ST. JOHN'S, Aug. 16, 2018 /CNW/ - Aurion Resources Ltd. (TSX VENTURE:AU) ("Aurion" or the "Company") is pleased to report that diamond drilling is underway at Aamurusko and a total of approximately 2,500 metres (m) in 14 drillholes has been completed. Assays are pending. A second drill rig will commence drilling in the coming days. High grade assay results have also been obtained from the A2 and Aamurusko Northwest targets as further described below.
Located approximately 850 m to 1,500 m to the north of Aamurusko, a total of 52 new rock chip samples in outcrop, subcrop and angular boulders were collected over a distance of 1.1 km along an arcuate structure, assaying between nil and 697.0 g/t Au and averaging 59.6 g/t Au. Mineralization consists of quartz veins (locally up to 5 m wide), quartz stockworks, breccias and tension vein arrays.
Drilling on this target will commence shortly.
The Aamurusko Northwest Prospect
Located at the Northwest end of the Aamurusko boulder field, a total of 187 rock chip samples in outcrop, subcrop and angular boulders were collected, assaying between nil and 404.0 g/t Au and averaging 14.2 g/t Au were collected over an area of 400 m by 275 m.
During the current drill campaign eight drillholes tested this target. Assays are pending.
The Company cautions that the chip samples are selected samples and are not necessarily representative of the underlying mineralization hosted on the property. However, the results from this sampling program are consistent with those previously received. Relevant statistics for the sample population have not been calculated, and average grades may not correspond with median grades. Several of the samples are from subcrop and boulders that may have been displaced considerable distances from their source. The Company is currently assessing the significance of the results in relation to the geologic model being developed, and a more detailed assessment will follow in due course.
The Company is not aware of any material change in its affairs which would precipitate the recent market activity.
2018 Program Details
Through quaternary glacial geomorphology studies and trenching, Aurion has determined that there is minimal dispersion due to ice flow and that there may be several sources to the high grade, extensive boulder field at Aamurusko. An extensive trenching program is also underway throughout the property.
Structural and lithological mapping is being conducted in conjunction with a detailed drone magnetic survey and together with drillcore data produced during the winter program will be compiled into a 3D geological model.
Drilling at Aamurusko has been underway since early July. Initial plans include completing 15,000 m.
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 clastic rocks (meta-sandstones and 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 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 are also under way.
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 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. Certified standards and blanks were inserted every 25 samples. ALS has its own QA/QC protocol using standards, blanks and duplicates.
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
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.
For further information: on these projects please visit our website at www.aurionresources.com.