Aurion Commences 2017 Field Exploration Program
Aurion Resources Ltd. (TSX VENTURE:AU) (“Aurion” or the “Company”)is pleased to announce that field exploration programs are underway on Aurion’s project areas in the Central Lapland Greenstone Belt (CLGB) of Northern Finland. The primary focus is to advance the Aurora prospect (herein renamed Aamurusko, the Finnish word for Aurora) to drilling and identify new zones of mineralization within Aurion’s extensive property portfolio (greater than 200,000 hectare). Exploration programs are also being initiated on other projects and geological settings throughout the CLGB. The 2017 budget is approximately CAN$3 million which will include a Phase I drill program at Aamurusko. Additionally, B2Gold has a planned CAN$3.5 million exploration budget on the Kutuvuoma Joint Venture. Further details are presented below.
Mapping, prospecting, and ground magnetic and radiometric surveys are underway at the Aamarusko Zone where an 1100 m long by 500m wide area of high grade gold mineralization was discovered in late 2016. There, 133 rock grab samples collected from predominantly large and angular sub-cropping, frost heaved, quartz-tourmaline blocks assayed from nil to 1563.5 g/t Au, including 36 samples which assayed greater than 31 g/t Au (1 ounce per tonne). The average grade of all 133 samples is 74.3 g/t Au. Many of these samples contain abundant coarse visible gold. Numerous quartz blocks within this trend are > 1 m in at least one dimension and locally reach up to 3.5 m by 3 m by 1 m in size (See Aurion press release dated Feb 1, 2017). A Phase I 2500 m drill program is anticipated to start in August at Aamurusko.
The geological setting of the Aamurusko Zone has many similarities to prolific gold-rich orogenic gold belts globally, specifically the Timmins camp of the Abitibi Province of Northern Ontario. The Aamurusko Zone appears to be underlain by young unconformable polymictic conglomerates of the Kumpu Group. These Kumpu Group Conglomerates resemble the Timiskaming conglomerates of the Timmins and Kirkland Lake area of the Abitibi and occur in a similar geo-tectonic setting (both represent the youngest stratigraphic sequence within their respective belts). The Kumpu Group and the Timiskaming Group were deposited in late orogenic extensional basins. They form in relation to major movement along regional faults or deformation zones. In the Abitibi many high-grade multi-million ounce gold deposits are temporally and spatially associated with the Timiskaming conglomerates (or their equivalents) in close proximity to major regional deformation (fault) zones such as the Porcupine-Destor or Cadillac Lake-Larder Lake Deformation Zones. The Kumpu Group appears to have been deposited in a similar geological setting adjacent to the Sirkka Shear Zone which is a major deformation zone in the CLGB. Strong alteration including fuchsite, tourmaline, iron carbonate, albite and quartz veining is seen along the entire length of this structure. Regional prospecting and reconnaissance mapping, targeting mineralization in this setting is also underway.
Reconnaissance prospecting and mapping and geochemical surveys are planned at Outa which is primarily underlain by clastic sediments of the Kumpu Group deposited in a setting similar to Risti. Limited historical exploration work by the Geological Survey of Finland (GTK) documented possible paleo-placer style gold mineralization at the south end of the project. Shallow drilling by GTK intersected 121 g/t Au over 1.5 m. Most of the greater than 15 km long unconformity between Kumpu Group clastics and Kittila Group mafic volcanics within the Outa project area has never been explored.
Mapping, trenching, geochemical and geophysical surveys are planned for the Ruoppa project which hosts an open-ended 2.3 km long by 1.3 km wide zone of gold mineralization. A swarm of felsic dykes, occurring along the sheared/faulted margin of a granodiorite, host a stockwork of narrow mm to < 1 m wide quartz-carbonate veins with minor sulphides and free gold. Rock geochemical analyses range from nil to 30.7 g/t Au.
Additionally, two new target areas with similar style mineralization has been identified up to 3 km northeast and 2 km east of this primary target area.
A 500 sample Base-of-Till (BoT) survey is planned for the Sila project covering approximately 4.5 km along the northern strike extension of the Hanhimaa Shear Zone (HSZ). The HSZ south of Sila hosts several gold occurrences, which have reported drill intersections of 4.5 g/t Au over 11.7m and 5.9 g/t Au over 7.5m (Agnico Eagle 2014 Annual report).
Aurion has identified mineralization in quartz veins and silicified meta-volcanic and meta-sedimentary rocks and rock float samples collected over a distance of 8.0 km which ranged from nil to 219 g/t Au and nil to 5410 ppm As. Widely spaced historical till samples assayed up to 0.7 g/t Au within this trend and up to 1.12 g/t Au elsewhere on the property.
B2Gold Joint Venture
B2Gold has advised Aurion that it has an approved budgeted exploration program of CAN$3.5 million on the Joint Venture. The primary target is the Kutuvuoma trend where trenching and drilling are planned. Trenching is proposed for the Plateau Prospect at Ahvenjarvi where high grade gold mineralization in quartz sulfide breccias assaying up to 33 g/t Au was discovered in 2016. Extensive BoT sampling is also planned throughout the project. Drilling on the Kutuvuoma trend is anticipated to begin in mid-August. B2Gold is the project operator. B2gold can earn a 70% interest in an approximately 25,000 hectare area by spending CAN$15 million over 6 years and issuing Aurion 550,000 B2Gold shares. They can earn an additional 5% by completing a Positive Feasibility Study for a total of 75%.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this release. For more information on these projects please visit our website at www.aurionresources.com.
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.
On behalf of the Board of Directors,
Michael Basha, Chief Executive Officer
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