Auris Minerals completes Due Diligence of Sam's Creek Project - November

Auris Minerals to acquire Sams Creek Gold project in NZ - The Market Herald Live News - September 2020

Investor Updates with Auris Minerals and The Market Herald - September 2020

Auris Minerals (ASX:AUR) to acquire Sams Creek Gold Project in New Zealand

Mining

ASX:AUR MCAP $46.99M

• Auris Minerals (AUR) has signed a deal with Sandfire Resources to wholly acquire its stake in the Sams Creek Gold Project in New Zealand
• As consideration, Auris will issue an initial 102.5 million fully paid ordinary shares to Sandfire at a deemed price of eight cents each
• A further 32.150,000 Auris options will be issued, exercisable at a price of eight cents until November 30, 2020
• The project is considered one of the largest undeveloped gold assets in the country, with a mineral resource estimate of one million ounces of gold
• Auris Minerals (AUR) were suspended on September 23 and last traded at a price of 12 cents per share

Auris Minerals (AUR) has signed a deal with Sandfire Resources to wholly acquire its stake in the Sams Creek Gold Project in New Zealand.

Located at the northern end of the South Island, roughly 20 kilometres south of Takaka, the project is currently held under Sandfire's 100 per cent owned subsidiary, Sams Creek Gold Limited.

Covering a total of approximately 46.5 square kilometres, it consists of two exploration permits: EP 40 338, 20 per cent of which is owned by OceanaGold under a joint venture partnership, and EP 54 454.

According to an announcement dated October 2013, the Sams Creek Project hosts a mineral resource of one million ounces of gold at a grade of 1.54 grams per tonne, as well as a higher-grade zone of 588,000 ounces at 2.43 grams per tonne.

As consideration for the acquisition, Auris will issue a total of 102,500,000 fully paid ordinary shares to Sandfire at a deemed price of $0.08 each, representing a total of $8.2 million, or roughly 20 per cent of Auris's outstanding capital.

A further 32,150,000 options will be issued upon signing of the deal, exercisable at a price of $0.08 until November 30, 2020.

A number of deferred payments will also be made, including $2.5 million in either cash or shares on the second and fourth anniversaries of the acquisition, along with $5 million payable after both 18 and 36 months of post-commercial production.

Mike Hendriks, Chief Operating Officer of Auris Minerals, said it is a transformational acquisition for the company.

"We have been actively seeking a strategic acquisition to complement our existing projects in the Bryah Basin, which are largely funded under joint venture arrangements, and the opportunity to acquire Sams Creek surpassed our expectations.

"Auris has built a robust working relationship with Sandfire through our joint venture activities in the Bryah Basin and we welcome Sandfire to our register as a cornerstone holder in the company and we look forward to further strengthening our partnership," he added.

Shares in Auris Minerals (AUR) were suspended on September 23 and last traded at a price of $0.12 per share.

Read the full article on The Market Herald here: https://themarketherald.com.au/auris-minerals-asxaur-to-acquire-sams-creek-gold-project-in-new-zealand-2020-10-01/

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DRILLING TO BEGIN AT SAM'S CREEK PROJECT

• Auris Minerals (AUR) has announced drilling will soon begin at Sams Creek, a gold project it's planning to acquire from Sandfire Resources (SFR)
  
  
• Under the acquisition, Sandfire will take a 19.9 per cent stake in Auris, in return for the New Zeland-based project
  
  
• Sandfire is also obliged to spend $600,000 on exploration works, including diamond hole drilling
  
  
• SFR will begin drilling up to seven holes at Sams Creek in November, testing alternative geological models and also the continuity of mineralisation
  
  
• The drilling will update the project's current JORC mineral resource estimate of one million ounces of gold at 1.54g/t, with a 0.7 g/t gold cut off
  
  
• Shares in Auris Minerals are trading up 6.06 per cent at 10.5 cents each
  
  Auris Minerals (AUR) has announced drilling will soon begin at Sams Creek, a gold project it's planning to acquire from Sandfire Resources (SFR).
  
  The Sams Creek Gold Project is located at the northern end of the South Island of New Zealand and hosts JORC mineral resource estimate of one million ounces gold at 1.54g/t, with a 0.7 g/t gold cut off and a high-grade zone of 588,000 ounces gold at 2.43g/t gold with a 1.5 g/t cut off.
  
  Auris had previously entered into a legally binding term sheet to acquire the project from Sandfire, in return for SFR taking a 19.9 per cent shareholding in AUR.
  
  As part of the deal, Sandfire is required to spend $600,000 on exploration work before the agreement is completed, including over six holes of diamond drilling.
  
  The company has advised Auris it will begin up to seven holes of diamond drilling across 900 metres — with work to start next month.
  
  The drilling will test alternative geological models at the main zone, as well as evaluate the continuity of mineralisation at the South East Traverse prospect.
  
  The program also aims to upgrade Sams Creek's existing JORC mineral resource estimate, which will form the basis of a conceptual underground mining study.
  
  "Sandfire has wasted no time in getting this initial diamond drilling program underway and we are delighted that our exploration strategy has now been set in motion," Auris Minerals Chief Operating Officer Mike Hendriks said.
  
  "This is an important drilling program that will aim to update the current JORC mineral resource estimate, test the high-grade intersections of the main ore body and improve our geological understanding of the deposit," he added.
  
  The initial results from Sandfire's diamond drilling program are expected in early December, at which point AUR will provide an update to shareholders.
  
  Shares in Auris Minerals are trading up 6.06 per cent, worth 10.5 cents each at 2:43 pm AEDT.
  
  SEE FULL ARTICLE HERE;  

Auris Minerals Prepares for busy five months 

• Gold and Base Metals explorer Auris Minerals (AUR) has a busy five months ahead at its Bryah Basin tenements and Sam Creek Project areas
• In the Bryah Basin, the company is currently undertaking an induced polarisation (IP) survey, which will be followed by a drilling program
• Drilling is also planned at Feather Cap and Morck Well 
• While over at New Zealand, Sams Creek drilling is expected to commence in November 
• Auris is well funded for the exploration as it is currently completing a capital raising of $12.9 million
• On market close, Auris is flat and trading for 9.7 cents per share

Auris Minerals (AUR) has a busy five months ahead at its Bryah Basin tenements and Sam Creek Project areas.

The company is exploring for base metals and gold in the Bryah Basin of Western Australia and has eight projects in the area. The projects include Forrest, Cashman, Cheroona, Doolgunna, Morck Well, Feather Cap, Milgun and Horseshoe Well.

Additionally, Auris recently purchased the Sam Creek Gold Project in New Zealand from Sandfire Resources.

Bryah Basin

Forrest Project

Work in the Forrest Project includes an induced polarisation (IP) survey, which is currently underway at the Forrest Project. The survey aims to find anomalous zones along a 4.5-kilometre strike and is expected to be completed by mid- November.

A diamond drilling program of around 2500 metres is proposed at the Forrest Project for the first quarter of 2021 and is aiming to test the anomalous zones identified from the IP survey.

Feather Cap

An aircore drilling program is planned at Feather Cap, which includes 6000 metres of drilling to test two regional gold targets. The program is planned for the fourth quarter of 2020.

Morck Well

In 2018, Auris signed a farm-in agreement with Sandfire for the Morck Well East and Doolgunna projects.

Under this agreement, Sandfire has the right to earn a 70 per cent interest in the projects once it completes the feasibility study- on a discovery no less than 50,000 tonnes of contained copper.

Currently, 650 aircore holes remain to be drilled and a follow up reverse circulation (RC) drilling will be planed in the December 2020 quarter.

Sams Creek

Over at New Zealand, Sandfire will be commencing a diamond drill programnext month. The drilling program includes a minimum of six diamond holes for approximately 900 metres.

Auris is well funded as it is currently completing a capital raising of $12.9 million.

Chief Operating Officer, Mike Hendriks, is pleased to announce the company's vision for the next five months.

"This is an exciting time for Auris as we have worked hard to establish a portfolio of high-quality gold and copper prospects and we now have a clear line of sight on our near-term exploration programs," he said.

"Auris’ ability to roll out this comprehensive program is supported by the near-term exercising of options which expire on 30 November 2020, providing us with up to $12.9 million in additional funding," he added.

SEE FULL ARTICLE HERE 

Auris Minerals (ASX:AUR) gears up to strike gold in 2021

• Drilling works at two of its projects: the Sam’s Creek gold project in NZ (under binding term sheet) and the 100% owned Feather Cap project in WA
• IP survey is underway to test 4.5km strike of copper anomalous trend inclusive of the maiden copper resource on the Forrest Project. 
• The company recently appointed former COO Mike Hendriks to the helm as Managing Director, and Chris Achurch as company secretary, a role previously held by Mr Hendriks, moving forward with a capable management team. 
• The junior explorer has seen Copper player Sandfire Resources (ASX:SFR) join the register through the early exercise of 31.2 million 8 cent options for a 7% holding in the company. This holding will become 19.9% on the completion of sale of the 1 million ounce New Zealand Sams Creek gold project by Sandfire to Auris.
  
  The Auris story so far
  
  Junior Explorer Auris Minerals has today revealed its latest update, with the company strongly positioned compared to its peers as it moves into 2021 on all fronts.
  
  The business is diversified across gold and copper assets to hedge against risk, alongside prioritising operations in the safe mining jurisdictions of New Zealand and Western Australia – both prime locations for exploration.
  
  Signalling the company’s intentions to grow Mike Hendriks, the former COO of the business has stepped into the Managing Director role and is ready to lead Auris forward.
  
  Mike’s former role of Company Secretary will in turn be filled by Chris Achurch, a highly experienced company secretary.
  
  The business looks set to grow through Q4 and beyond into 2021, as it builds it’s understanding of its cornerstone assets in the Sams Creek gold project in New Zealand’s South Island and 1,410 Km2 landholding in the highly prospective Bryah Basin in Western Australia where in addition to its own exploration programs ,Sandfire through JV’s with Auris are aggressively exploring on 3 Auris projects (Mork Well, Cashman and Cheroona).
  
  A Diamond Drilling program of up to, 900 metres has commenced on the Sams Creek project by Sandfire with results due early 2021. This is part of $600,000 expenditure program funded by Sandfire as a pre-condition of the sale to ensure the Sams Creek exploration permit is extended.
  
  Well-funded and ready to strike 
  
  This drill program aims to test some of the alternative geological models developed for the site.
  
  This is on top of the already funded and planned drilling work across the company’s 1,410 square kilometre Bryah Basin exploration portfolio. The work at the Feathercap project started last week and IP survey at Forrest is due to complete in next few weeks. Targets identified by the IP survey will be used for a planned drill program 1^st Quarter 2021.
  
  To pay for all this work, Auris has raised $3.7m from the early exercise of the company’s 160 million Auris options, at $0.08 per share due to expire on 30 November 2020. The options are fully underwritten by Lazarus Corporate and on completion of underwriting conditions a further $9.2m will be raised, bringing  total proceeds of $12.9 million. 

See the full investor update here.

Drilling Completed at Feathercap 

• Auris Minerals (AUR) has completed aircore (AC) drilling at the Feather Cap Project in Western Australia
• 63 holes were drilled with aims to evaluate priority gold targets at the Durack East and Feather Cap prospects
• Of those holes, 27 were drilled at Durack East to test for strike extensions to the high-grade gold mineralisation identified via Sandfire Resources
• A further 27 holes were then drilled at Feather Cap to better evaluate anomalous gold mineralisation that was identified from previous drilling
• The remaining nine holes were drilled across three tenements to evaluate low priority gold targets 
• All of the samples have been sent for analysis with initial results expected in late December to early January
• Auris has ended the day 1.18 per cent in the red with shares trading at 8.4 cents

See Full Article Here:

Auris Minerals (ASX:AUR) JV Partner Westgold to begin drilling at Forrest Deposit 

• Auris Minerals (AUR) has announced that Westgold Resources (WGX) will begin reverse circulation (RC) drilling at the Forrest Deposit in Western Australia 
• 36 holes will be drilled to infill previous activities with results to provide necessary drill coverage and data as well as increase the confidence in the resource estimation
• Work will also provide copper results in areas where drilling has previously been assayed for gold only
• Three additional RC holes have been planned to infill the copper mineralisation 
• Auris is up 2.44 per cent on the market and shares are trading at 8.4 cents
  
  

Auris Minerals (AUR) has announced that Westgold Resources (WGX) will begin reverse circulation (RC) drilling at the Forrest Deposit. 

Forrest lies 130 kilometres north of Meekatharra in the Bryah Basin in Western Australia. Westgold holds 100 per cent of the gold rights and 20 per cent of all other minerals. 

36 RC holes, for 2640 metres, will be drilled to infill previous RC and diamond drilling activities, with results to provide necessary drill coverage and data as well as increase the confidence in the resource estimation. 

Work will also provide copper results in areas where drilling has previously been assayed for gold only. 

Three additional RC holes, for 440 metres, have been planned to infill the copper mineralisation. 

"Auris is working very close to Westgold as they work towards potential development of the gold cap overlying the Forrest copper deposit," Managing Director Mike Hendriks said. 

"The extra drilling and copper assaying to be undertaken will enhance our knowledge and understanding of the nature of the shallow copper mineralisation in the near surface at Forrest," he added. 

Further, an induced polarisation (IP) survey completed in late 2020 which was designed to evaluate roughly 4.5 kilometres of strike of an interpreted copper anomalous trend. 

Targets identified via this survey will be drill tested throughout Q1 2021. 

Auris is up 2.44 per cent on the market and shares are trading at 8.4 cents at 2:30 pm AEDT.

See Full Article Here: