Aurelius Minerals (TSXV: AUL) has released assay results for three holes completed within the Aureus West portion of its wholly owned 16.8-sq.-km Aureus gold project in Nova Scotia, 150 km from Halifax. These assays are from previously unsampled and unassayed core, which was extracted back in 2010 by a past project operator.
The drill highlights include 22 metres of 2.31 grams gold per tonne from 84 metres in hole SR-113; 4 metres of 1.53 grams gold per tonne from 27 metres; as well as 11 metres of 1.2 grams gold per tonne from 131 metres.
"The results of hole 10-SR-113 further solidify our conviction in the opportunity and potential of the Aurus gold project," Mark Ashcroft, the company's president and CEO, said in a news release. "Unlike the Bendigo (goldfield) analogue in Australia, Nova Scotia has yet to see extensive exploration to depths beyond a few hundred metres. Our initial program aims to drill up to 1 km from surface as we look to discover additional mineralization at depth, further bolstering an already exciting project."
Ashcroft said the gold mineralization at Aureus West has been defined over almost 2 km of strike and down to a depth of 300 metres. Lidar (light detection and ranging) surveys completed over the area also suggest a potential for parallel mineralized systems.
Approximately 20 stacked saddle-reef veins have been defined thus far at Aureus West, with a total of four holes of unsampled core reported to date. Earlier in August, Aurelius released assays for the first hole, which hit 2 metres of 65.2 grams gold, starting at 55 metres.
Aurelius acquired a 100% interest in the Aureus East and West, Tangier and Forest Hill properties in Nova Scotia in February, for a total consideration of US$8.2 million, payable in cash or shares.
Aureus West has an inferred resource of 270,000 tonnes, at 6.1 grams gold, containing 53,200 oz. gold.
Aurelius is working to upgrade an open-pittable resource at the property, with 5,000 metres of drilling planned for the remainder of the year and a further 15,000 metres scheduled into 2021.
The past-producing Aureus East portion of the property hosts the Aureus East underground gold mine, which has 2,250 metres of underground development completed, in addition to a 300-tonne-per-day gravity and flotation processing plant with an on-site assay lab. The mine is currently on care and maintenance.
Aurelius started underground drilling at the site as it works to confirm high-grade structures to upgrade and grow resources. Aureus East hosts a historic resource of 152,000 indicated tonnes at 11.9 grams gold, and 434,000 inferred tonnes at 6.9 grams gold.
At press time in Toronto, Aurelius was trading at 9 ? within a 52-week trading range of 2 ? and 14 ?. The explorer has 241 million common shares outstanding for a $22-million market capitalization.
- This article first appeared in the Canadian Mining Journal.