The targets, which are within known gold-bearing systems, were refined, thanks to a new understanding of high-grade systems across the gold belt based on geophysical conductivity data that Auryn had collected over the years, according to the company.
A planned summer 2021 drill program will test both target extensions at the Three Bluffs deposit as well as several regional greenfield targets, the Vancouver-based firm told shareholders.
READ: Auryn shareholders get advisory company's encouragement to approve Eastman acquisition and subsequent creation of Fury Gold
According to Auryn, two principal target types include iron formation hosted in sediments, where high conductivity responses are associated with sulphidation of the host rock, and in komatiite couplets, where high conductivity responses and high magnetic responses are offset from each other.
Location of newly derived drill targets across the Committee Bay gold belt
Auryn may look at expanding the resource where it has interpreted geophysical data in the area that hosts the Three Bluffs deposit and defining new pods on mineralization just north of the deposit area.
Committee Bay is covered by a thin layer of till cover that can obscure mineralized systems, making geophysics to help discover target areas even more important on the project, a fact Auryn’s COO Michael Henrichsen acknowledged Tuesday.
"We have drilled the desired widths of gold mineralization at Committee Bay, however targeting high-grade gold through the thin layer of till cover that obscures the mineralized systems has been a challenge,” Henrichsen told shareholders. “We believe our major geophysical breakthrough is essential for targeting high-grade through the till sequences and look forward to our 2021 drill program."
Auryn’s executive chairman Ivan Bebek called Committee Bay “one of the few exploration opportunities with the potential for multiple world-class gold discoveries.”
He added: “Our confidence has grown considerably over the past five years as our technical team's targeting methods have evolved. We are excited to capitalize on our extensive work to-date with Fury Gold Mines in the current gold environment."
Auryn recently announced plans to spin out its Peruvian assets into two new companies and acquire Eastmain Resources, creating Fury Mines, a Canadian gold-focused exploration and development company. Fury's three core assets will comprise of Eau Claire in Quebec, Committee Bay in Nunavut and Homestake Ridge in British Columbia.
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