The current drill program is the first phase of a work program totalling $3.5m to be spent by Aurizon under a joint venture agreement announced in May with Typhoon Exploration.
The Fayolle property is owned by Typhoon Exploration 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, over four years.
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 drill results and associated geological interpretations have been received for holes FA-10-05 to FA-10-11, totalling 2,216m which have been drilled in the Fayolle deposit using a 25m to 50m spacing to test geometry and grade consistency.
