Aurion Resources completed the purchase of the Kaaresselka and Kiekerromaa gold projects
Kaaresselk Project
Located approximately 4 km south-southwest of Risti, the 315 ha Kaaresselk project comprises multiple shear zone hosted gold zones that are up to 16 m wide and 650 m long, adjacent to the Sirkka Shear Zone, a major regional deformation zone, that is host to more than 45 gold prospects. Multiple high grade drill intercepts including 11.0 g/t Au over 4.9 m, 13.5 g/t Au over 2.75 m, and 45.0 g/t Au over 2.0 m have been reported. Mineralization there was initially discovered by the geological survey of Finland (GTK) who subsequently did extensive geochemical and geophysical surveying, trenching and diamond drilling. Tertiary acquired the project by staking in 2003 and subsequently completed limited geochemical and geophysical surveys followed by drilling. No exploration has been conducted since 2004. All mineralized zones remain open along strike and down dip.
Kiekermaa Project
Located approximately 7 km south-southwest from Kutuvuoma, the 840 ha Kiekermaa project hosts gold mineralization over a strike length of 300 m. The prospect was discovered by the state mining company Outukumpu Oy in the late 1990s while exploring for base metals. Tertiary acquired the prospect in 2003 by staking and completed a small drill program in 2011. Historic drill intercepts from limited drilling by Otukumpu and Tertiary include 5.8 g/t Au over 5.0 m, 7.4 g/t Au over 2.0 m and 3.6 g/t Au over 4.6 m. The mineralization remains open in all directions.
Deal Terms
Aurion paid 15,000 in cash and issued 83,072 shares to Tertiary for 100% interest in both projects subject to certain royalties including a Pre-Production Royalty of US$1.00 to $3.00/ounce gold following the definition of a NI 43-101 (or equivalent) Code compliant Inferred, Indicated and/or Measured Mineral Resource Estimate respectively, on either project.
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