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Aurion Resources Ltd
Symbol AU
Shares Issued 69,383,708
Close 2018-10-22 C$ 1.57
Market Cap C$ 108,932,422
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Aurion Resources drills 1.1 m of 17.46 g/t Au at Risti

2018-10-22 12:08 ET - News Release

Mr. Mike Basha reports

AURION RESOURCES PROVIDES UPDATE ON 2018 EXPLORATION CAMPAIGN

Aurion Resources Ltd. has provided an update on the surface exploration and drilling program at its Risti project in northern Finland.

Summary:

  • Hole No. 51, 25 metres down dip of hole No. 42, encountered a vein which assayed 17.5 grams per tonne gold over 1.1 metres at the Aamurusko Main target.
  • Ten drill holes within the vicinity of hole No. 42 have been drilled to date and five drill holes have assays pending.
  • Diamond drilling continues at Risti, with a third diamond drill rig being added in seven to 10 days.
  • Assays from trenching are pending for several key targets, including Ynot and Notches.

A total of 44 drill holes, 6,297 metres of 15,000 metres planned, have been completed since early July, 2018. Assays have been received for 36 drill holes to date. Assays are pending for an additional eight drill holes. Four targets were tested, including Aamurusko Main, Aamurusko West, Aamurusko Northwest and A2. Diamond drilling with two drills continues at the Aamurusko Main target area. A third drill has been added and is anticipated to arrive in seven to 10 days. A summary of assay results received to date are presented in the attached and further discussed below. Maps and sections can be found on Aurion Resources' website.

Extensive trenching has been conducted over a distance of more than eight kilometres from Ynot to the Notches area. A total of 40 individual trenches have been excavated, mapped and channel sampled. Assays are pending for the majority and will be compiled accordingly. Trenching has confirmed that many boulder sources are in bedrock immediately beneath or proximal; this is common across the Risti project. Many more targets remain to be trenched and this will continue in the spring of 2019. Several trench targets will be drill tested during the current campaign.

Over 4,000 prospecting rock samples have been collected across the Risti property to date. Only 25 per cent to 30 per cent of the 15,000-hectare Risti property has been systematically prospected. Many new targets have been identified for further follow-up.

Aamurusko Main target drilling

Drilling continues to intersect quartz veins occurring proximal to the sheared contact between clastic sediments of the Kumpu group and a gabbro sill on the contact between the Kumpu group and mafic and ultramafic volcanics of the Sodankyla group, located immediately north of the Aamurusko boulder field. However, current structural geological interpretation indicates a complex mineralizing system, which is often typical of orogenic gold systems. With only 10 drill holes into the main target and assays received for only five drill holes, the structural controls on mineralization are still not fully understood.

Ten drill holes have been completed over a strike of approximately 100 metres in the vicinity of drill hole AM18042, where a 2.9-metre-wide fault fill vein with coarse visible gold was intersected. It assayed 789.06 grams per tonne gold over 2.9 metres from 116.1 metres to 119 metres, including 0.65 metre assaying 3,510 grams per tonne gold (please see the company's press release dated Sept. 19, 2018). Two additional drill holes, AM18051 and AM18054, were completed on the same section as AM18042, intersecting quartz veining on the sheared contact between gabbro and clastic sediments. The best result was a shear vein in drill hole AM18051, which assayed 17.46 grams per tonne gold over 1.1 metres, including 39.4 grams per tonne gold over 0.45 metre within an approximate three-metre-wide vein zone, 25 metres down dip of the AM18042 intercept. AM18054, a further 25 metres down dip, intersected a 4.7-metre-wide chaotic vein zone at the contact, but with only weakly anomalous values.

Drill holes AM18052 and AM18053 were drilled from the same set-up as AM18042, AM18051 and AM18054, but at a southeasterly azimuth to test the target approximately 35 metres to the east. Multiple extensional and stockwork or breccia vein zones were encountered throughout hole AM18052. Only anomalous values were encountered, including a best assay result of 0.53 gram per tonne gold over 0.55 metre right at the contact.

Drill hole AM18053 intersected a 3.5-metre-wide breccia vein zone from 102 metres to 105.5 metres in clastic sediments with anomalous gold values throughout, including 3.07 grams per tonne gold over 0.53 metre. No significant quartz veining was encountered at the gabbro contact. A new zone of gold mineralization comprising quartz carbonate veins and stringers with several per cent arsenopyrite, galena and sphalerite was intersected at 196.1 metres to 203.7 metres of depth in the gabbro. The best assay result was 4.76 grams per tonne gold over 1.2 metres, including 9.12 grams per tonne gold over 0.5 metre.

Four drill holes, AM18055, AM18056, AM18058 and AM18061, on two fences were drilled to test the target 55 metres and 75 metres to the west of the intercept in drill hole AM18042. Assays are pending for these drill holes.

Approximately 230 metres east of AM18042, seven drill holes, AM18032 to AM18038, were completed in the area of drill hole AM18035, which intersected mineralization, including a 5.2-metre-wide zone assaying 12.45 grams per tonne gold from 53.5 metres to 58.7 metres down the hole, including 66.7 grams per tonne gold over 0.5 metre as well as 54.3 grams per tonne over 0.49 metre. Farther up hole, a 1.55-metre-wide quartz vein zone from 36.65 metres to 38.20 metres assayed 8.74 grams per tonne gold; from 26.30 metres to 28.04 metres, a 1.74-metre-wide quartz vein zone assayed 9.62 grams per tonne gold. Drill holes AM18060 and AM18062 were designed as further tests of the mineralization in AM18035, but hole AM18060 had to be abandoned due to bad ground conditions.

Drill holes AM18059 and AM180057 were 100-metre and 500-metre stepouts to the east of AM18035, respectively. Assays are pending for these drill holes.

                                            AAMURUSKO DRILL HOLE SUMMARY 
                                                                            
Hole ID                 From (m)    To (m)    Width (m)    Au (g/t)                                        Comments

Aamurusko Main                                                                                        
AM18032                  151.65    151.97         0.32        1.83                                             
AM18033                   68.50     70.50         2.00        1.45                                            
AM18034                   49.76     50.66         0.90        0.85                                             
AM18035                    26.3     28.04         1.74        9.62                                            
including                  26.3     26.94         0.64       23.30                                            
and                       36.65     38.20         1.55        8.74                                          
including                 37.18      37.7         0.52       24.80                                               
and                       53.50     58.70         5.20       12.45                                               
including                 53.50     54.05         0.55        7.46                                              
including                 54.50     55.00         0.50       66.70                                               
including                 57.65     58.14         0.49       54.30                                               
AM18036                   45.23     47.08         1.85        1.29                                              
AM18037                             No significant value                                              Lost in fault 
AM18038                             No significant value                                       Did not reach target 
AM18042                   69.91     72.00         2.09        1.74                                                  
and                       90.15     91.00         0.86        3.52                                                  
and                      116.10    119.00         2.90      789.06                                                  
including                116.10    116.75         0.65    3,510.00              1.1 m of lost core from 116.75 m to
                                                                                117.85 m; assigned a value of 0 ppm
including                117.85    119.00         1.15        5.89                                                 
AM18051                  114.30    115.40         1.10       17.46                     25 m down dip undercut of 42
including                114.30    114.95         0.65        2.27                                                 
including                114.95    115.40         0.45        39.4                                                 
AM18052                   70.00     70.55         0.55        1.77                   Wide zones of anomalous quartz
                                                                                        stockwork and breccia veins
and                       93.77     96.35         2.58        0.36                                                 
including                 93.77     94.50         0.73        0.96                                                 
and                      107.45    108.00         0.55        0.53                                                 
AM18053                  102.80    103.33         0.53        3.07                                                 
and                      196.10    196.60         0.50        1.39                        Highly anomalous As-Pb-Zn
and                      202.50    203.70         1.20        4.76                        Highly anomalous As-Pb-Zn
including                202.50    203.00         0.50        9.12                                                 
including                203.00    203.35         0.35        2.39                                                 
AM18054                             No significant value                                                           
AM18055                               Assays pending                                                               
AM18056                               Assays pending                                                               
AM18057                               Assays pending                                                               
AM18058                               Assays pending                                                               
AM18059                               Assays pending                                                               
AM18060                                 Abandoned                                                         Abandoned
AM18061                               Assays pending                                                               
AM18062                               Assays pending                                                               
AM18063                               Assays pending                                                               
Aamurusko West                                                                                        
RB18001                             No significant value                                Only anomalous values up to 
                                                                                   0.57 g/t over 0.50 m intersected 
RB18002                             No significant value                                                            
RB18003                             No significant value                                                            
RB18004                             No significant value                                                            
Aamurusko Northwest                                                                                         
AM18024                  227.00    228.00         1.00        4.17                                          
AM18025                  136.00    137.00         1.00        0.51                                          
AM18026                  181.90    182.50         0.60       25.00                                          
and                      190.30    191.30         1.00        5.03                                          
AM18027                  153.00    154.00         1.00        2.05                                          
and                      173.00    191.00        18.00        0.43                                          
AM18028                  106.50    107.00         0.50        0.73                                          
and                      168.70    172.90         4.20        1.19                                          
including                171.93    172.90         0.97        2.84                                          
AM18029                  152.00    153.00         1.00        2.45                                          
and                      175.00    176.50         1.50        1.86                                          
AM18030                   92.00     93.00         1.00        1.07                                          
AM18031                  102.13    102.44         0.31        1.57                                   
A2                                                                                                   
AM18039                   38.96     39.31         0.35        1.77                                   
AM18040                   42.40     42.75         0.35        3.99                                  
AM18041                   38.45     38.90         0.45       22.00                                  
AM18043                   31.40     31.78         0.38        1.65                                  
AM18044                             No significant value                                            
AM18045                             No significant value                                            
AM18046                   41.30     41.80         0.50        1.26                                  
AM18047                   37.45     37.83         0.38        4.53                                  
AM18048                             No significant value                                            
AM18049                             No significant value                                            
AM18050                             No significant value                                            

The veins encountered in drilling are variably mineralized, with trace to a few per cent iron oxides (after sulphides), pyrite, arsenopyrite, pyrrhotite, chalcopyrite, galena, sphalerite and/or locally visible gold. The veins are also accompanied by variable amounts/intensity of fuchsite, sericite, potassium feldspar and iron carbonate alteration.

Aamurusko Northwest

There are no new results to report at Aamurusko Northwest since the company's press release dated Sept. 19, 2018. The best assay is 25 grams per tonne gold over 0.6 metre from 181.9 metres to 182.5 metres in drill hole AM18026.

Aamurusko West

The company has only received anomalous values from assays of four drill holes at Aamurusko West.

A2 prospect

No new significant assays were received since the Sept. 19, 2018, press release. The best assay result to date is 22 grams per tonne gold over 0.45 metre from 38.45 metres to 38.90 metres down the hole in drill hole AM18041.

Comment

"Despite slow drilling production and slow assay laboratory turnaround of results, our second field season and second drilling campaign at Risti and Aamurusko continue to advance the project immensely. The discovery of high-grade gold mineralization in both shear veins and extensional veins immediately north of the main Aamurusko boulder field supports proof of concept regarding a concealed structure(s) dipping to the north. It also indicates multiple gold-enriching events. Additionally, the discovery of auriferous gold mineralization in trenching and drill core in multiple targets over a distance of more than eight kilometres suggests the mineralizing system at Aamurusko and Risti in general may have considerable scale. It is important for readers to keep this in context," commented Mike Basha, president and chief executive officer of Aurion Resources. "There are many targets over greater than 15 kilometres of strike across Risti that will require a lot of drill testing. Aurion is funded to advance the Aamurusko discovery and the Risti project into the foreseeable future. This is a very exciting time for Aurion and its shareholders."

Background

The geological setting of the Risti project 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 province 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 province, many high-grade, multimillion-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 Central Lapland greenstone belt. Strong alteration including fuchsite, tourmaline, iron carbonate, albite and quartz veining is seen along the entire length of this structure.

Quality assurance and quality control

All samples were delivered to ALS Minerals preparation facility in Sodankyla, Finland, where sample preparation work was completed. All analytical work was completed at ALS Minerals' facility in Loughrea, Ireland. ALS Minerals is an internationally accredited lab and is ISO compliant (ISO 9001:2008, ISO/IEC 17025:2005). All samples were analyzed for gold using the Au-AA26 procedure (50-gram fire assay with AAS finish: lower detection limit 0.01 gram per tonne gold; upper limit 100 grams per tonne gold). Any samples that returned overlimit values (greater than 90 grams per tonne gold) or had visual indication of mineralization, such as visible gold or prospective vein intervals (greater than 90 grams per tonne gold), were analyzed by Au-SCR24 one kg screen fire assay Au (0.05 part per million to 1,000 parts per million) by one kg screen fire assay (50 g nominal sample weight). The sample pulp (one kg) is passed through a 100-micron stainless steel screen. Any material remaining on the screen (greater than 100 microns) is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (plus) fraction. The material passing through the screen (less than 100 microns) is homogenized and two subsamples are analyzed by fire assay with AAS finish. The average of the two AAS results is taken and reported as the Au (minus) fraction result. All three values are used in calculating the combined gold content of the plus and minus fractions. The gold values for both the (plus) 100- and (minus) 100-micron fractions are reported together with the weight of each fraction as well as the calculated total gold content of the sample. Multielement analysis (ME-ICP61, four-acid digestion, 35-element ICP-AES) was completed on all samples. Certified standards and blanks were inserted every 30 samples. ALS Minerals has its own quality assurance and quality control protocol using standards, blanks and duplicates.

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