Aurion Resources Ltd.
TSX VENTURE : AU

April 14, 2010 15:16 ET

Aurion Provides La Bandera Update

MT PEARL, NEWFOUNDLAND--(Marketwire - April 14, 2010) - Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) is pleased to provide the following update on recent work on the La Bandera gold-silver project in Durango State, Mexico.

Highlights

  • Ongoing field programs generated new targets including an altered felsic intrusive hosting narrow auriferous quartz veins, in the northern portion of property
  • Soil survey results over the altered intrusive identify an anomalous zone more than 1,300 metres ("m") long and 300 m wide with individual soil samples assaying up to 2.07 grams per tonne gold ("g/t Au")
  • Outcrop grab samples of narrow sheeted quartz vein zones within the alteration system assayed up to 73.7 g/t Au and chip/channel samples from hand trenching returned up to 10.0 g/t Au over 1.2 m
  • Six new concessions, totaling 12,557 ha, were acquired by staking, in the La Bandera project area, increasing the size of the project from 8,322 ha to 12,985 ha

Overview
The La Bandera property is easily accessed, located approximately 120 km north-northwest of Durango City, 2.5 hours driving time by paved highway and all-weather gravel roads.

La Bandera occurs within the 700 km long Mexican Ag-Au Belt on the east side of the Sierra Madre, centered around Zacatecas and including such well known districts and mines as Fresnillo, Guanajuato and the recently discovered giant Pitarrilla Ag deposit only 30 km north of La Bandera. The world-class Penasquito Au-Ag-Pb-Zn deposit occurs on the eastern side of this belt.

The La Bandera property occupies the central 30 km portion of a major 50 km long, NNW trending structure within this belt. This structure hosts the Promontorio gold-silver district located approximately 6 km NW of the La Bandera property and the Coneto silver-gold district located approximately 12 km to the SE.

The underexplored 12,985 hectare La Bandera property is host to a more than 17 km long, 40 to 150 metre-wide, epithermal gold-silver vein system associated with rhyolite flow dome complexes and sub-volcanic intrusives.

Exploration Program
Since acquiring the right to earn a 100% interest in the La Bandera property in late 2009 (Press Release dated September 16, 2009), Aurion has collected 80 stream sediment samples, 1584 soil samples and 851 rock chip-channel and grab samples with a focus on the northern part of the property, which has never been drill tested.

The soil sampling program has outlined an open-ended gold-in-soil anomaly measuring more than 1,300 m long by up to 300 m wide within the eastern margin of an intrusive and along the main La Bandera structural trend. Individual soil samples assayed from less than 2.0 parts per billion (0.002 g/t) to up to 2.07 g/t Au. The results of the soil survey indicate that the altered zone continues to the north where it is largely covered by overburden.

A total of 264 rock samples of float and outcrop of vein material and altered intrusive were collected within this anomalous area, of which 63 returned greater than 0.1 g/t Au including 32 samples which assayed more than 0.5 g/t Au, up to a maximum of 73.7 g/t Au. Rock chip-channel sampling from five hand-dug trenches over a 250 metre strike length within the anomalous alteration zone assayed from no significant values up to 10.0 g/t Au over 1.2 metres.

A total of 80 stream sediment samples were collected across the property. The samples assayed from less than 2 part per billion to 360 parts per billion gold.

La Bandera vein textures include extensive silica replacement of bladed calcite, low-temperature silica flooding and crustiform-colliform banding, consistent with a shallow depth of formation, and preservation of a majority of the system from post-mineral erosion.

New Acquisitions
Aurion recently acquired by staking, through a competitive lottery process, two contiguous concessions (Benjamin and Benjamin 2) covering 50 and 68 hectares respectively, along strike of the altered intrusive in the northwest portion of the La Bandera property. Aurion's reconnaissance work has documented vein and stockwork style gold mineralization on these concessions in old workings along a WNW trending structure near the covered intersection with the main La Bandera trend. Select rock grab samples collected by Aurion geologists returned assay values from less than 5 parts per billion to 2.7 g/t Au.

Aurion has also staked the 4544 hectare Bandera Sur concession, which is contiguous with the original La Bandera concession to cover the southeastern strike extent of the system. At the southeastern-most end of the known La Bandera vein system, an outcrop grab sample collected by Aurion geologists returned 14.1 g/t Au, confirming the results of an isolated sample collected by previous workers.

Aurion also recently acquired by staking the 7,895 hectare San Carlos Sur concession approximately 5 km northeast of the La Bandera property. This concession is centered on a circular magnetic high associated with a resurgent dome complex in a caldera setting. Reconnaissance mapping and sampling is planned in the coming months to evaluate this new property.

Aurion continues to systematically develop targets on these properties through grass-roots exploration methods including geological mapping, prospecting, geochemical surveys and SWIR alteration studies.

Aurion is seeking joint venture partners to advance the property.

QA/QC
Inspectorate Mineral Services, a certified commercial laboratory, performed the analytical testing at their facilities in Reno, NV. Samples were transported to the Inspectorate prep. facility in Durango by Aurion personnel. Gold analyses were by by fire assay with atomic absorption finish, and multielement inductively coupled plasma analyses. A quality assurance/quality control program is in place from sample collection through to laboratory analysis.

Other
Further to a press release dated February 1, 2010, Aurion incorrectly announced that Mr. David Loveys was appointed to Aurion's board of directors. Mr Loveys was appointed CFO and Corporate Secretary only.

About Aurion
Aurion is focused on early stage precious metals exploration in Canada and Mexico. It currently has 12,444,030 shares issued and outstanding and is well-financed. Its strategy is to advance its projects to a stage which will attract potential joint venture partners. Aurion continues to evaluate other gold-silver projects for acquisition in Mexico and globally.

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

All dollars are in Canadian currency unless otherwise stated.

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 Aurion's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Aurion. The material factors and assumptions include: regulatory approvals being obtained for the issuances of the Aurion Shares referenced herein, no changes to existing Exchange Policies, exploration programs for Aurion remaining the same as forecast, Aurion having the necessary capital in order to complete its anticipated work program on the La Bandera Properties and no significant decrease in the price of gold. Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: risks related to exploration activities, general economic and business conditions and changes in the regulatory regulation. Aurion cautions the reader that the above list of risk factors is not exhaustive. 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,

Michael 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.

Contact Information

  • Aurion Resources Ltd.
    Mike Basha
    (709) 699-8300
    or
    Aurion Resources Ltd.
    Richard Graham
    (604) 488-8717
    www.aurionresources.com