The current drilling program is the first phase of a work program worth $3.5m to be spent by Aurizon under the joint venture agreement announced on 18 May 2010 with Typhoon Exploration.
The Fayolle property is 100% owned by Typhoon and Aurizon can earn a 50% interest, subject to an underlying 2% net smelter royalty, by incurring expenditures of $10m, and subscribing for $2m in common shares of Typhoon.
Aurizon can earn an additional 15% interest for a total interest of 65% by either delivering a feasibility study or spending an additional $15m on the project.
Additional drilling results and associated geological interpretations have been received for holes FA-10-12 to FA-10-21, which have been drilled in the Fayolle deposit using a 25m to 50m spacing to confirm the new geometrical interpretation and grade consistency.
The best results received are from hole FA-10-20, which returned 5.1 grams per tonne of gold over 10.5m in a zone of intense brecciation with visible gold, and from hole FA-10-14, which returned 10.8 grams per tonne of gold over 4.0m.
Holes FA-10-20 and FA-10-21 both returned anomalous gold assays at greater depth than the aforementioned lenses. The anomalies may indicate the presence of mineralized lenses further west. This would also be in accordance with the new geological model.
