Aurion Resources Ltd. ('Aurion') (TSX VENTURE: 'AU') and its partner B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G); ('B2Gold') are pleased to report that prospecting and reconnaissance mapping has resulted in the discovery of new high grade gold mineralization at the Ahvenjarvi project in Northern Finland.
Quartz-tourmaline-pyrite veins in angular boulders, sub outcrop and outcrop occurring over a distance of >2.0 km have assayed from nil to 33.0 g/t Au. Vein widths range from 5 cm to >1.5 m wide. The most significant mineralization occurs in a 200m by 200m area ('Plateau Prospect') where 54 rock samples of intensely veined, brecciated and sulfide/oxide mineralized material assayed from nil to 33.0 g/t Au including 6 samples which assayed greater than 10 g/t Au (33.0, 17.4, 16.5, 15.7, 14.4 and 13.2 g/t Au). The aforementioned samples are 'grab' samples.
Much of this new mineralization forms several parallel trends greater than 500 m long over a greater than 2 km distance in a NE-SW orientation. This trend of mineralization appears to be associated with an interpreted fault system along or parallel to the NE-SW oriented axial plane or center line of a folded sequence of quartzites and mafic volcanics. A fold axis is often an ideal geological setting for the location of shear zones developed along the axial plane of a major fold. Please see attached maps.
Previously a wide zone of gold mineralization to the west of this new mineralization was outlined over an area measuring 2,300m long and up to 700m wide, assaying up to 28.8 g/t Au and averaging 0.81 g/t Au, in a generally north-south orientation, however, the structural control of this mineralization was not understood.
Mike Basha, President and CEO of Aurion commented: 'We are very excited to have encountered this new mineralization comprised of generally larger veins and more robust mineralization than we have typically encountered at Ahvenjarvi in the past. Moreover, we are equally pleased to have potentially identified the structural controls to this extensive gold system at Ahvenjarvi. As B2Gold has now assumed operatorship of the joint venture we look forward to evaluating/advancing the many targets we hold on our wholly owned ground.'
The 2016 field program is fully funded by B2Gold Corp. ('B2Gold'), under an agreement whereby B2Gold can earn up to an undivided 75% interest from Aurion in a project area of approximately 25,000 hectares in Northern Finland by completing $15 million in exploration expenditures, a positive feasibility study and issuing 550,000 B2Gold shares (see Aurion news release of January 20, 2016 for details). On the 1st Anniversary (August 12th) of the option and earn-in agreement, B2Gold issued 100,000 B2gold shares to Aurion. B2Gold has also assumed operatorship of the joint venture. Drilling commenced on Kutuvuoma on August 29th.
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. Labtium is a Finnish, accredited, certified laboratory group. They are monitored by an internal QAQC program and include the inclusion 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 [email protected]; 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.
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