We should be getting our yearly Christmas card at least from MC
AURYN Mining Corporation – Shareholder Update
Shareholder Update | 12/12/2018
As 2018 draws to a close, AURYN Mining Corporation (OTC: AUMC) would like to thank its shareholders for their support and provide the following updates.
Contract with Hochschild Mining PLC
We are pleased to announce the signing of an agreement with Hochschild Mining PLC. The contract was finalized after Hochschild completed its due diligence on the Las Dos Marias project (“LDM”). The terms of the agreement remain as previously announced upon the signing of the binding Letter of Intent. Hochschild has an option to invest US$7,000,000.00 into the LDM project over a 5-year period to earn a 51% joint venture interest in the LDM properties. An option to invest an additional US$23,000,000.00 is available to Hochschild to gain an additional 9% interest. If all US$30,000,000.00 is invested, Hochschild will own 60% of the LDM project with AURYN holding the remaining 40% as a joint venture partner.
David Brownrigg Appointed AURYN CEO
We are delighted to announce that David Brownrigg has been named the CEO of AURYN Mining Corporation. Mr. Brownrigg replaces Maurizio Cordova, who will remain a director and Board Chairman.
We continue to provide logistical support to Hochschild’s work on the LDM project. Hochschild recently completed Phase 2 of their work on the project and plans to start Phase 3 in early January.
We recently started working on the Fortuna de Lampa and Lo Amarillo claims. State records indicate some historic sales of ore from this area contain more than one ounce of gold per ton. We are in the process of removing water from the existing tunnels and expect to conclude this year. After that, the old tunnels will be enlarged and made safely accessible to evaluate the historical work, systematically sample the area, and consider mining plan options.
We continue to work on the Larissa and Merlin claims and are finishing the chimneys and exit routes. Once approval has been given, we will make a new cut on level 3 to intercept the high-grade ore vein uncovered in a new tunnel found between levels 2 and 3.
We wish everyone a joyous holiday season and look forward to the possibilities for 2019, including advancement of the Hochschild JV, drilling activities on the mountain, and possible production from the Lampa / Lo Amarillo and Larissa / Merlin targets.
For further information please visit our website, https://aurynminingcorp.com
Images of the work in progress are available on our website.
Well that was a pleasant surprise!
Slow but steady progress on 3 of 4 sides of the ADL.
The New CEO:
David Brownrigg, CEO
Mr. Brownrigg is a Professional Mining Engineer with extensive knowledge and experience, having developed his skills through years of operations, study stage, start-up and development projects. His experience includes work in Canada, Peru and Chile. Capabilities include management, engineering, operations, environmental, feasibility studies, board & ministerial communication among others.
Mr. Brownrigg has worked for large mining companies (TECK, IAMGOLD), junior miners (Chariot Resources, Stonegate Agricom), and an established mining contractor. Metal and industrial minerals include Coal, Phosphate, Copper, and Gold. As General Manager of Marcobre SAC (Mina Justa) a $800M FS was completed in 2009. He was General Manager of Mantaro Peru SAC with a Phosphate property in the central Andes. While at Teck Resources he contributed at Canadian coal operations and at the Antamina project as a member of the development team during start-up.
Mr. Brownrigg is a graduate of the University of Toronto (Bachelors of Science), Laurentian University (Bachelor of Engineering, Mining), a Professional Engineer with PEO Ontario.
Great news! Looks like an aggressive attack on the mountain is underway.
For those unfamiliar or unable to recollect the information about the high-grade vein . . .
It’s impressive. I’ve seen it with my own eyes. It’s been assayed more than once, although I don’t think AURYN Mining Chile SpA has published the results. If they are able to intersect it at L3, it is a game changer. The way the tunnels were engineered in the old days makes it unsuitable to mine at L2a, where they found it.
Also, re the Fortuna de Lampa. That was a working mine. Removing the water is a big deal. I have reason to believe that the structure there extends at least 700m down based on some discoveries made further down the mountain.
One of the theories from a well-respected geologist is that these are mesothermal veins. If so, they should get wider as they extend to depth.
Kevin do you think we might here something regarding the restricted shares before year end?
This is the reason I have stuck around and still believe one day hopefully we will get the results we have been looking for the the past 14 plus years for me, today was a win in the right direction.
I don’t think so. The restriction on the CDCH shares (now AUMC) is still in place. Once lifted legal opinions and regulatory approval are still needed to move things along. My opinion is unchanged. I am hoping we hear something in Q1 of 2019, but would gladly be surprised to find it moving along faster.
When I looked into this with the attorneys while I was with MDMN, there were a lot of open questions. Also FINRA approval is not a given. And nothing moves fast when you have to spend time going back and forth with a government agency.
I’m confident it will happen as soon as possible / practical. I am no longer involved in any of the decision making or actions. However, when I was, everyone was of the same opinion, consolidate everything under one company, treat everyone fairly and equally with respect to proportional ownership at the time, and make it as easy as possible for both the small and large shareholder to have their shares electronically.
I have not heard any deviation from that line of thinking.
No need really to consider mineralization at those depths when a complete epithermal system has already been mapped at surface by Auryn centered in and around the old Fortuna mine.
So what really is the significance of de-watering of the Fortuna workings?
Keep in mind that it should be assumed that when they stopped mining there, the gold veins they were drifting along simply stopped or petered out. Very rare to leave high grade gold just sitting there in the mine.
However, since Auryn understands the geology and has a map of the system particularly at surface they can use the info to extend old workings in the direction where the mineralization has yet to be uncovered. It is like Auryn now has a treasure map…something the old timers did not. It will be much cheaper for them to use these old workings to get started rather that start from scratch.
I feel that somehow Auryn just got a tranche of funding to suddenly restart activity on the mountain unrelated to the JV. Perhaps a condition of this hypothesized funding was actually to conclude the Hothschild JV first before it was released?
Great news…I would have thought that after hearing that, the stock would be a much more attractive buy at .0023. What will it take to move this thing north?
Even back to where is was…a couple months ago.
Did this release show up on the otc yet? I just checked and it is on the otc site.
Yes, Mike it looks that way. If so, this is also great news as it goes back to what MC said “aggressive exploration program”. Question is where did this money come from? Hothschild another partner??
I can finally say closing of this JV is a new chapter for all of us. Never in the history of Medinah, Cerro, and Auryn did we have a closing JV until today.
I would assume that Hochschild would release something in regards to signing this letter.
I feel that somehow Auryn just got a tranche of funding to suddenly restart activity on the mountain unrelated to the JV. Perhaps a condition of this hypothesized funding was actually to conclude the Hothschild JV first before it was released?!
Perhaps. I was thinking that maybe Masglas was waiting on the Peru project outcome and waiting to consider how much money they would have to put into that project and now that it has failed, perhaps they are prepared to move forward funding on the ADL now. It could be a matter of a combination of factors too.
I was trying to find out what the three phases of the project are. I found Phase I , but can any one tell me what Phase two and three are?
Hochschild Mining PLC started Phase 1 work on Las Dos Marias project on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 concludes on Friday, October 12, 2018. Phase 2 will begin on Monday, October 22, 2018, and we expect a Phase 3 to be completed prior to the end of 2018.
We continue to provide logistical support to Hochschild’s work on the LDM project. Hochschild recently completed Phase 2 of their work on the project and plans to start Phase 3 in early January
One of these phases probably involves geochemical sampling and another IP surveys as I’m sure they won’t commit to drill targets without doing that first.