Aurion Resources Ltd.
TSX VENTURE : AU

Aurion Resources Ltd.

October 27, 2014 08:30 ET

Aurion Receives Key Permits at Logan Pass

ST. JOHN'S, NEWFOUNDLAND--(Marketwired - Oct. 27, 2014) - Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) is pleased to report that it has received The U.S. Bureau of Land Management's ("BLM") Record of Decision confirming approval for a Plan of Operations for its Logan Pass carlin-type gold project in Nevada. The approved Plan of Operations allows Aurion up to 50 acres for exploration and development drilling in two primary target areas within its core group of claims.

Main Jasperoid

The Main Jasperoid, is a Carlin-style gold prospect characterized by oxide gold mineralization in altered and silicified silty Carbonate rocks of the Pogonip Group. This prospect was outlined over an area of approximately 450 m (NW-SE) by 150 m in the early 1990's by surface sampling and limited RC drilling. Chip-channel samples collected by Aurion at the Main Jasperoid area yielded from below detection to 13.5 g/t Au over 2.0 m, and 7.2 g/t Au over 5.8 m. All samples had elevated Carlin-style As-Sb-Hg-Tl geochemistry.

The best reported historic drill intersections at the Main Jasperoid include 2.3 g/t Au over 7.6 m, starting at 5 m below surface and 1.5 g/t Au over 9.2 m starting at 7 m below surface. Two holes drilled at that time approximately 185 m SE and 250 m S of the Main Jasperoid intersected oxide gold mineralization assaying 0.5 g/t Au over 13.7 m and 0.6 g/t Au over 12.2 m respectively. The shallowly dipping mineralization is open to the south and east but appears to be fault-offset (down-dropped) to the west where it is a buried target. IP and CSAMT geophysics indicates a potential feeder structure at depth to the surface mineralization. The surface projection of this "feeder" structure parallels the western boundary of the mineralized jasperoids.

Southpaw

This prospect, located 6 km NNE of the Main Jasperoid, hosts high grade gold mineralization over an area of 250 m (NW-SE) by 225 m (E-W) within jasperoid and jasperoid breccias along steeply dipping structures and bedding-parallel replacement lenses associated with manganese, silica and carbonate alteration within carbonates at the contact with the underlying Eureka Quartzite. The Southpaw prospect was mined for manganese (Mn) in the 1950's and grab samples by Aurion assayed from below detection to 19.3 g/t Au and 831 g/t Ag in this area. Chip/channel sample results include assays from below detection to 3.7 g/t Au over 1.0 m, and 2.6 g/t Au and 154 g/t Ag over 4.0 m. The average of 23 samples was 1.2 g/t Au and 183 g/t Ag over an average width of 1.3 m. All the samples yielded elevated Carlin-style As-Sb-Hg-Tl geochemistry.

Aurion believes this widespread hydrothermal manganese and jasperoid development with associated gold mineralization may indicate a deeper, potentially richer source hosted within Pogonip carbonates beneath the overlying quartzite.

Reconnaissance mapping indicates that much of the relatively flat-lying Pogonip stratigraphy may be preserved on the property. The surface mineralization at Southpaw sits stratigraphically above the Main Jasperoid horizon which is hosted in the lower unit of the Pogonip, as is the mineralization at Archimedes and some of Long Canyon.

The Logan Pass geological setting with flat-lying bedding replacement gold mineralization, hosted by favourable rocks of the Pogonip Group occurring proximal to base-metal vein and replacement mineralization in skarn, is directly analogous to several deposits and prospects in the Battle Mountain-Eureka trend, particularly the multi-million ounce Archimedes-Ruby Hill deposits. The property also lies in a similar geologic setting to the Long Canyon deposit.

Aurion has completed geological mapping, prospecting, soil and rock geochemical sampling, property wide Airborne ZTEM/MAG geophysical survey and ground IP and CSAMT geophysical surveys at the Main Jasperoid, as well as the requisite studies to complete a Plan of Operations.

Aurion is seeking a joint venture partner to advance Logan Pass.

At its Bull Gold Project, which is also prospective for Carlin-type deposits, is 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., who can earn a 50% interest by expending US$2 million by Nov 2016. They can earn an aggregate of 70% by spending an additional US$2 million.

QA/QC

ALS Chemex, a certified commercial laboratory, performed the analytical testing on samples collected at Aurion's properties, at their facilities in Vancouver, BC. Gold analyses were by 30 gm fire assay with an ICP finish. Multi-element analyses were by ICP. A quality assurance/quality control program is in place from sample collection through to laboratory analysis.

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.

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