The Curibaya property comprises of approximately 11,000 hectares, which includes the 2019 acquisitions of the Sambalay and Salvador concessions. The project is situated in a copper porphyry belt that hosts some of Peru’s largest porphyry deposits, including Freeport McMoRan’s Cerro Verde deposit, Southern Copper’s Cuajone and Toquepala deposits and Anglo American’s Quellaveco deposit. The project also covers the regional Incapuquio fault zone and subsidiary structures, which are interpreted as one of the fundamental controls for both epithermal and porphyry styles of mineralization within the region. Importantly, the licenses host a number of cross structures to the Incapuquio fault zone that are considered highly prospective. Initial surface sampling programs at Curibaya have returned numerous high-grade samples of silver, gold and copper over a four-kilometer by four-kilometer alteration system.
The Curibaya Project is located 48 km north-northeast of the provincial capital, Tacna, and is accessible by road in 2.5 hours.
For Curibaya related news: Curibaya News Releases
Auryn’s 2020 mapping and sampling program identified a new zone of mineralization, approximately one kilometer northeast of previous sampling, with grades of up to 946 g/t silver and 1.96 g/t gold. In addition, a float sample found 800 meters northeast of the sampled veins ran 42.6 g/t gold and 9,180 g/t silver. Through geological mapping, a series of rhyolite to dacite flow dome complexes has been identified, and Auryn’s technical team believes this is the source for the widespread, high-grade precious metal veins sampled to-date –now across a 4 x 4 kilometer alteration system. Rock grab sample highlights are shown below.
Significant Rock Samples 2020 | |||||
Sample ID | Ag g/t | Sample ID | Ag g/t | Sample ID | Au g/t |
W657087 | 9180 | W657060 | 210 | W657087 | 42.6 |
W657003 | 6940 | W657125 | 164 | W657003 | 15.6 |
W657132 | 2290 | W657058 | 141 | W657132 | 7.62 |
W657124 | 1445 | W657007 | 119 | W657124 | 4.92 |
W657057 | 1190 | W657089 | 114 | W657104 | 4.84 |
W657104 | 1015 | W657131 | 112 | W657005 | 4.84 |
W657084 | 946 | W657121 | 96.7 | W657061 | 4.78 |
W657136 | 874 | W657088 | 87.2 | W657006 | 2.76 |
W657116 | 807 | W657134 | 77.5 | W657103 | 2.07 |
W657061 | 783 | W657092 | 73.8 | W657116 | 1.94 |
W657117 | 736 | W657114 | 72.5 | W657118 | 1.94 |
W657103 | 732 | W657105 | 69.5 | W657008 | 1.89 |
W657008 | 663 | W657137 | 68.9 | W657135 | 1.74 |
W657118 | 514 | W657126 | 67.8 | W657120 | 1.39 |
W657083 | 494 | W657075 | 66.4 | W657084 | 1.35 |
W657006 | 468 | W657091 | 57.6 | W657129 | 1.2 |
W657085 | 403 | W657100 | 55.1 | W657125 | 1.17 |
W657120 | 373 | W657059 | 54.1 | W657057 | 1.17 |
W657005 | 359 | W657085 | 1.07 | ||
W657111 | 332 | W657004 | 1.06 | ||
W657112 | 321 | W657060 | 0.93 | ||
W657129 | 285 | W657134 | 0.88 | ||
W657063 | 270 | W657066 | 0.81 | ||
W657119 | 263 | W657136 | 0.73 | ||
W657004 | 257 | W657131 | 0.67 |
The high-grade precious metal veins sampled to-date on the project range in width from five centimeters to one meter and are situated in north – south corridors radiating from the identified flow dome complexes. The sampled veins are primarily situated in the overlying volcanic sequence above the flow dome complexes and provide a good indication of the metal budget; however, are not the target themselves. Auryn believes the veins represent a high-level dispersion of a robust precious metal system that is situated along the margins of the dome complexes at shallow depths. These flow dome complexes provide a geological mechanism to concentrate fluid flow where potential geologic targets include high-grade veins, vein stockwork zones and silicified hydrothermal breccias that would be situated along the margins of the domes.
Auryn’s initial rock sampling program (2019) at Curibaya encountered high-grade silver and gold throughout a 1.5 kilometer by 3 kilometer quartz – sericite – pyrite alteration system. Additional results then expanded this high-grade zone by 1.5 km to the west. Of the samples taken, more than 20 were above 200 g/t silver and multiple results were over 1,500 g/t silver, including one sample of 7,990 g/t silver, and up to 17.65 g/t gold and 6.97% copper were also sampled. This program also demonstrated that the mineralization hosted within veins and stock work vein systems was more extensive than historical results suggested, as vein sets were sampled throughout the alteration system thereby confirming the high-grade nature of silver and gold mineralization.
Table 1: 2019 Rock sampling results
Ag g/t | Au g/t | Cu % | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | 14180 | 20 | 620 | 38 | 300 | 1 | 23.60 | 22 | 1.71 | 1 | 13.50 | 21 | 2.36 |
2 | 7990 | 21 | 618 | 39 | 296 | 2 | 17.65 | 23 | 1.67 | 2 | 10.85 | 22 | 2.36 |
3 | 3260 | 22 | 558 | 40 | 294 | 3 | 15.10 | 24 | 1.64 | 3 | 10.55 | 23 | 2.32 |
4 | 3110 | 23 | 537 | 41 | 293 | 4 | 10.10 | 25 | 1.63 | 4 | 8.63 | 24 | 2.15 |
5 | 2780 | 24 | 523 | 42 | 267 | 5 | 9.94 | 26 | 1.62 | 5 | 7.40 | 25 | 2.02 |
6 | 2600 | 25 | 509 | 43 | 261 | 6 | 7.88 | 27 | 1.60 | 6 | 7.07 | 26 | 1.87 |
7 | 2070 | 26 | 470 | 44 | 259 | 7 | 7.19 | 28 | 1.46 | 7 | 6.97 | 27 | 1.80 |
8 | 1855 | 27 | 440 | 45 | 248 | 8 | 6.97 | 29 | 1.36 | 8 | 6.67 | 28 | 1.59 |
9 | 1680 | 28 | 438 | 46 | 239 | 9 | 6.10 | 30 | 1.29 | 9 | 6.57 | 29 | 1.58 |
10 | 1660 | 29 | 427 | 47 | 237 | 10 | 5.10 | 31 | 1.17 | 10 | 6.01 | 30 | 1.37 |
11 | 1630 | 30 | 383 | 48 | 236 | 11 | 4.93 | 32 | 1.16 | 11 | 4.99 | 31 | 1.30 |
12 | 1610 | 31 | 377 | 49 | 226 | 12 | 3.64 | 33 | 1.13 | 12 | 4.97 | 32 | 1.24 |
13 | 1600 | 32 | 367 | 50 | 219 | 13 | 3.63 | 34 | 1.12 | 13 | 4.67 | 33 | 1.04 |
14 | 1410 | 33 | 347 | 51 | 210 | 14 | 3.08 | 35 | 1.12 | 14 | 3.83 | 34 | 0.79 |
15 | 1340 | 34 | 344 | 52 | 208 | 15 | 2.86 | 36 | 1.09 | 15 | 3.69 | 35 | 0.72 |
16 | 1060 | 35 | 329 | 53 | 203 | 16 | 2.80 | 37 | 1.07 | 16 | 3.61 | 36 | 0.69 |
17 | 861 | 36 | 312 | 54 | 203 | 17 | 2.36 | 38 | 1.06 | 17 | 2.99 | 37 | 0.67 |
18 | 790 | 37 | 310 | 55 | 200 | 18 | 2.08 | 39 | 1.06 | 18 | 2.99 | 38 | 0.56 |
19 | 709 | 19 | 1.89 | 40 | 1.02 | 19 | 2.68 | 39 | 0.56 | ||||
20 | 1.83 | 1.01 | 20 | 2.65 | |||||||||
21 | 1.72 |
The mineralization encountered throughout the quartz – sericite – pyrite alteration system has shown strong average grades of silver and gold over 640 rock samples. Combining both historical and current sampling, the alteration system is averaging 72.9 g/t silver and 0.19 g/t gold. The high average grades, observed in both silver and gold over the 4.5 km² alteration system, demonstrate the strength and potential endowment of the mineralized system. At this early stage, Auryn’s technical team believes there are both precious metal intermediate sulphidation epithermal and copper porphyry targets.
Auryn’s very first exploration efforts at Curibaya consisted of a cyanide leach stream sediment survey that identified a cluster of gold & copper anomalies in contiguous drainage basins within the SW portion of the claim block spanning an area of approximately 50 square kilometres. These anomalies were the first stage of developing Cu/Au porphyry and Au epithermal targets.
Mineralization within the Sambalay and Salvador concessions is hosted within the Toquepala volcanic sequence and the Gramadal limestone. Specifically, there are three defined zones of mineralization on the acquired concessions: Aqua del Milagro, Mina Tapial and Sambalay Chico. The Aqua del Milagro and Mina Tapial zones cover an area of 2 km by 1 km and 900 meters by 100 meters, respectively. They are both interpreted to represent a potential intermediate sulphidation system due to the presence of high-grade gold and silver samples, strong silica clay alteration and associated silica vein stockworks. Auryn’s technical team believes that the observed intermediate sulphidation style of mineralization provides an exploration target analogous to Buenaventura’s San Gabriel deposit (1.4 million gold ounces at 5.7 g/t measured and indicated and 0.8 million gold ounces at 4.6 g/t inferred)1.
Samples from the Aqua del Milagro zone contain a high gold-silver content, with values up to 14,180 g/t silver and 23.6 g/t gold. Samples from the Minas Tapial epithermal veins contain both high-grade gold-silver as well as copper, with values up to 15.1 g/t gold, 2,780 g/t silver and 13.5% copper.
The third defined zone of mineralization, Sambalay Chico, is situated along an east – west trending structural corridor parallel to the Incapuiqo regional fault. The high-grade copper mineralization extends over an 800-meter strike length and is hosted in three parallel breccia bodies that are between 1.5 meters and 8 meters in thickness. Samples from the breccia bodies have copper values up 10.85% and strongly demonstrate the potential for copper porphyry mineralization at depth.
Table 1: Historical rock samples from the Sambalay and Salvador concessions
Agua del Milagro | Mina Tapial | Sambalay Chico | ||||||
---|---|---|---|---|---|---|---|---|
Au (g/t) | Ag (g/t) | Cu (%) | Au (g/t) | Ag (g/t) | Cu (%) | Au (g/t) | Ag (g/t) | Cu (%) |
23.60 | 14,180 | 0.01 | 15.10 | 1,610 | 3.83 | 0.02 | 1.4 | 10.85 |
2.86 | 293 | 0.01 | 6.10 | 8 | 0.003 | 0.02 | 2.2 | 8.63 |
2.36 | 73 | 0.03 | 4.93 | 17 | 0.26 | 0.01 | 22.8 | 7.40 |
1.67 | 377 | 0.01 | 3.64 | 2,780 | 10.55 | 0.08 | 8.3 | 6.57 |
1.64 | 347 | 0.004 | 2.08 | 28 | 0.002 | 0.06 | 1.1 | 4.67 |
1.62 | 1,060 | 0.04 | 0.36 | 203 | 0.11 | 0.01 | 4.3 | 2.99 |
1.60 | 300 | 0.01 | 0.18 | 126 | 7.07 | 0.01 | 2.5 | 2.99 |
1.46 | 248 | 0.003 | 0.15 | 344 | 13.50 | 0.02 | 3.2 | 2.68 |
1.16 | 2,600 | 0.01 | 0.06 | 33 | 4.97 | 0.003 | 3.7 | 2.32 |
0.73 | 203 | 0.01 | 0.04 | 27 | 2.02 | 0.03 | 2.7 | 1.87 |
0.55 | 620 | 0.004 | 0.03 | 20 | 2.36 | 0.01 | 1.8 | 1.37 |
0.40 | 200 | 0.05 | 0.03 | 41 | 1.80 | 0.004 | 8.2 | 1.30 |
0.38 | 2,070 | 0.01 | 0.02 | 9 | 1.24 | |||
0.23 | 1,410 | 0.02 | ||||||
0.13 | 1,340 | 0.01 | ||||||
0.12 | 3,260 | 0.02 | ||||||
0.09 | 523 | 0.01 | ||||||
0.07 | 618 | 0.01 | ||||||
0.07 | 259 | 0.04 | ||||||
0.05 | 1,660 | 0.02 |
Auryn acquired a 100% interest in the Curibaya concession in 2015 and the Sambalay and Salvador concessions in 2019. The Sambalaya and Salvador concessions are subject to certain historical NSR royalties.
Under the Mining Concessions Transfer Agreement (the “Transfer Agreement”) entered with Wild Acre Metals (Peru) S.A.C. dated August 2, 2019, the Company will pay US$250,000 for the transfer of the Sambalay and Salvador concessions, in favor of the Company, upon recording of the Transfer Agreement with the Peruvian Public Registry. The Sambalay concessions are subject to a 1.5% NSR royalty in favor of each of Teck Peru S.A.C. (“Teck”) and Compania de Exploraciones Orion S.A. (“Orion”). One third, or 0.5%, of the Teck NSR royalty is buyable for US$1.0 million. The Salvador concessions are subject to a 2% NSR royalty and a US$2.0 million production payment, payable at the time a production decision is made, and to secure payment of such consideration a legal mortgage in favor of Teck is recorded in the registry files of the Salvador concessions.
March 18, 2020: Auryn Provides Corporate Update and Addresses COVID-19 Impacts
February 28, 2020: Auryn Identifies New High-Grade Targets at Curibaya Precious Metals Project in Peru
November 14, 2019: Auryn Expands High-Grade Zone at Curibaya by 1.5 kilometers with Additional High-Grade Silver, Gold and Copper Samples
October 28, 2019: Auryn Samples High-Grade Silver and Gold over 4.5 km² at Curibaya
October 9, 2019: Auryn Commences Work on Curibaya in Southern Peru
August 7, 2019: Auryn Acquires Key Concessions Adjacent to its Curibaya Porphyry Project in Southern Peru
October 14, 2016: Auryn Resources commences work on Peruvian Portfolio
Auryn holds its interests in Peru through Corisur Peru SAC, which controls (among other) certain licenses (including the Huilacollo and Baños del Indio projects) that are located within a special legal zone which runs 50km back from the Peruvian border. As a non-Peruvian company, Auryn’s right to ultimately acquire title over the shares issued by Corisur Peru SAC and to own and/or exploit these licenses requires approval from the Peruvian government. While Auryn is in the process of submitting its applications with respect such the approval and does not currently foresee any legal reason why it would be denied the approval, some risk of denial or delay should be assumed to exist.