TSX-V: AU
ST. JOHN'S, Jan. 17, 2018 /CNW/ - Aurion Resources Ltd.
("Aurion") (TSX VENTURE: "AU") reports that it completed a maiden
4380 m (21 drillholes) diamond drill
program during Sept - December, 2017 at the Aamurusko gold prospect
on its 100% owned Risti Project in Northern Finland.
Summary
The primary objective of the maiden drill
program was to identify structure(s) that could be the source of
the 1.4 km long by 2.5 km wide Aamurusko boulder trend which
comprises a total of 717 large and angular quartz vein blocks
assaying from nil to 2520 grams per tonne (g/t) Au and averaging
32.97 g/t Au.
The drilling to date has identified a significant structure(s)
hosting at least two separate zones of multiple mineralized quartz
vein, stockwork and breccia zones in the northern end of the
Aamurusko gold trend over a strike length of 1.0 km. These
targets, approximately 600 m apart,
are blind and concealed under cover but remain open.
Individual quartz zones up to 20 m
wide (downhole thickness) were intersected with individual veins up
to 6.3 m in width. True widths
are unknown at this time.
The quartz veins and vein stockwork zones are variably
mineralized with trace to 3% pyrite, pyrrhotite, chalcopyrite,
galena, sphalerite, arsenopyrite and rare visible gold. The
highest assay result to date is 10.1 g/t Au over 1.0 m with numerous zones of anomalous gold
values throughout a considerable number of the drillholes.
Table 1: Summary of drill highlights
Hole
ID
|
From
|
To
|
Width
(m)
|
Au
(g/t)
|
AM170013
|
200.65
|
202.3
|
1.65
|
4.5
|
incl
|
201.10
|
201.65
|
0.5
|
7.2
|
And
|
204.55
|
205.1
|
0.55
|
8.8
|
AM170015
|
230.0
|
233.0
|
3.0
|
3.9
|
incl
|
231.0
|
232.0
|
1.0
|
10.1
|
AM170020
|
211.0
|
212.0
|
1.0
|
4.9
|
AM170021
|
178.5
|
179.0
|
0.5
|
6.8
|
The first drillhole of the program to intersect significant
veining and/or mineralization was AM17013. All subsequent
drillholes (AM17014 - AM17021) also encountered zones of quartz
veining and stockworking.
It is Aurion's belief that these structures represent the source
of much of the quartz within the Aamurusko trend but it has not yet
discovered the source of the high grade boulders within these
structures.
Drilling is ongoing with one drill rig further testing these
significant mineralized structures as well as other targets.
The drilling results to date are further discussed below and
maps can be found on our website
https://aurionresources.com/site/assets/files/1238/newsrelease011717figures.pdf.
Northwest Valley Target
At the northernmost portion of
the Aamurusko trend three drillholes AM17013 to 015 were drilled to
depths ranging from 259.8 m to
443.3 m. These holes were
designed to test a coincidence of large angular high grade boulders
along a NW-SE trending slope break interpreted to be a major
structure concealed under cover.
Hole AM17013 drilled at an azimuth of 070 at -45 degree dip to
443.3 m depth intersected multiple
quartz vein, stockwork and breccia zones from 94.6 m to a depth of 391.0
m with individual zones up to 13.7
m wide. The most significant zone was from 192.0 to
205.7 m depth where the best assays
included 4.5 g/t Au over 1.65 m and
8.8 g/t Au over 0.65 m.
Drillhole AM17014 was drilled from the same setup and azimuth as
AM17013 at a dip of -55 degrees. It also intersected numerous
wide zones of anomalous quartz veining. The best result of
2.2 g/t Au over 0.5 m came from
within a 7.9 m wide quartz vein
stockwork zone at a depth of 198.2 to 206.1
m.
Drillhole AM17015 was a 50 m step
out to the southeast drilled to a depth of 259.8 m at a 70 azimuth and -45 degree dip.
It also intersected numerous wide zones of quartz veining up to
7 m wide with sporadic anomalous gold
values. The best result was a 3.0
m wide quartz zone which assayed 3.9 g/t Au over
3 m including 10.1 g/t Au over
1.0 m, at a depth of 230 m to 233 m.
A fence of drillholes AM17008 to 012 were drilled across the
valley approximately 150 m
south of the slope break but did not encounter significant
mineralization.
The mineralization in drillholes AM17013 to AM17015 is hosted by
a shallowly northeast dipping gabbro intrusion (sill?) between
polymictic conglomerate and a sequence of quartzite and quartz
pebble conglomerate. The Northwest Valley area auriferous
mineralization remains open and is a prime target for Phase 2
drilling.
Southwest Slope Break Target
Six drillholes (AM17016
to 021) spaced 50 to 100 m apart were
completed over a strike length of approximately 260 m approximately 600
m southeast of the Northwest Valley Target and immediately
north of the main Aamurusko boulder trend
All holes intersected a concealed major structural zone hosting
multiple quartz vein, stockwork and breccia zones along an east
west slope break. All holes were drilled at an azimuth of 360
degrees (south to north) at a dip of -45 to -55. The
best results were 4.9 g/t Au over 1.0
m and 6.8 g/t Au over 0.5
m.
The mineralization here is predominantly hosted by quartzites
and quartz pebble conglomerates of the Kumpu Group in contact with
a gabbro intrusion/sill which lies along the unconformable contact
between the Kumpu Group and the Sodankyla Group mafic and
ultramafic volcanics. The Southwest Slope
Break mineralization is one of Aurion's prime targets.
Big Blocks Target
The first 5 drillholes AM17001 to
005 were drilled under a cluster of large, aligned high grade
quartz blocks at the north end of the Aamurusko trend. Holes
AM17006 and 007 were drilled to the west-northwest testing for
up-ice sources of the big blocks. No significant quartz
veining or mineralization was intersected.
Discussion
Aurion is very encouraged by these drilling
results to date, especially since Aamurusko is a blind
target. Wide zones of quartz veining have been
encountered in two separate zones 600
m apart. Additional drilling is planned at both prime
targets and multiple other targets remain to be tested, including
the gap between the two main zones. The area in the gap may
represent a major inflection of the east-west structure. In
structurally controlled gold systems an inflection or "jog" in a
major structure is often a major zone of faulting and fracturing
and a very favourable site for location of mineralization.
Phase 2 drilling will test this gap.
Multiple quartz vein orientations (and likely multiple
generations) have been recorded in the drilling and this is typical
of most structurally complex orogenic gold systems. However,
the majority of the intersected quartz does not appear to represent
what is observed in the high grade boulders and particularly
lacking is a certain indicative texture ("crack-seal"). Only
a few veins with crack and seal textures were intersected in the
drilling. It is likely that the drilling to date has not yet
drilled in an optimal orientation to intersect mineralized quartz
vein structure(s) that are the source of the high grade boulders
with crack and seal textures. Phase 2 will drill test these targets
from other orientations aiming to identify other blind mineralized
structures.
Summary
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 unrecognized 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 a
maiden 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.
Quality Assurance and Quality Control
All saw-cut core and rock 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 are ISO compliant (ISO
9001:2008, ISO/IEC 17025:2005). All samples were analyzed for
gold using the Au-AA24 procedure (50g fire assay with AAS finish:
Detection Limit 0.005 g/t gold; Upper Limit – 10g/t gold).
Any samples that returned overlimit values (>10.0g/t gold) were
automatically analyzed by gravimetric analysis, Au-GRA22 (50g
gravimetric analysis: Detection Limit 0.05g/t gold: Upper Limit
1,000g/t gold). Any samples containing visible gold were
analyzed by Au-SCR24 1kg, Screen Fire
Assay Au (0.05-1,000ppm) by 1kg screen fire assay (50g nominal
sample weight). The sample pulp (1kg) is passed through a 150
micron stainless steel screen. Any material remaining on the screen
(>150 micron) is retained and analyzed in its entirety by fire
assay with gravimetric finish and reported as the Au (+) fraction.
The material passing through the screen (<150 micron) is
homogenized and two sub-samples are analyzed by fire assay with AAS
finish. The average of the two AAS results is taken and reported as
the Au (-) 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 (+) 150 and (-) 150 micron
fractions are reported together with the weight of each fraction as
well as the calculated total gold content of the sample.)
Multi-element analysis (ME-ICP61, four-acid digestion, 35 element
ICP-AES) was completed on all samples. Standards, duplicates and
blanks are part of Aurion's QA/QC protocols with certified
standards being inserted every 20 samples. ALS has its own
QA/QC protocol using standards, blanks and duplicates.
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 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.
SOURCE Aurion Resources Ltd.