Aurelius reports near-surface gold in Nova Scotia

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.


Be the first to comment on "Aurelius reports near-surface gold in Nova Scotia"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.