Aurion Resources Provides Exploration Update
TSX VENTURE: AU
ST. JOHN'S, March 5, 2018 /CNW/ - Aurion Resources Ltd. ("Aurion" or the "Company") (TSX VENTURE: "AU") reports that it completed a short winter exploration program comprising diamond drilling, ground geophysics and Base of Till (BoT) sampling on its 100% owned Risti Project in Northern Finland.
Two new drill holes and the extension of another were completed at the Aamurusko gold prospect. Assay results are pending. The drill program was curtailed due to extreme weather conditions and mechanical problems.
The drilling results, additional geophysical surveying, and Base of Till (BoT) sampling results will be incorporated into the development of a spring-summer drill program at the Aamurusko prospect and elsewhere on the Risti Project.
Other ongoing activities include an investor marketing initiative focused on building global awareness as well as baseline environmental studies (water, flora, wildlife, etc.).
The Risti Property comprises an area of approximately 15,000 ha and covers approximately 30 km of interpreted regional unconformities defined by the contact between the Kumpu Group conglomerates and the older mafic and ultramafic volcanics, of the Sodankyla and Savukoski Groups adjacent to the Sirkka Shear Zone, a major regional fault/deformation zone in the CLGB. The setting of the Aamurusko gold mineralization is analogous to the setting of many of the world-class gold deposits in the Timmins camp of the Abitibi province of Northern Ontario. More than 72.5 million ounces of gold in several deposits in the Timmins camp are hosted by polymictic conglomerates and mafic volcanics proximal to major unconformities adjacent to the regional Porcupine-Destor fault/deformation zone.
Aurion controls approximately 200,000 ha of mineral tenements within the Paleoproterozoic, Central Lapland Greenstone Belt ("CLGB"). The primary focus is on this highly prospective previously un-recognized target concept within the CLGB, of which Aurion controls approximately 70 km along the Sirkka Shear Zone.
Since the discovery of the Aamurusko prospect in late 2016, Aurion has consolidated a commanding land position in the belt, completed three financings (including a $16 million financing with Kinross) with no warrants and completed an inaugural drill program at Aamurusko. Additionally, it has made multiple new high-grade surface discoveries across the Risti project including the Notches and K2 (See Sept 14, 2017 press release) in the past year. A total of 2757 rock samples assaying an average of 10.1 g/t Au have been collected across the Risti project. Aurion has a strong balance sheet with approximately $20 million in cash and is well positioned to continue drill testing Aamurusko, refining and testing other drill targets at Risti and for advancing other projects in its portfolio. Aurion also has two joint ventures in the CLGB with B2Gold Inc and Kinross Gold Corp.
Mike Basha, P.Eng., P.Geo., Aurion's President and CEO, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this news release.
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Companies' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward‑looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward‑looking information. The foregoing statements expressly qualify any forward‑looking information contained herein.