Aurizon Mines (ARZ.TSX, AMEX: AZK) announced an updated mineral resource estimate for the Fayolle deposit and results of preliminary metallurgical testwork on the property. Fayolle is located 35 kilometers northeast of Rouyn Noranda in the Abitibi Region of Quebec, Canada and is near Aurizon’s Joanna property. Aurizon Mines can earn a 50% interest in Fayolle through an agreement with Typhoon Exploration Inc, which owns 100% of the property, by incurring expenditures of $10 million, and subscribing for $2 million in common shares of Typhoon, over four years.
Aurizon also reported results from the ongoing 2012 exploration program on the Heva and Hosco West Extension areas located 20 kilometers from Rouyn Noranda in northwestern Quebec. The Canadian-based gold producer noted that the results received either extend or confirm the influence of high grade trends previously identified. Three drill rigs are presently active on the property to complete approximately 10,000 meters of drilling. The focus of drilling will be to establish the connection between areas with better grades and thicknesses in order to expand and improve the resource base.
It is expected that an in-pit resource update will be initiated following this drilling program on Heva.
* At a minimum cut-off grade of 0.8 grams per tonne (g/t) of gold, Fayolle contains 156,000 ounces in the Indicated category
* Hole JA-12-1048 at Heva returned 7.5 g/t of gold over 15.0 meters including 98.0 g/t over 0.9 meters
*Hole JA-12-1056 at Heva East returned 6.3 g/t of gold over 3.0 meters
*Hold JA-12-1045 at Heva West returned 12.4 g/t of gold over 3.0 meters
George Paspalas , President and CEO of Aurizon Mines:
“We are certainly encouraged by the good metallurgy returned at Fayolle and, given the property’s proximity to where we are drilling at Heva, the next stage for this property is to understand what the geological potential is at depth and what the prospects are for additional discrete high grade deposits.”
Martin Demers , General Manager of Exploration for Aurizon:
“Recent results confirm the consistency of each mineralized sector by adding similar grades and thicknesses, which are compatible with underground resource parameters. By extending the drilling pattern, we expect to be able to link together mineralized areas to generate a kilometric lateral continuity.”
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