Welcome!

News Feed Item

Aurion Provides Exploration Update

ST. JOHN'S, NEWFOUNDLAND -- (Marketwire) -- 02/11/13 -- Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) 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 greater than 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 greater than 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 greater than 7 km long by greater than 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 greater than 150 m by greater than 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.

About Aurion

Aurion is focused on early stage precious metals exploration in Nevada, and to a lesser extent British Columbia and Mexico. Its strategy is to generate or acquire early stage gold projects and systematically and economically advance them to a stage which will attract potential joint venture partners. Aurion currently has three active joint ventures and $3.0 million cash, 38 million shares issued and outstanding and a low operational burn rate.

Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this 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

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.

Contacts:
Aurion Resources
Mike Basha
President & CEO
(709) 699-8300
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.