Aurion Resources (TSX-V:AU) Ltd has hailed the latest drill results from its wholly-owned Risti property in Finland, which included hitting multiple zones of gold mineralization in the Kaaresselkä prospect in the Kaares area at the project.
Here, one hole hit 17.12 grams per ton (g/t) of gold over 5.90 metres (m) starting from 95.75m depth, including 24.36 g/t gold over 4m from 97.65m depth.
Also, in the Kaares area, a new zone of gold mineralization was identified, noted Aurion, while at the Notches area, gold-bearing structures were identified.
"Drill hole KS22027, returning multiple gold intervals over a core length of over 210 m, including 17.12 g/t Au over 5.90 m, is the most significant result to date at the Kaaresselkä prospect," Matti Talikka, Aurion's CEO told investors in a statement.
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"Past work at the Kaares area indicated that it could be host to a gold system. These results begin to confirm our suspicion that this system may be significant.
"The gold mineralization is hosted within a corridor of highly deformed and altered mafic volcanic rocks in a geological setting resembling recent significant discoveries at Helmi (Aurion-B2Gold JV) and Ikkari (Rupert Resources)," he added.
Kaaresselkä is a road-accessible advanced gold prospect, which sits around 4 kilometres (km) south of Aamurusko.
It was originally explored as a base metal target and discovered through a base of till sampling survey by the Geological Survey of Finland (GTK) in 1987. Aurion acquired the project from Tertiary Minerals in 2017.
Three holes, for 557.60m, were drilled into the Vanha area of the prospect and seven scout holes, for 1,081.60m, were completed in the greater Kaares area in the southern part of the Risti property, the company explained.
At the Kaares area, a new zone of gold mineralization was encountered around 1.5 km northwest of the Kaaresselkä prospect, the company noted. Here, 1.40 g/t gold over 3.25m from 79.40m and 1.86 g/t gold over 3.40m was hit from 103.65m depth in one hole.
Meanwhile, at the Notches area, a total of eight scout holes, for 1,277.40m, were completed in the greater Notches area in the eastern part of the Risti property.
These holes targeted selected geophysical and geochemical anomalies generated by Aurion's regional surveys and one hit 1.20 g/t gold over 1.95m from 58.50m depth, while another hole encountered 1.55 g/t gold over 1.05m from 86.8m depth.
The gold-bearing structures sit around 1 km southeast from a previously tested area, the company noted.
Aurion is a well-funded Canadian exploration group and says its current focus is the flagship Risti and Launi projects, as well as its joint venture properties with B2Gold and Kinross in Finland.
PI Financial repeats 'Buy' rating
Following the news, PI Financial repeated a 'Buy' rating on the company's stock and a C$1.10 share price target.
"Aurion continues their successful exploration program by identifying multiple new gold zones and gold-bearing structures on the Risti property," said analysts in a note.
"With today's results, the company has confirmed the presence of a gold-bearing system at the Kaares and Notches Areas expanding the overall mineralized footprint on the property."
The firm said that Aurion was currently trading at a price to net asset value (P/NAV) of 0.19 times compared to a group average of 0.26 times.
"With today's results and continued exploration success, we continue to see value being unlocked through the drill bit for shareholders of Aurion."
Shares in Toronto added 6.67% on the day to stand at C$0.64.
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