UPDATE 2-Auriga finds high-grade gold at Manitoba project; shares soar

* Says intersected 30.44 g/t of gold over 2 meters

* Expects to set mine development plan at Maverick project

* Says phase 2 program has started

* Shares up as much as 45 pct

(Follows alerts, adds details, share movement)

March 24 (Reuters) – Canadian mineral explorer Auriga Gold
said it found high-grade gold deposits at its Maverick
project, sending the company’s shares up as much as 45 percent
in morning trade.

Drilling at the project intersected grades of 30.44 grams
per ton (g/t) of gold over 2 meters, the company said in a
statement.

The project, located in the Flin Flon greenstone belt of
central Manitoba, has historical resources of 540,000 ounces of
gold at Puffy Lake and 68,000 ounces of gold at Nokomis,
according to the company’s website.

The Flin Flon greenstone belt is one of the largest
volcanogenic massive sulfide ore deposit districts in the world
comprising copper, zinc and gold deposits.

“We anticipate an opportunity to quickly establish a mine
development plan at Maverick Gold,” Chief Executive Richard
Sutcliffe said in a statement.

The company has commenced phase 2 program, which includes 32
planned drill holes for a total of 1,600 meters to test the
potential of shallow open pit mining at the zones.

Shares of Auriga were trading at 37 Canadian cents on
Thursday morning on the Toronto Venture Exchange. They had
earlier touched a high of 42 Canadian cents.
(Reporting by Gowri Jayakumar in Bangalore; Editing by
Unnikrishnan Nair; Sriraj Kalluvila)

UPDATE 2-Auriga finds high-grade gold at Manitoba project; shares soar