Newfoundland-headquartered gold junior Aurion Resources鈥� (TSX-V: AU) stock soared over 27% on Tuesday after reporting new high-grade assay results from drilling at the Aamurusko prospect on its Risti project in northern Finland.
Two of the first three drillholes intersected high-grade gold mineralization near surface, with 42.28聽g/t Au over 4.00聽m聽intersected in one drillhole and 24.50聽g/t Au over 4.75聽m聽intersected in another, Aurion said in a .
Aurion鈥檚 shares more than tripled in 2017 when it first announced the Finland discovery.
This isn鈥檛 the first time Aurion鈥檚 Finland prospect has attracted investors鈥� attention. Aurion鈥檚 in 2017 when it first announced the Finland discovery.
Current work at the project site has also intersected gold mineralization in a 500聽m step out drillhole, providing further evidence that additional near surface gold mineralization may exist in the same geological/structural setting west of the current main focus of drilling, Aurion also reported Tuesday.
Vancouver-based Haywood securities, an investment firm with $7 billion in assets under management offered it鈥檚 take on the results.
鈥淭oday鈥檚 results continue to support the thesis that mineralization is broadly associated with the east-west trending intrusive gabbro and sedimentary rocks,鈥� Haywood stated.
Haywood also noted that several intersections occur away from the faulted contact, which could also widen the zone of potential mineralization at Aamurusko.
鈥淢ore work is required to determine how significant these intersections are. The relative location of the high-grade drill intercepts and the high-grade boulders on surface suggests that there could be multiple zones of gold mineralization associated with the boulders,鈥� the firm noted.
Drilling continues at Aamurusko, with assays pending for another six drillholes.
By market close on Tuesday, in heavy volumes of seven times the daily average, Aurion鈥檚 shares were trading at C$1.25. The company has a $84.2 million market capitalization.