ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – Feb. 9, 2016) – Aurion Resources Ltd. (“Aurion”) (TSX VENTURE:AU) and its partner B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG)(NAMIBIAN:B2G); (“B2Gold”) are pleased to report a series of encouraging gold results from its fall-2015 exploration program in northern Finland.
The best results came from Trench K15-02, a 310m2 excavation located 370 m west of the Kutuvuoma Main Zone, where a total of 31 individual 0.85m to 3.0m long channel samples were collected, with assay values ranging from 0.39 g/t Au to 63.1 g/t Au. The best length weighted average intervals reported were 6.5 g/t Au over 9.8m, including 11.3 g/t Au over 3.0m, 21.7 g/t Au over 3.0m, including 63.10 g/t Au over 0.9 m and 3.20 g/t Au over 10.9m, including 5.0 g/t Au over 5.6 m. The T2 excavation made approximately 100m east of Kutuvuoma Main, assayed on average 4.93 g/t Au over 10.94 m including 35.0 g/t Au over 1.2 m.
Prospecting approximately 1.6 km to the west and along strike of Kutuvuoma has identified a new zone of similar style of mineralization over a distance of approximately 400 m. The area is generally overburden covered, but 51 grab samples from outcrop and subcrop assayed up to 21.2 g/t Au, including four samples assaying 5.5, 11.6, 14.8 and 21.2 g/t Au. A 48 sample, orientation, B-horizon soil survey (100m spaced lines, 25 m spaced samples) was conducted over this new prospect with individual soil samples assaying up to 1.1 g/t Au. This mineralization also lies 500 m southeast of a 1.5 km long Au-in-till geochemical anomaly with individual tills assaying from up to 1.3 g/t Au.
The Kutuvuoma trend has very few natural bedrock exposures, however, with a limited amount of exploration work (and time in the field) trenching, soil sampling, base of till sampling and prospecting has defined an open-ended mineralized trend greater than 5 km long where only limited drilling was conducted in the past, over a distance of 175 m and to a depth of 175 m at the Kutuvuoma deposit.
Mike Basha, President and CEO of Aurion commented: “We are very encouraged to have encountered such a robust and extensive gold system early in this program at Kutuvuoma. We are looking forward to a very busy and exciting 2016, as we move this project forward aggressively with our partner B2Gold”.
The 2015 field program was 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). Fieldwork focused primarily on the high grade Kutuvuoma and Ahvenjarvi gold projects, and comprised mechanical trenching, geological mapping, prospecting, surface geochemical sampling and metallurgical testing.
Five widely spaced trench excavations were completed over a distance of approximately 1,250m with all encountering the Kutuvuoma mineralized horizon. A total of 255 saw-cut channel samples were collected. Length weighted average assays of these sampled intervals are summarized in Table 1 below.
|Table 1. Length Weighted Average Gold Assays – Kutuvuoma Trenching Program|
|Trench ID||Width (m)||Grade (g/t) Uncut/Cut||Comments|
|K15-01||3.10||0.78||450 m W of Kutuvuoma Deposit|
|K15-02||9.82||6.47||370 m W of Kutuvuoma Deposit|
|And||3.77||4.82||Longitudinal sample (E-W)|
|K15-03||6.85||0.33||275 m W of Kutuvuoma Deposit|
|K15-04||1.00||9.96||100 m W of Kutuvuoma Deposit|
|T2||10.94||4.93/3.30||100 m E of Kutuvuoma Deposit|
|K15-05||3.00||0.16||800 m E of Kutuvuoma Deposit|
Kutuvuoma is a high-grade, shear zone hosted gold deposit that was discovered in the mid-1990’s by the Finnish state entity Outokumpu Oy while exploring for base metals. Outokumpu drilled 47 shallow core and reverse circulation drill holes totalling 3,425m, testing only a very small area (approximately 175m horizontally and 175m vertically). No other exploration has been conducted since the mid-1990’s. Numerous high-grade drill intercepts including 7.2 g/t Au over 19.4m from 60m downhole, 13.2 g/tAu over 5.0m from 88m downhole and 12.6 g/tAu over 7.0m from 26m downhole were recorded from the historical drilling. True width of the mineralization is estimated to be approximately 70-80% of drill intercepts.
Seven trenches were excavated at Ahvenjarvi. A total of 206 individual (mostly 1m-wide) channel samples were collected from the trenches. Highlights of assay results from these trenches are presented in Table 4 below:
|Table 4. Ahvenjarvi Trench Results|
|Trench ID||Width (m)||Grade (g/t)||Comments|
|A15-07||No significant values|
Further prospecting and reconnaissance mapping was conducted along and within the trend and a total of 41 rock chip (grab) samples were collected from outcrop and sub outcrop. The samples assayed up to 8.1 g/t Au, with an average for all the samples of 0.57 g/t Au. To date a total of 330 rock chip/grab, and channel samples have been collected from outcrop, sub-outcrop, angular boulders and trenches over an area measuring 2,300m long and 150m to 700m wide, with assay values up to 28.8 g/t Au and an average of all samples of 0.81 g/t Au.
The area is generally poorly exposed with the majority of samples collected within this trend occurring in a “window” through the overburden. Further work to identify new zones of mineralization and controlling structures to this widespread gold system is ongoing.
Quality Assurance and Quality Control
Channel samples were cut with a diamond blade saw. All samples were delivered to Labtium Oy’s facility in Sodankyla, Finland. The Ahvenjarvi 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. The Kutvuoma samples were analysed for gold 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.
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.
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
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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