Aurizon Mines (ARZ.TSX, AMEX: AZK) announced a new series of drill results from the ongoing infill drilling program on the Fayolle project. Fayolle is located 20 kilometers north-east of Rouyn-Noranda, Quebec and 10km north of Aurizon’s Joanna project. The targeted area is located along the Manneville Structural Zone, an extension of the Destor-Porcupine fault zone.
Since May 2010, Aurizon has invested $5 million on two drill programs under its joint venture agreement 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 $10 million, and subscribing for $2 million 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 $15 million on the project.