Auryn Resources (AUG.V) has staked an additional 162,000 hectares at its Committee Bay gold project in Canada’s Nunavut region, which means the company has now gathered a total land position of almost 400,000 hectares along the greenstone belt. Auryn isn’t sitting on its hands and has already designed a 10,000 meter RAB drill program to conduct a regional exploration program to find out how widespread the mineralization is outside of the Three Bluffs deposit.
Auryn remained very active even after moving into Peru as the company is also in the process of acquiring Homestake Resource Corp (HSR.V) in an all-share deal. Homestake’s shareholders will receive one new share of Auryn Resources per 17 shares of Homestake Resource they are holding now.
This is another interesting acquisition for Auryn Resources as the Homestake project contains 1.1 million ounces of gold, 21 million ounces of silver and almost 20 million pounds of copper using a cutoff value of 85 dollars per tonne. The transaction should close before the end of September (and very likely early September, considering the shareholder vote is scheduled for August 25th).
Go to Auryn’s website
The author has no position in Auryn Resources but has a long position in Homestake Resource Corp. Please read the disclaimer
