Feb 12 2013
Aurion Resources Ltd. ("Aurion") is pleased to provide the following exploration update.
SUMMARY
- Aurion currently has three active joint ventures, including two in Nevada and one in British Columbia, and anticipates partner-funded drilling on at least two during 2013, pending receipt of applicable permits.
- Aurion is well financed with $3 million cash and a low operating burn rate.
- Aurion is continually reviewing property submissions in a number of jurisdictions and has recently acquired two new gold projects in Nevada (see below) that it is confident it can advance economically and systematically to attract a joint venture partner.
JOINT VENTURE PROJECT UPDATE
Logan Pass, Nevada, USA - Prospective for Carlin-type gold deposits and located south of the Eureka-Battle Mountain Trend. The property is host to a >400 m by 150 m sub-horizontal zone of gold mineralization in silty carbonates of the Pogonip Formation, host to mineralization at the Long Canyon deposit of Newmont. Drilling in 1993 reported intercepts of 1.8 g/t Au over 6.1 m and 1.5 g/t Au over 9.15 m. No modern exploration since the early 1990's. Airborne and ground geophysics, mapping and geochemical sampling by Aurion and Terra Rossa, has identified several priority targets. A 1500-2000 m drill program is currently being permitted with anticipated start-up in Q2-Q3 2013.
Bull, Nevada, USA - Prospective for Carlin-type deposits and located on the southern part of the Battle Mountain-Eureka Trend. Previous workers in limited drilling in 1994 intercepted 3 m of 2.05 g/t Au within a 9.15 m intercept grading 1.15 g/t Au starting at approximately 15 m below the surface. Airborne geophysics (ZTEM/Mag), mapping, prospecting, geochemical sampling and compilation by Aurion, linked the mineralized outcrops with the extension of the controlling structure of Midway's Goldrock deposit to the south, and nearing production. The Bull property is optioned to Midway Gold Inc.. Midway has advised Aurion that an exploration program, which may include drilling, is currently being planned for 2013.
Lavington, BC, Canada - Prospective for porphyry Cu-Au and epithermal Au-Ag deposits and located in south-central BC, near the town of Vernon. The property is host to an extensive 1500 m by 400 m alteration zone, with coincident Au-in-soil geochemical and IP geophysical anomalies. Limited drilling in the late 1980's intersected 0.31 g/t Au over 125 m within a portion of this alteration zone. The property is optioned to Asher Resources (ACN.P). A $250,000-$300,000 drill program is planned for 2013.
PROJECTS AVAILABLE FOR OPTION
Southpaw, Nevada, USA - Prospective for Carlin-type deposits and located immediately north of and adjacent to Logan Pass. It is geologically similar to Logan Pass but stratigraphically higher. Aurion outlined gold mineralization in jasperoid breccias over an area of 250 m by 225 m and sampling returned assay results up to 19.3 g/t Au (grab) and 2.6 g/t Au over 4.0 m which occur within a 3000 m long by 350 m wide Au-in-soil geochemical anomaly. Seeking new JV partner.
La Bandera, Durango, Mexico - Prospective for epithermal Au deposits, the property hosts a >20 km long, under-explored epithermal gold vein system. In 2011-2012 the property was optioned to Aurico Gold who drilled 5300 m in 11 widely spaced holes with limited results. Several compelling targets remain to be tested across the property. Aurion is currently seeking a new JV partner.
NEW PROJECTS
Kawich Gold Project, Nevada - Prospective for epithermal gold deposits and located in the Walker Lane belt. The property is host to a >7 km long by >1.0 km wide volcanic hosted low sulphidation epithermal vein system. The veins which locally reach 4 m in width occur within a broad zone of alteration. The property has been explored intermittently since the early 1900's including some drilling and small scale mining from high grade veins. Drilling by previous explorers in the 1990's, testing the bulk tonnage potential, intersected up to 40 m of 0.35 g/t Au and 13 g/t Ag. Aurion personnel collected a total of 78 rock chip samples during reconnaissance mapping which assayed from nil to 5.7 g/t Au (average: 0.59 g/t Au) and nil to 1590 g/t Ag (average: 103 g/t Ag). Aurion has signed a definitive agreement with 2 private individuals giving Aurion the right to acquire 100% in 73 unpatented claims for a total of $150,000 in staged payments over 4 yrs starting at $5,000 and subject to a 2% NSR that can be purchased for $2 million.
Goldlands Gold Project, Nevada - Prospective for disseminated Carlin-style and volcanic hosted gold deposits and located in the Willow Creek mining district, Nye County, Nevada. The property is host to a >150 m by >50 m zone of jasperoid alteration and gold mineralization within Paleozoic carbonates. Twelve samples collected from this area assayed from 0.05 g/t Au to1.48 g/t Au (average: 0.42 g/t Au). Aurion has signed a definitive lease with option to purchase (100%) agreement from a private individual for 2 unpatented claims by making staged cash/lease payments starting at $5,000 on signing (paid) and increasing to $40,000 annually on the 7th anniversary (2019) and subject to a 2% NSR that can be purchased for $2 million.
QA/QC
ALS Chemex, a certified commercial laboratory, performed the analytical testing at their facilities in Vancouver, BC. Gold analyses for rocks were by 30 gm fire assay with an ICP finish with trace elements by ICP. A quality assurance/quality control program is in place from sample collection through laboratory analysis.