Aurion Resources Ltd.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
120 Torbay Road, Suite W220 St. John's, NL Canada A1A 2G8 |
| Tel No.： | 416-371-1325 |
| Web Site： | www.aurionresources.com |
| E-mail： | info@aurionresources.ca |
| Contact Person： | Mark Santarossa |
| Position： | VP Corporate Development |
| Traded Market： | TSX-V |
| Traded Symbol： | AU |
| Outstanding Shares： | ~117.85 M |
| 52 Week High： | $ 1.09 |
| 52 Week Low： | $ 0.375 |
| Present Price： | Click Here |
Aurion Resources is a well-financed Canadian exploration company. Aurion's strategy is to generate or acquire early-stage precious metal exploration opportunities and advance them through direct exploration by the Company's experienced team or by business partnerships and joint venture arrangements. Aurion's current focus is exploring on its fully owned Risti and Launi projects as well as advancing joint venture properties with B2Gold and Kinross in northern Finland.
Investment Highlights
- Discovering the next major gold camp
- High-Grade – Numerous drill intercepts grading better than 5 g/t Au within 150 m of surface
- Exceptional Footprint – Over 8,500 boulder and outcrop samples averaging 6 g/t Au
- District Scale – interests in ~1,000 sq. km of land in the highly prospective Central Lapland Greenstone Belt in northern Finland
- Favourable Jurisdiction for Mining Investment – Fraser Institute Ranks Finland Top 10 Worldwide
- Attractive to Major Gold Companies – Kinross Gold, Newmont, and B2Gold have interests
- Cheap Relative Valuation
- Market Cap: ~C$70.7 M (As of December 31, 2022)
- Well-Funded:
- Working Capital ~C$15.2 M as of September 30, 2022
Risti Project
- ~167 sq. km project area
- 10+ new discoveries since 2015
- Extensive footprint – 6,200+ surface samples averaging 6.65 g/t Au over 15 km by 8 km
- Aamurusko high-grade discovery – 90 intercepts >5.0 g/t Au
Aamurusko – Near-Surface Gold Mineralization
Aamurusko NW
- 9.42 g/t Au over 28.22 m
- 23.41 g/t Au over 11.10 m
- 6.84 g/t Au over 19.00 m
Aamurusko Main
- 789.06 g/t Au over 2.90 m
- 42.28 g/t Au over 4.00 m
- 24.50 g/t Au over 4.75 m
- 22.63 g/t Au over 3.53 m
Gap Zone
- 4.64 g/t Au over 3.10 m
- 1.69 g/t Au over 7.75 m
- 8.63 g/t Au over 0.75 m
- 1.55 g/t Au over 3.45 m
Aamurusko – Multiple Targets for Expansion
- 80% of holes intersected over 1.0 g/t Au
- 51% of holes intersected over 3.0 g/t Au
- 31% of holes intersected over 10.0 g/t Au
Launi Project
- 140 sq. km project area
- No exploration prior 2019
- Several gold discoveries
- 2,300+ surface samples averaging 4.20 g/t Au over 5.5 km by 1 km
Highlights from Launi
- Hole LN20050: 3.05 g/t Au over 5.30 m (Hinge Zone)
- Hole LN20014: 63.90 g/t Au over 0.37 m (Christmas Deformation Zone)
- Channel sample: 27.01 g/t Au over 1.77 m (Christmas Deformation Zone)
- Channel sample: 14.76 g/t Au over 2.95 m (Christmas Deformation Zone)
Risti & Launi – Regional Potential
- Tens of kms of prospective structural trends to be explored.
- A number of gold in till anomalies identified in previously unexplored areas.
- Gold in till anomalies encountered within several geologic settings including volcanic, sedimentary and intrusion related domains.
- Base of till sampling and geophysical surveys behind most significant discoveries (Kittilä Mine, Sakatti, Ikkari) in Central Lapland Greenstone Belt.
B2Gold Joint Venture
Multiple discoveries
- Large land package ~384 sq. km
- JV: B2Gold 70%, Aurion 30%; B2Gold is the operator
- Multiple gold discoveries, such as Helmi (2.05 g/t gold over 77.50 metres), Kutuvuoma (16.47 g/t gold over 11.0 metres), Soretiavuoma (48 g/t gold over 1.1 metres), Sinerma (0.54 g/t gold over 40.2 metres), Kiekeromaa (5.8 g/t gold over 5.0 metres) and Kettukuusikko (4.33 g/t gold over 20.4 metres).
- 2022: C$13.5 M includes ~17,000 m of drilling
- CAN$10.4 million JV budget for 2023, includes minimum of 10,500 metres of drilling
- Focus on Helmi Discovery and Kutuvuoma-Ikkari corridor
Helmi Discovery:
- New discovery located ~1 km west of Rupert Resources’ 3.95 Moz Ikkari discovery with similar geological features
- Maiden drill program completed, 20 holes, 5,201.5 m
- Follow up drill program in 2022 expanded to ~17,000 m
- Gold mineralization intersected along 2 km strike and extend to at least 500 m depth
- Highlight intercepts:
- 2.05 g/t Au over 77.50 m
- 2.44 g/t Au over 43.45 m
- 1.44 g/t Au over 67.20 m
- 1.84 g/t Au over 52.40 m
- 0.82 g/t Au over 108.10 m
- 1.73 g/t Au over 44.95 m
- 1.11 g/t Au over 45.80 m
- 1.46 g/t Au over 33.00 m
- Prospective geological sequence extends 8 km within the JV property
Kinross Joint Venture
On November 8, 2021, the Company signed a binding Letter Agreement with Kinross Gold Corporation, (“Kinross”), granting Kinross the right to earn up to an undivided 70% interest in an approximately 53 sq. km project area, which is adjacent to the Silasselkä Vanadium project (Strategic Resources Inc. – Aurion holds a ~18.3% equity interest in Strategic), and approximately 28 km northwest of Agnico-Eagle’s Kittilä Mine.
The Silaskaira Project area covers a 12 km long interpreted northern strike extension of the Hanhimaa Shear Zone. The Hanhimaa Shear Zone lies west of and parallel to the Kiistala shear zone which is host to Agnico Eagle’s Kittila Gold Mine (proven and probable reserves of 3,794,000 oz Au).
Value from Multiple Opportunities
Risti and Launi
- 100% ownership
- High-grade, near surface discoveries
- Multiple gold prospects
B2Gold Joint Venture
- Helmi discovery: 2.05 g/t Au over 77.5 m
- Multiple gold prospects
- Next to the Ikkari discovery by Rupert Resources
Kinross Joint Venture
- Located on the northern extension of Hanhimaa Shear
- Numerous gold showings
Strategic Resources
- 18.3% ownership of the Company
- Vanadium development projects
- Part of Lumina Group
Management and Directors
David Lotan, CPA, CA, Chairman
President of LHI, an investment company focused on natural resource opportunities
Founder and CEO of the Polar Structured Products – sold to major Canadian Financial Institution
Portfolio manager for the Ontario Teachers’ Pension Plan
Matti Talikka, M.Sc., FAusIMM(CP)Geo., Chief Executive Officer and Director
Various global positions at Outotec most recently as Director Geometallurgy and Project Evaluation
Former General Manager Exploration at Dragon Mining focusing on exploration and project development in Finland and Sweden
Non-executive director of Aurion since 2015, appointed as CEO in July 2020
Mark Serdan, CPA, CA, CFA, Chief Financial Officer
Over 20-year career in investment management and banking
Recipient of multiple Lipper awards for investment performance in precious metals, energy and natural resources
Mark Santarossa, CPA, CA, MBA, VP Corporate Development
Over 15-year career in mining capital markets in various roles, including mining equity research, institutional equity sales and investment banking
Kerry E. Sparkes, M.Sc., P.Geo., Director
Over 30 years of experience in the minerals industry as an exploration geologist and an executive
Explored for, delineated and developed two major Canadian gold deposits, both of which were subject of takeovers
Currently the Vice President of Geology for Franco-Nevada
On September 12, 2023, Aurion Resources Ltd. has released results from the drilling program in the Kaaresselka prospect at its wholly owned Risti property located in the Central Lapland greenstone belt in northern Finland. Summary:
- All holes intersected gold mineralization including:
- 8.25 g/t Au over 4.30 m from 59.00 m (KS23034)
- 2.27 g/t Au over 7.00 m from 32.30 m (KS23039)
- 1.56 g/t Au over 8.75 m from 66.75 m within 0.40 g/t Au over 49.45 m from 50.50 m (KS23037)
- 0.81 g/t Au over 14.00 m (incl. 6.50 m core loss) from 207.80 m (KS22027 extension)
- KS22027 included several gold mineralized intervals (NR February 21, 2023), including 2.41 g/t Au over 56.55 m from 95.75 m
- New mineralization 100 m north of the Vanha area main trend, within the Kaaresselka Prospect
- 63.20 g/t Au over 0.85 m from 137.00 m (KS23041)
- Gold intersected at Vanha over 500 m strike length
- Mineralized system open along strike and at depth
- Mineralization resembles the Helmi (Aurion-B2Gold JV) and Ikkari (Rupert Resources) discoveries
- Prospective and mainly unexplored structural trend is interpreted to extend over 15 km within the wholly owned Risti property and further into to the Aurion-B2Gold JV hosting the recent Vuoma discovery
- Results pending for scout drill program
On September 11, 2023, Further to its news releases dated May 31, 2023, July 10, 2023, July 31, 2023, and Aug. 16, 2023, Aurion Resources Ltd. has now completed the repurchase of the 3-per-cent net smelter return royalty and all other encumbrances on the Kutuvuoma and Silasselka properties that originated from the purchase agreement dated May 23, 2014, from Dragon Mining Ltd.
On August 16, 2023, Further to its news releases dated May 31, 2023, July 10, 2023, and July 31, 2023, Aurion Resources Ltd. has given Dragon Mining Ltd. notice of its intent to exercise the option to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselka properties for a total consideration of five million euros. Summary of the terms:
The notice stated that Aurion will, on the date that it exercises the option, pay Dragon five million euros, as follows:
- Four million euros in cash, of which B2Gold Corp. has agreed to contribute 3.5 million euros (see press release dated July 31, 2023);
- One million euros in Aurion common shares. A total of 2,415,410 shares will be issued, based on the 10-day volume-weighted average price of 61 cents/share and a euro:Canadian dollar exchange rate of 1.4734. The shares will be subject to a statutory hold period of four months from closing.
Upon exercising the option, Aurion will acquire and eliminate all remaining encumbrances on the Kutuvuoma and Silasselka properties, including a 3-per-cent net smelter return (NSR) royalty on both properties.
Aurion anticipates that closing will occur on Sept. 8, 2023, and will make an announcement following closing.
On August 08, 2023, Aurion Resources Ltd. has engaged Robert M. Sinn to provide investor relations services to the company. Mr. Sinn is based in Fort Lauderdale, Fla., and is the principal of Goldfinger Capital. Mr. Sinn is a trader and portfolio manager. Mr. Sinn's promotional activities include at least four featured articles or interviews for a 12-month period and coverage of all company news. Mr. Sinn owns shares in the company. Mr. Sinn commenced working with the company in September, 2021, when he was paid $20,000 (U.S.) up front. His contract was renewed in September, 2022, and was paid $20,000 (U.S.) up front for his services. The company deals at arm's length with Mr. Sinn.
On July 31, 2023, Aurion Resources Ltd. has entered into an agreement with B2Gold Corp., whereby B2Gold has agreed to contribute 3.5 million euros for the repurchase of the 3-per-cent net smelter return royalty covering the Kutuvuoma project, which is part of the joint venture between B2Gold (holding a 70-per-cent interest) and Aurion (holding a 30-per-cent interest).
As previously announced in news releases dated May 31, 2023, and July 10, 2023, Aurion entered into an option agreement dated May 29, 2023, with Dragon Mining Ltd., which provided Aurion with the option to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselka projects, including the Kutuvuoma royalty and a 3-per-cent net smelter return royalty covering the Silasselka project, for total consideration of five million euros and 37,500 common shares of Aurion.
On July 13, 2023, The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated May 29, 2023, and as amended on June 27, 2023, amending the terms of a purchase agreement, dated May 23, 2014, and as amended on March 3, 2015, May 13, 2020, and Oct. 28, 2021, between the company and an arm's-length party.
Pursuant to the terms of the amending agreement, the company may acquire and eliminate all encumbrances, including a 3-per-cent net smelter return (NSR) royalty and certain future cash bonus payments based on gold resources, on the Kutuvuoma and Silasselka projects, originating from the purchase agreement.
On July 10, 2023, Aurion Resources Ltd. has amended and closed the option agreement with Dragon Mining Ltd. to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselka projects, as disclosed in the news release dated May 31, 2023.
Aurion has issued to Dragon 37,500 common shares of Aurion as consideration for the grant of the option. The agreement has been amended to provide that the number of consideration shares that may be issued to Dragon under the agreement will not result in Dragon owning, or having control or direction over, more than 9.9 per cent of the then-issued shares of Aurion. Should the payment result in the potential for that occurring, the balance of the applicable payment will be made in cash. The amended option agreement has been accepted by the TSX Venture Exchange.
On May 31, 2023, Aurion Resources Ltd. has entered into an option agreement with Dragon Mining Ltd. to acquire and eliminate all encumbrances on the Kutuvuoma and Silasselka projects, originating from the purchase agreement dated May 23, 2014, for a total consideration of five million euros and 37,500 Aurion common shares.
On May 23, 2023, Aurion Resources Ltd. has staked properties prospective for gold, lithium, phosphate and rare earth elements (REE) in northeastern Finland. Summary:
Properties cover over 1,000 km2 in northeastern Finland
Unexplored to underexplored region
Gold - Auermavaara prospect
Up to 10.4 g/t Au in grab samples
Lithium - Geological terrain considered prospective for lithium-cesium-tantalum (LCT) pegmatites
Highly anomalous lithium in regional till sampling Unexplored region for lithium
Phosphate and REE - Properties cover part of the Sokli carbonatite complex
On May 10, 2023, Aurion Resources Ltd. has released results for 16 holes from the winter 2022/2023 drilling program on the Aurion-B2Gold Corp. joint venture (JV), operated by B2Gold, in the Central Lapland greenstone belt in northern Finland. Summary:
- Gold intersected in shallow drilling over 450 metres of strike length:
- 0.65 gram per tonne (g/t) gold (Au) over 30.2 m from 3.40 m, including 5.09 g/t Au over 1.25 m (SIN23013);
- 0.54 g/t Au over 30.2 m from 3.8 m, including 18.55 g/t Au over 0.4 m (SIN23020).
- Sinerma located 29 kilometres west-northwest of Helmi discovery and 23 km south-southeast of Agnico Eagle's Kittila mine:
- Sinerma mineralization along or in the vicinity of a crustal-scale structure;
- Similar geologic setting to the Helmi-Kutuvuoma area;
- Several kilometres of prospective structures remain untested.
- Results pending for approximately 5,000 m of drilling in the JV:
- Winter drilling program has tested several target areas within the 347 square km JV property.
On May 08, 2023, Aurion Resources Ltd. has released results for six holes from the winter 2022/2023 drilling program on the Aurion/B2Gold Corp. joint venture, operated by B2Gold, in the Central Lapland greenstone belt in northern Finland. Summary:
Helmi - Gold mineralization confirmed at depth
1.07 g/t Au over 57.30 m from 360.80 m, 9.72 g/t Au over 1.35 m from 333.25 m, 6.26 g/t Au over 0.55 m from 355.70 m, and 12.15 g/t Au over 0.40 m from 577.70 m (IKK22043)
Helmi-Kutuvuoma Trend - Further gold mineralized intervals
2.02 g/t Au over 0.70 m from 210.00 m, 1.36 g/t Au over 1.45 m from 213.40 m, 1.39 g/t Au over 1.75 m from 219.40 m, 2.61 g/t Au over 1.40 m from 228.80 m and 1.25 g/t Au over 2.30 m from 237.90 m (KUE22035)
250 m step-out along strike from the recent intersect of 6.25 g/t Au over 6.00 m and 0.26 g/t Au and 1.07% Cu over 12.80 m (press release February 6, 2023).
Drilling on 100%-owned property commenced
Drilling ongoing at the Kaaresselka Prospect, Risti property, that returned 2.41 g/t Au over 56.55 m (press release dated February 21, 2023)
On April 17, 2023, Aurion Resources Ltd.'s common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC).
DTC eligibility is expected to simplify the process of trading and enhance liquidity of Aurion shares in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
DTC is a subsidiary of the Depository Trust & Clearing Corp., a United States company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be DTC eligible.
The company's common shares trade on the TSX Venture Exchange under the symbol AU and on the OTCQX Best Market under the symbol AIRRF.
On April 13, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement and a non-brokered private placement announced on March 22, 2023, and March 31, 2023.
Number of shares: 10,909,090 (brokered) and 1,242,640 (non-brokered)
Purchase price: 55 cents per share
Number of placees: 26 placees
Total existing insider involvement: 91,000 (one insider)
Total pro group involvement: 706,050 (eight pro groups)
On April 12, 2023, Aurion Resources Ltd. has completed its previously announced fully marketed private placement and its non-brokered private placement for an aggregate of 12,151,730 common shares of the company at a price of 55 cents per common share for gross proceeds of approximately $6,683,452.
The Company plans to use the net proceeds of the Offering for the exploration and advancement of the Company's projects in Finland, which includes its Risti, Launi and other projects on its 100% owned land and its joint venture properties with B2Gold Corp. and Kinross, as well as for general working capital purposes.
On March 31, 2023, Aurion Resources Ltd. has arranged a non-brokered private placement of common shares to Kinross Gold Corp. which, on closing, will enable Kinross to maintain its previous ownership position of approximately 9.98 per cent of the issued and outstanding common shares of the company.
The company plans to use the net proceeds of the brokered offering and the Kinross private placement for the exploration and advancement of the company's projects in Finland, which includes its Risti, Launi and other projects on its 100-per-cent-owned land and its joint venture properties with B2Gold Corp. and Kinross Gold, as well as for general working capital purposes.
On March 22, 2023, Aurion Resources Ltd. has entered into a letter agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner, on behalf of a syndicate of agents, in connection with a fully marketed private placement for the sale of up to 9,090,909 common shares of the company at a price of 55 cents per offered share for gross proceeds of up to $5-million. The company plans to use the net proceeds of the offering for the exploration and advancement of the company's projects in Finland, which include its Risti and Launi projects and its joint venture properties with B2Gold Corp. and Kinross Gold Corp., as well as for general working capital purposes.
February 22, 2023, Aurion Announces Stock Option Grants
https://aurionresources.com/news/2023/aurion-announces-stock-option-grants/
February 21, 2023, Aurion Extends Mineralization to 2.41 g/t Au over 56.55 m at Kaaresselkä in Emerging Gold System, Critical Minerals Identified
February 6, 2023, Aurion-B2Gold JV Discovers New Gold-Copper Mineralization along Helmi-Kutuvuoma Trend
January 17, 2023, Aurion Intersects Significant Gold Mineralization at Wholly Owned Risti Property; Multiple Zones, Including 17.12 g/t Gold Over 5.90 m