Aurelius announces maiden mineral resources at its Aureus East gold project in Nova Scotia
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(Kitco News) - Aurelius Minerals (TSXV: AUL) today announced maiden mineral resource estimate for its Aureus East gold project, located in Nova Scotia, Canada, with 162,700 oz indicated gold and 387,600 oz inferred gold.
The company reported that the total combined resources include an indicated mineral resource of 0.985 million tonnes ("Mt") grading 5.14 grams/tonne ("g/t") Au (162.7 koz Au contained) and an inferred mineral resource of 4.185 Mt grading 2.88 g/t Au (387.6 koz Au contained).
Importantly, the company said that tremendous exploration potential remains, with multiple zones north and south of the axis of the deposit extending from surface and open at depth, adding that there is a potential for surface extraction and near surface resource growth.
CEO Mark N.J. Ashcroft, P.Eng, commented, "Delivery of our maiden mineral resource estimate at Aureus East is a major milestone for the company. We established this maiden resource estimate as a key milestone for the project, and we have delivered on that in 21 months. With this resource now in hand, we are well positioned to advance our value creation strategy by focusing on expanding this resource further with Phase 3 drilling, followed by the initiation of a preliminary economic assessment study."
The company also noted that Nova Scotia's growing gold mining belt includes a producing mine and multiple advanced deposits within a 100km radius of the Aureus East project, providing opportunities to enhance value within a mining-friendly jurisdiction.
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Aurelius indicated it now has four distinct mineral resource estimates in Nova Scotia, with a strong potential for resource growth at each deposit. All deposits extend from surface and are open at depth, the company said.
Aurelius is a gold exploration company focused on advancing its recently acquired and renamed Aureus gold properties, including Aureus East and West, the Tangier gold project and the Forest Hill gold project located in Nova Scotia.
Aurelius is also advancing two district-scale gold projects in the Abitibi Greenstone Belt in Ontario, Canada.