Aurion Resources Ltd.
Aurion Resources Limited is a Canadian precious metals exploration company, employing the prospect generator business model with a focus on Finland. B2Gold Corp., one of the most well-respected exploration and mining companies in Canada, is Aurion’s joint venture partner in Finland.
The Company’s business model is predicated on the acquisition of high-quality, early-stage precious metal exploration opportunities that can be advanced primarily through joint venture partnerships. This partnership strategy mitigates risk to its shareholders, and allows Aurion to focus on new opportunities.
Finland consistently ranks in the top three in the Fraser Institute's top mining destination survey and is one of the most underexplored stable jurisdictions in the world.
PROJECTS IN FINLAND
In mid-2014 Aurion started a gold exploration initiative in the Central Lapland Greenstone Belt (CLGB) of Northern Finland.
In January 2016, Aurion has signed a formal definitive option agreement with B2Gold Corp. ("B2Gold"), whereby B2Gold can earn up to an undivided 75% interest in an approximately 25,000 ha project area, including the Kutuvuoma and Ahvenjarvi gold exploration projects, in Northern Finland.
The 2015 field program was fully funded by B2Gold Corp. 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.
The 6,111 hectare Kutuvuoma project area is located 35 km SE of the 7.7 million ounces Kittila Gold deposit owned by Agnico Eagle Mines Ltd. Kutuvuoma hosts a high-grade gold deposit that was discovered by Outokumpu in the early 1990’s. No exploration work has been conducted since 1995 until Aurion acquired the property in 2014. Access to the property is very good.
The Kutuvuoma property covers 10 km strike length over a prospective geological sequence and mineralized structures. Numerous gold anomalies and mineralized zones remain untested.
The best 2015 field program results came from Trench K15-02, located 370 m west of the Kutuvuoma Main Zone, with assay values ranging from 0.39 g/t Au to 63.1 g/t Au, including length weighted average intervals of 6.5 g/t Au over 9.8 m, including 11.3 g/t Au over 3.0 m, 21.7 g/t Au over 3.0 m, including 63.10 g/t Au over 0.9 m and 3.20 g/t Au over 10.9 m, including 5.0 g/t Au over 5.6 m. The T2 excavation made approximately 450 m east of K15-02, assayed on average 4.93 g/t Au over 10.94 m.
The 1,830 hectare Ahvenjarvi project area is located 30 km S-SW of the 7.7 million ounces Kittila Gold deposit owned by Agnico Eagle Mines Ltd. and approximately 25 km west of Kutuvuoma. Access to the property is very good.
The Ahvenjarvi property hosts a previously documented gold occurrence that was discovered by the Finnish Geological Survey (GTK). Aurion conducted extensive prospecting and some trenching north and south of this prospect and 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 2,300 m long and 150 m to 700 m wide, with assay values up to 28.8 g/t Au and an average of all samples of 0.81 g/t Au.
2015 field program generated new high grade gold prospects
On February 22, 2016, Aurion announced that its 2015 field program generated several new, wholly-owned, high grade gold prospects in the Central Lapland Greenstone Belt of Northern Finland. These prospects have highly anomalous gold in rock and till, with the best sample from Ruoppa assaying 30.7g/t Au and the best sample from Risti assaying 22.3g/t Au. The prospects are all of significant size, with up to 17 km of strike potential and excellent access. The highlights of the 2015 program:
The Ruoppa target comprises an open-ended 1.9 km long zone of anomalous gold samples, which is contiguous with Agnico Eagle's Kuotko deposit (1.8 million tonnes grading 2.9 g/t Au; see Agnico Eagle Annual Report).
In the fall of 2015, Aurion outlined extensive gold mineralization over a horizontal distance of 1.9 km. A total of 81 rock chip samples were collected from outcrop, sub outcrop and angular boulders assaying from nil to 30.7 g/t Au including 21 samples which assayed greater than 1.0 g/t Au.
The Risti target is located approximately 13 km east of the Company's Kutuvuoma property. A total of 30 rock samples from outcrop, sub outcrop and angular boulders, over an area of 250 m by 250 m, assayed up to 22.3 g/t Au including 10 samples which assayed greater than 1 g/t Au.
Sila (formerly Silasselka)
The Sila target covers approximately 11 km along the northern strike extension of the Hanhimaa Shear Zone (HSZ). Assays from 56 rock samples collected over a distance of 6.5 km ranged from nil to 219 g/t Au and nil to 5,410 ppm As. The gold-arsenic association at Sila, is similar to the Kittila deposit.
Rova comprises a 17 km long, <1 km wide zone of sheared meta-volcanic and meta-sedimentary. Five shallow drillholes were completed in 1987, within a small area, with a best result of 2.1 g/t Au over 1.2 m. Anomalous till samples assaying up to 4.0 g/t Au occur over a 6 km long section of this target.
These projects have classic "Granite-Greenstone" orogenic gold deposit characteristics, similar to those seen in the prolific gold-rich geological terranes of Canada, Western Australia and West Africa. Unlike those jurisdictions, these projects, and the Central Lapland Greenstone Belt of Northern Finland in general, have seen significantly less exploration work.
Since its first acquisition in Finland in mid-2014, Aurion has acquired a large database and land position north and south of Kittila, Europe's largest gold mine (7.7 Moz gold; Agnico Annual Report). The limited amount of fieldwork completed to date has already generated several exciting gold projects, clearly demonstrating the prospectivity of Aurion's holdings. It has also been successful in attracting B2Gold Corp. to jointly explore the Kutuvuoma and Ahvenjarvi projects. Aurion is seeking creative partnerships to advance these exciting new opportunities.
Management and Directors
Mike Basha, P.Eng., P.Geo., President and CEO, Director
Mr. Basha has been working in the mineral exploration industry for more than 23 years with major and junior companies domestically and internationally. His experience includes project generation, fieldwork, and senior management experience in gold, base-metal and magmatic nickel-copper-platinum group elements exploration. Mr. Basha was instrumental in the discovery of the Hammerdown Gold deposit in Newfoundland. Mr. Basha was formerly Vice-President of exploration of Cornerstone Capital Resources Corp. Mr. Basha is a principal and major shareholder of Aurion.
Mark Serdan, CPA, CFA, Chief Financial OfficerDuring a 20-year career spanning both investment management and banking, Mr. Serdan has been the recipient of multiple Lipper awards for investment performance in precious metals, energy and natural resources.
Lisa Hodge, Controller
Ms. Hodge has worked in management and accounting for a group of private and publicly held companies for more than 20 years.
David Loveys, C.A., Director
Richard A. Graham, P.Geol., Director
Matti Talikka, M.Sc., Independent Director
Dennis N. Clarke, B.A., LL.B., LL.M., Director
Miles Thompson, Advisor
On January 23, 2018, Aurion Resources Ltd. announced that it has appointed Mark Serdan as the chief financial officer of the Company. Mr. Serdan replaces David Loveys as chief financial officer. Mr. Loveys will continue to serve as a director of the Company.
During a 20-year career spanning both investment management and banking, Mr. Serdan has been the recipient of multiple Lipper awards for investment performance in precious metals, energy and natural resources. Mr. Serdan is a CPA and a CFA charterholder.
On September 14, 2017, Aurion Resources Ltd. announced that it has begun drilling at the Aamurusko prospect on its 100-per-cent-owned Risti project in northern Finland. A total of 21 diamond drill holes are proposed over a distance of approximately 1.1 kilometres along a northeast-southwest-trending one-kilometre-wide corridor.
On September 13, 2017, Aurion Resources Ltd. announced that it has completed its previously announced non-brokered private placement of 6,853,500 common shares with Kinross Gold Corp. The shares were issued at a price of $2.32 per share, raising gross proceeds of $15,900,120.
On September 7, 2017, Aurion Resources Ltd. announced that it has negotiated a non-brokered private placement of common shares with Kinross Gold Corp. at a price of $2.32 per common share. On closing, Kinross will own 9.98 per cent of the then issued shares of Aurion. Based on the currently issued and outstanding share capital of Aurion, the private placement will result in the issuance of 6,853,500 shares, for gross proceeds to the Company of $15,900,120.
On June 14, 2017, Aurion Resources Ltd. announced that 2017 field exploration programs are under way on its project areas in the Central Lapland greenstone belt (CLGB) of northern Finland.
On February 1, 2017, Aurion Resources Ltd. announced that prospecting and reconnaissance mapping have resulted in the discovery of new, bonanza-grade gold mineralization on Aurion Resources Ltd.'s 100-per-cent-owned Risti project in northern Finland.
An 1,150-metre-long-by-700-metre-wide area (Aurora zone) of gold mineralization with an apparent northeast-southwest trend was recently discovered by Aurion prospectors. Here, 133 rock grab samples collected from predominantly large and angular subcropping quartz-tourmaline blocks assayed from nil to 1,563.5 grams per tonne gold.
On December 13, 2016, Aurion Resources Ltd. announced that Aurion Resources and B2Gold Corp. have completed an inaugural drill program intersecting high-grade gold at the Kutuvuoma project in northern Finland.
The best hole of the program was drill hole KU16003, which was drilled into the known deposit. It intersected two mineralized zones, the first zone assayed 8.59 grams per tonne gold over 2.15 metres. The second zone assayed 11.37 g/t Au over 13.3 m.
On December 5, 2016, Aurion Resources Ltd. announced that it has acquired two high grade gold projects in northern Finland. Aurion Resources purchased the Kaaresselka and Kiekeromaa gold projects from Tertiary Minerals PLC.
On September 8, 2016, Aurion Resources Ltd. announced that it intends to complete a financing to raise aggregate proceeds of up to $2,525,000. The financing will comprise a brokered financing tranche of $1,025,000 and a non-brokered tranche of $1.5-million pursuant to which it will issue an aggregate of 6.25 million shares at a price of 40 cents per share.
The proceeds of the proposed financing will be used for advancing the Company's existing portfolio of 100-per-cent-owned projects in Finland, project generation and for general working capital purposes.
On September 6, 2016, Aurion Resources Ltd. announced that Aurion and its partner B2Gold Corp. have discovered new high-grade gold mineralization at the Ahvenjarvi project in northern Finland through prospecting and reconnaissance mapping.
Quartz-tourmaline-pyrite veins in angular boulders, suboutcrop and outcrop occurring over a distance of greater than 2.0 kilometres have assayed from nil to 33.0 grams per tonne Au. Vein widths range from five centimetres to greater than 1.5 metres wide. The most significant mineralization occurs in a 200 m by 200 m area (Plateau prospect) where 54 rock samples of intensely veined, brecciated and sulphide/oxide mineralized material assayed from nil to 33.0 g/t Au, including six 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.
On August 22, 2016, Aurion Resources Ltd. announced that Aurion and its partner B2Gold Corp. will begin their maiden drill program at Kutuvuoma on or about Aug. 29, 2016. The 2016 drill program will primarily test the along strike continuity of the Kutuvuoma deposit.
Aurion has also received the first anniversary (Aug. 12) option payment of 100,000 B2Gold shares.
On August 11, 2016, Aurion Resources Ltd. announced that its 2016 field program has begun on several of its wholly-owned, gold prospects in the Central Lapland Greenstone Belt of Northern Finland. The highlights of the 2016 program includes Aurion sampled 14.4 g/t Au at Ruoppa and expands Ruoppa and Risti Targets in Northern Finland.
Ruoppa Target: To date in 2016, prospecting and reconnaissance geological mapping has expanded the scale of the Ruoppa prospect to more than 2.3 km long by 1.3 km wide.
Risti Target: Further prospecting in 2016 has expanded the zone of mineralization discovered in 2015 to a distance greater than 1.7 km.
On July 15, 2016, Aurion Resources Ltd. and its partner B2Gold Corp. announced the initiation of its 2016 field exploration program in northern Finland. The 2016 field program entails field mapping, prospecting, surface geochemical sampling, trenching and drilling.
On February 29, 2016, Aurion Resources Ltd. and its partner B2Gold Corp. reported positive results from preliminary metallurgical tests at the Kutuvuoma gold project in Northern Finland.
The two surface samples collected from two individual trenches (T2 and K15-02), responded well to all of the processes tested, with gold recoveries by a combination of methods in excess of 98% for both samples, including 80-84% recovery by gravity method alone. For full report, please refer to the Company’s website www.aurionresources.com.