Gibsons MacQuoid greenstone belt in the eastern Arctic between the Meliadine and Meadowbank deposits on a regional magnetics background. Importantly, all significant known deposits in the Eastern Arctic are located on greenstone belts that have a highly magnetic signature such as the Meliadine, Meadowbank, Amaruq and the Three Bluffs deposits.

Figure 2: Illustrates the position of Auryn’s prospecting permits highlighted by yellow polygons on the Gibsons MacQuoid belt along with the position of the known gold showings as highlighted by red dots.

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Comments:
  1. On February 16, 2017 at 7:17 am,
    FranSix says:

    Auryn may be making this announcement on the news Agnico is inveting in Nunavut:

    http://www.bnn.ca/video/agnico-eagle-making-multi-decade-bet-on-nunavut~1058359

  2. On February 16, 2017 at 7:53 am,
    CFS says:
  3. On February 16, 2017 at 8:05 am,
    b says:

    I wonder if mining investment will help the communities, I hope so, there are alot of northern communities that dont and have not had for a long time clean water.

    B.C. Woman Organizes Care Packages To Fight The Northern Food …
    http://www.huffingtonpost.ca/2015/01/16/bc-woman-northern-food-crisis_n_6408508.html
    Jan 16, 2015 – And everyone seems truly grateful for the help. … retailers’ costs of flying products to remote northern communities, grocery prices remain high.

    water isnt the only thing needed of course.

  4. On February 16, 2017 at 8:09 am,
    Silverdollar says:

    Another OFF TOPIC:
    Vix followers might consider a gander at TVIX. It’s been acting normal the last two days (2X). Hasn’t shown this ability for weeks. Another potential bottoming candidate to keep your eye on is SPXS.
    For AG players, wheat seems to have awakened from its slumber…………Check out this ETF: WEAT

  5. On February 16, 2017 at 8:22 am,
    Nigel Hickey says:

    OFF TOPIC

    What on earth is happening at Barsele. Gary Cope on the show recently stating AEM to release resourse estimate of 4 million ounces or more. Actual resource estimate comes out at 0.7 million, less than the resource issued in 2012. Price down 30% and Gary left with some serious explaining to do. Feeling let down by Gary big time especially as I would normally think very highly of him and his teams competence.

  6. On February 16, 2017 at 8:46 am,
    Archdeacon (!) Andrew says:

    Tanks for the update guys.

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