Aurion Discovers New Bonanza Gold Zone at Risti
Aurion Resources Ltd. (“Aurion”) (TSX VENTURE: “AU”) is pleased to report that prospecting and reconnaissance mapping has resulted in the discovery of new, bonanza grade gold mineralization on its 100% owned Risti Project in Northern Finland.
An 1150 m long by 700m wide area (“Aurora Zone”) of gold mineralization with an apparent NE-SW trend was discovered in late 2016. Here, 133 rock grab samples collected from predominantly large and angular sub-cropping 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.
The Aurora Zone lies within a broader area of approximately 2.3 km by 3.0 km hosting multiple quartz-tourmaline-Fe-Oxide veins, breccias and stockworks outlined in outcrop, sub outcrop and angular boulders. A total of 525 rock grab samples from this area and including the Aurora Zone have assayed from nil to 1563.5 g/t Au. The average assay of all samples is 21.0 g/t Au. The samples reported herein are selective grab samples and are not necessarily representative of the real tenor of mineralization within the host rocks, however, they do demonstrate the abundance of coarse visible gold present within a robust gold mineralized system.
The veins range from 0.1 m to >3 m wide, appear to be extensional in nature, trend NE-SW and are hosted by quartzites and polymictic conglomerates of the Kumpu Group which is unconformably in contact with mafic to ultramafic volcanics of the Sodankyla Group.
The Risti Project will be a primary focus of Aurion in 2017 exploring approximately 30 km along what may be interpreted as regional unconformities defined by the contact between the Kumpu Group conglomerates and the older Sodankyla Group mafic and ultramafic volcanics.
Aurion has recently acquired approximately 40,000 ha of new tenements focussed on this highly prospective previously un-recognized target concept within the Paleoproterozoic, Central Lapland Greenstone Belt (“CLGB”). The Risti Project which comprises approximately 14,000 ha is east-southeast of and contiguous with Kutuvuoma but is wholly owned (100%) by Aurion.
Please see attached link to maps on our website http://www.aurionresources.com/i/pdf/NR17-1Figures.pdf.
The geological setting of the new high-grade gold mineralization within the Aurora Zone has many similarities to prolific gold-rich orogenic gold belts globally, specifically the Abitibi Province of Northern Ontario. The Aurora 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 ( For example, both are part of 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 length of this structure.
Mike Basha, President and CEO of Aurion commented: “To have made such a high grade gold discovery at surface belt is very encouraging and clearly demonstrates the underexplored nature of the CLGB. We look forward to the start of the field season to pursue this high grade gold mineralization in the context of a new target concept.”
Quality Assurance and Quality Control
All samples were delivered to Labtium Oy’s facility in Sodankyla, Finland. The samples were analysed for gold using procedures 704P (Detection Limit – 0.01 gold; Upper Limit – 100.00 g/t gold) – 25g fire assay with AAS finish or using procedures 705P (Detection Limit – 0.005 gold; Upper Limit – 100.00 g/t gold) – 50g fire assay with AAS finish. Multi-element analysis was completed using procedure 511. This procedure detected 31 elements by aqua regia acid digestion, HCl leach followed by ICP-OES and ICP-MS analysis.
Screen fire assay, Method 709P, was used for all samples containing visible gold. The rock samples were crushed to > 60% < 2mm, followed by a mild pulverization. A 500 gram subsample of the pulp was separated by matt rolling and sieved using a 150 micron mesh nylon screen. After weighing the plus and minus fractions, two 50g subsamples of the minus fraction were fire assayed as was the entire plus fraction. Approximately 1/3rd of the gold reported to plus size fraction indicating a significant component of coarse gold. Certified standards and blanks were inserted for every 20 samples. Labtium is a Finnish, accredited, certified laboratory group. The lab is monitored by an internal QAQC program and include the insertion of blank material, duplicates and certified reference material.
Qualified Person
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.
Forward-Looking Statement
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,
Mike Basha,
President & CEO
For further information on Aurion Resources please contact:
Mike Basha at (709) 699-8300 or (709) 722-2141 or mbasha@aurionresources.ca;
Or
Gord Fernandes, Capital Markets Advisor at (709) 722-4132 or gordon.fernandes@phoenixadvisors.ca
For contact in Europe:
Mathias Forss, MSc, Exploration Manager – Scandinavia, at + 358 50 591 3976 or
mathias.forss@geopool.fi
For further information on these projects please visit our website at www.aurionresources.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
