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Aurion shares bounce on B2Gold JV discovery in Lapland

Aurion Resources (TSXV: AU) shares rose almost 11% today after reporting a greenfields discovery with 70% joint-venture partner B2Gold (TSX: BTO) in northern Finland’s Central Lapland greenstone belt.

The discovery in the emerging Sore area returned significant intercepts such as 26.45 grams gold per tonne over 2.5 metres, including a higher-grade segment of 108.5 grams gold per tonne over 0.5 metre, including 1.05 grams gold over 40.7 metres and 1.33 grams over 17.9 metres. This area has not seen any previous diamond drilling within 1 km, the company said in a release.

“A new discovery, greenfield and on a blind target, further highlights the prospectivity of the Aurion-B2Gold 290 sq. km JV property and the quality of B2Gold’s exploration team,” Aurion CEO Matti Talikka said.

Company shares reached an intra-day high of C$0.62 apiece before settling at C$0.59. Aurion has a market capitalization of C$79.5 million.

Results are pending for about 4,000 metres of diamond drilling completed this year.

However, the drilling program was halted after Rupert Resources (TSX: RUP) entered discussions on March 11 to buy B2Gold‘s 70% interest in the JV. Aurion says it is considering its options regarding its right of first refusal. It will have until May 9 to decide whether to exercise the right, granted under a 2019 shareholders agreement between the partners.

The discovery is located 1.7 km northwest of the Kettukuusikko prospect and 38 km northwest of the Helmi discovery.

Rupert is also focused on the Central Lapland belt. Its Rupert Lapland project contains the multi-million-ounce Ikkari discovery, located 50 km southeast of Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Kittila gold mine and the Pahtavaara mine and mill.

The JV between and B2Gold covers about 290 sq. km along the Sirkka Shear Zone, which is a significant structural feature in the region known for hosting various gold occurrences. The area has yielded numerous discoveries, showcasing the high prospectivity and potential for further discoveries within the belt.

Source: MINING.COM – Read More