Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Aurion Resources (TSXV: AU) has received assays from nine drill holes at the Aamurusko Northwest (NW) prospect on its wholly owned Risti project in northern Finland, the Canadian-based gold miner announced Monday. Further drilling has returned multiple high-grade, near-surface intercepts: 23.41 g/t Au over 11.10 m, 6.84 g/t Au over 19.00 m and 16.17 g/t Au over 4.00 m.
Shares of Aurion Resources rebounded on the latest results, rising by much as 8% during Monday’s session and returning to a week high of C$1.72 a share. The company’s market capitalization is C$137.7 million.
Drilling has demonstrated continuity of the high-grade mineralized zones Aamurusko NW, and intersecting quartz veins in excess of 5 m wide speaks to the robust nature and potential of this gold-bearing system, the company said.
“We have only scratched the surface of this target but believe we have defined a significant zone of mineralization,” Aurion president and CEO Mike Basha commented. The company has since moved the drill rig to the Aamurusko Main target area, where — according to Basha — it expects to have similar success.
These additional holes follow-up the company’s drill results reported earlier this year, which included 13.31 g/t Au over 19.54 metres and 10.60 g/t Au over 3.40 metres. To date, 84 of the 99 drill holes completed at Aamurusko (Main and NW) have intersected gold mineralization, 28 of which have intercepts of 15 g/t Au or higher.
Aurion believes the prospect at Risti to be geologically similar to several gold-rich orogenic gold belts around the world, such as the Timmins camp in Ontario. The company has been actively exploring in the Scandinavian nation since 2014.
