- Junior exploration company backed by leading investors and a proven management team with a history of past success
- Major copper and gold discovery opportunities in Canada and Peru
- Multi-project portfolio that provides optionality and mitigates risk
- Employing novel technology to generate new drill targets
What does Auryn Resources do?
The junior exploration company is advancing a portfolio of seven assets across North and South America with a highly-skilled team and some impressive investors at its back – Newmont Goldcorp owns nearly 12% of the company.
Co-founder and current executive chairman Ivan Bebek and CEO Shawn Wallace had great success with their previous venture, Cayden Resources, which Agnico Eagle snapped up for C$205 million in 2014. In fact, Auryn’s management ream has raised over C$650 million since 2005 and monetized two exploration assets.
On the technical side, the team is comprised of former Newmont global experts including COO and chief geologist Michael Henrichsen and vice president exploration David Smithson.
Two projects stand out in Auryn’s portfolio: the high-grade Committee Bay gold property in Nunavut, Canada and the Sombrero copper and gold asset in Ayacucho, Peru.
Sombrero is part of an emerging copper-gold district in southern Peru in an area surrounded by major projects from Glencore, Barrick and BHP. The highly prospective property is home to seven copper-gold targets with geological formations that are analogous to the major mines in the area.
At Committee Bay, high-grade gold deposits weave throughout the property. The most significant is the Three Bluffs deposit that contains a resource of 524,000 ounces at 7.9 grams per ton gold in the indicated category and 720,000 ounces at 7.6 grams per ton in inferred. The project also benefits from existing infrastructure, including bulk storage fuel facilities, five high-efficiency drill rigs and a 100-person camp.
How is it doing?
Auryn is aggressively exploring a 300-kilometre gold belt at Committee Bay. The company recently raised C$1.9 million to fund an ongoing exploration program in the Arctic region.
Over the summer, Auryn is planning to drill along the 15-kilometre strike length of the Aiviq-Kalulik structural corridor at Committee Bay, which the company believes has the geology to host major gold deposits. To enhance the targeting efforts in the field, Auryn will be running induced polarization surveys to identify new targets along the corridor.
In early August, the company increased its land package in Peru with the acquisition of two new concessions adjacent to its Curibaya property.
What makes the project especially interesting is the use of machine learning to generate new targets on the property. Auryn has teamed up with Computational Geosciences Inc (CGI) to use the company’s proprietary VNet segmentation deep learning algorithm to assist in targeting new gold mineralization at Committee Bay.
Early results look promising. A total of 12 new targets were generated and a third structure measuring 15 kilometres of strike length was also identified.
According to COO Michael Henrichsen, the resulting targets give the company “confidence” in its emerging discoveries at Aiviq and Kalulik. In addition, the machine learning has identified new targets under shallow lakes and glacial-fluvial cover, where surface geochemical sampling has not been possible.
“We believe the addition of machine learning to aid in the already extensive targeting process will help our exploration team in the search for high-grade discoveries,” echoed Ivan Bebek, Auryn’s executive chairman.
- Additional surface access at Sombrero
- Drill permit update and resume surface work
- Evaluating potential new acquisitions
- Committee Bay drill results
- New target developments at Homestake Ridge project
What the boss says:
In a statement to investors in July, executive chairman Ivan Bebek said Auryn was “excited” to have drills turning again at Committee Bay.
“The last four years of extensive exploration has progressively brought us closer to discovery and we are excited to follow-up on the well-developed gold-bearing hydrothermal systems at Aiviq and Kalulik.
“Our portfolio of projects once again becomes live with drilling for potential high-grade gold in Canada while we anticipate continuous results from our Sombrero project in Peru ahead of a maiden drill program by Auryn.”
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