More land and more results for Auryx

There was plenty of news coming from Auryx Gold’s (AYX-T, AYX-N)
Otjkoto gold project in Namibia but none of it was able to reverse what has been a steady decline in market cap over the past three months.

Firstly Auryx announced that it has been given the green light from the government to acquire 14.7 sq. km of land around Otjikoto. The land package gives the company the entire 10-km long geophysical anomaly that is associated with the known deposit.

Auryx’s President, Tim Searcy said the government approval gives it “unhindered access to distant targets along strike from Otjikoto that have only received limited testing in the past.”

“This is important because the exploration program continues to intercept gold mineralization at the edge of the resource and in wide step-out holes further afield,” Searcy went on to say. “This is a strong indication that Otjikoto might be part of a significantly larger system.”

Secondly Auryx released results from the ongoing drill program which was highlighted by 3.6 metres grading 1.4 grams gold, 20.7 metres grading 0.61 grams gold and 2.7 metres grading 2.94 grams gold

The results all came from holes in the southwest corner of the deposit and demonstrate the consistency of mineralization given that all but one of the 16 holes returned mineralization.

And lastly Auryx announced results from the calcrete sampling program.

Last summer Auryx submitted 570 samples of calcrete from 114 RC holes for assaying. The holes had been drilled by previous operators.

The company says that 8% of the samples were mineralized to some extent. None of the calcrete samples were included in previous resource estimates.

In Toronto on Feb. 1 Auryx shares were off 4.17% or 3¢ to 69¢ on 455,000 shares traded. The company’s shares closed at a high of $1.35 in late October of last year, but have been on a steady decline since then.