Aurelius Minerals Inc (TSX-V:AUL, OTCQB:AURQF) has reported encouraging drill results from its flagship Aureus East gold project in Nova Scotia, which it said continue to expanded mineralization ahead of an updated resource for the property this quarter.
Four holes were reported, which were drilled from surface, and showed strong continuity along strike to the east, in width to the south, and at depth.
"Surface holes stepped to the east and south show that the mineralization remains open, intersecting gold at surface to more than 500m below surface. We are encouraged by the continuity, the widths and the grades of our intercepts as we conceptualize the minability of the mineralized system," said Aurelius CEO Mark Ashcroft in a statement.
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"In our continuing efforts to increase our understanding of the project geology we have consistently encountered high-grade gold intersections within a broadly mineralized and substantial gold system. We have completed 49 holes, along with two wedge holes, with a 100% success rate of intersecting mineralization in two phases," he added.
Ashcroft said 12,000 metres (m) had been completed in the Phase 2 program at Aureus East and the firm now expected further results from the lab over coming weeks.
"This will help further delineate the deposit as we work towards our updated resource on Aureus East later this quarter," he told investors.
Highlight results included an intercept of 0.65m at a grade of 40.3 grams per tonne (g/t) gold from a depth of 160m in one hole and 1.65m at 19.8 g/t gold from 207.50m from another, which included 0.65m at 49.4 g/t gold from 208.5m.
Aurelius noted that it is currently awaiting assays from six holes for 712.85m from both underground and surface holes, while the near-term focus has shifted to underground channel sampling and mapping, which recently started.
The results will be included in the upcoming mineral resource estimate for Aureus East, which is expected in the first quarter of 2022.
Aurelius Minerals is focused on advancing its renamed Aureus gold properties, including Aureus East and West, the Tangier gold project, and the Forest Hill gold project in Nova Scotia.
It is also advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario. These are the 968-hectare Mikwam property and the 12,425-hectare Lipton property on the Lower Detour Trend.
Contact the author at giles@proactiveinvestors.com