Auryx Gold Corp. (TSE:AYX) reports the discovery of two distinct zones of massive iron-oxides at the Otjikoto gold deposit, Namibia.
The press release is quoted as saying:
The massive Fe-oxides occur at a higher stratigraphic level than the main gold mineralized shoots; however, the Fe-oxides do contain sporadic, structurally controlled gold mineralization. As a result of this relationship, the gold mineralization is estimated to post-date the Fe-oxide mineralization. Judging by the close spatial relationship and the estimated similar timing, the Fe-oxides and the gold may have a genetic relationship and may have shared the same feeder structures.
Auryx currently has five diamond drill rigs on site at Otjikoto and is mobilizing an RC rig to site now. The Company is in the process of formulating a drill plan to test the 6 km strike extension of the magnetic anomaly. Auryx is also evaluating a proposal from third party technical consultants in order to define and execute a scoping study on the viability of extracting the Fe-oxide resource, either as a by-product of the gold recovery process or as a stand-alone operation.