ST. JOHN'S, NEWFOUNDLAND--(Marketwire - Sept. 21, 2011) - Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) is pleased to report that it's partner AuRico Gold Inc ("AuRico") plans to begin a minimum 5000 metre drilling program on Aurion's La Bandera gold project in Durango, Mexico, this fall.
La Bandera is the subject of an option and joint venture agreement whereby AuRico can earn an initial 51% interest by completing $5 million in exploration expenditures over 36 months, including a firm commitment to spend a minimum $1 million in the first 12 months. AuRico can earn an additional 19% by completing a minimum $7 million in additional expenditures or by completing a positive feasibility study within 5 years of earning 51% and forming a Joint Venture with Aurion. AuRico is the operator of the project.
AuRico has advised Aurion that it intends to begin drilling by early Nov 2011, subject to receipt of necessary drill permits, to test a series of targets, both in the northern zone where locally high-grade gold occurs in stringers associated with a felsic dome complex, and in the south where the major La Bandera structure cuts through felsic tuffs and felsic dome margins. The geologic setting is considered favourable as the association of gold with dome structures is common in the gold-silver deposits of Durango.
Since finalizing the joint venture agreement in March 2011, AuRico, as project operator, has conducted detailed mapping, sampling and target definition over the property, and equally important, they have executed and registered surface access agreements with 4 Ejidos which cover most of the property. The rapid progress made with the Ejidos is a result of the good relations Aurion had established with the local communities, and to AuRico's strong community relations program in Mexico.
La Bandera comprises 20,827 hectares of mineral rights and is host to a more than 20 kilometre long, epithermal vein system which hosts widespread anomalous gold in quartz veins, breccias and stockworks within a 100 to 300 metre wide silicic and argillic alteration zone. The property has seen only cursory exploration in the past with 7 drill holes completed in the southern portion of the property by previous workers. Property highlights include the undrilled >2300 m long by >300 m wide northwest trending "Patorado" gold in soil and rock geochemical anomaly with individual soil samples assaying up to 2.06 g/t Au and individual quartz veinlets assaying up to 73.7 g/t Au. The "Ramona" zone, not previously drilled, is an east-west trending >250 m long by 100 m wide quartz stockwork vein system 1.5 km west of and striking into the Patarado anomaly. Previous trench chip-channel sampling by Aurion geologists returned assays of 2.5 g/t Au over 9 m and 3.3 g/t Au over 5 m and grab samples up to 35.1 g/t Au.
About Aurion
Aurion is focused on early stage precious metals exploration in Mexico, Nevada, and BC. Its strategy is to advance its projects to a stage which will attract potential joint venture partners. Aurion continues to advance its existing projects to joint venture stage and evaluate other gold-silver projects for acquisition. Aurion has 28,836,715 shares issued and outstanding and $3 million cash.
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 US 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:
Mike Basha
President & CEO
(709) 699-8300
www.aurionresources.com