• Vuoma – Discovery of gold mineralization 2.7 km south of Helmi
• Helmi – Mineralization extended towards East
• Kutuvuoma – New zones of gold mineralization
• Expanded drill program with 4,500 m planned for second half of 2023

Aurion Resources Ltd. (TSX-V: AU) (OTCQX: AIRRF) reports results for 22 holes from the 2023 drilling program on the Aurion-B2Gold Corp. (TSX: BTO) Joint Venture, operated by B2Gold, in the Central Lapland Greenstone Belt in northern Finland.

Summary

• Vuoma – Discovery of gold mineralization 2.7 km south of Helmi
  • 1.33 g/t Au over 8.30 m from 133.60 m (VUO23007)
  • Mineralization proximal to mainly untested 20+ km southern domain boundary
  • 15 km along strike from the Kaaresselkä Prospect (Aurion 100%)
• Helmi – Mineralization extended towards East
  • 1.21 g/t Au over 9.20 m from 392.00 m (IKK23045)
  • Identification of additional mineralized shoots
• Kutuvuoma – New zones of gold mineralization
  • 1.43 g/t Au over 10.45 m from 261.70 m (KU23011)
  • New zones south of historic mineralization
• Expanded drill program with 4,500 m planned for second half of 2023
  • Total 2023 drill program increased to 12,500 m
  • Drilling to commence in September

Comments

“The discovery of new gold mineralization on the southern domain boundary and the identification of additional gold mineralized zones at Kutuvuoma and Helmi represent significant results from the recent drilling program,” commented Aurion CEO Matti Talikka. “The discoveries of Helmi and Ikkari (Rupert Resources) in proximity to the northern domain boundary suggest that these major structures are prospective for the deposition of gold. The new discovery further supports the gold prospectivity of the 20+ km long, mainly untested, southern domain boundary that also hosts Aurion’s Kaaresselkä Prospect.”

Figures associated with this release can be found at the following link:
https://aurionresources.com/site/assets/files/1506/nr23-17figures.pdf.

2023 drill program

A total of 8,156.10 m of diamond core drilling has been completed to date on the JV properties in 2023. The drill program was designed to test several new target areas and for the existence of additional mineralized zones or extensions to known mineralization at Helmi and Kutuvuoma.

This press release contains results for 22, mainly scout, holes (5,964.10 m) drilled at Helmi (3 holes), Kutuvuoma (4 holes), Kutuvuoma East (7 holes), Vuoma (6 holes) and 2 regional holes (2.6 km SSE of Kutuvuoma).

Table 1: Aurion-B2Gold JV Drilling Result Summary

Vuoma

Six scout drill holes (1,205.85 m) were completed in the Vuoma permit area in the southeastern part of the JV property. The holes were planned to test the southern side of the Kumpu basin with the aim of finding a prospective volcano-sedimentary package of rocks along the main Savukoski/Kumpu contact (the equivalent package which hosts Helmi).

Drill holes VUO23004, VUO23005 and VUO23006 were collared approximately 2.7 km south-southwest of Helmi and drilled to the northeast. All three holes intersected anomalous gold (≥0.1 g/t) values hosted by various lithologies. The best individual sample was from hole VUO23004 where 0.72 g/t Au over 1.40 m from 132.40 m was returned from sediments.

Drill hole VUO23007 was collared 2.7 km south of Helmi and drilled to the northeast. Several mineralized intervals were intersected in strongly deformed, sericite-chlorite-albite/K-feldspar altered Kumpu sandstone with local trace sulphides. These intervals lie within ~60 m of the Savukoski/Kumpu contact. Intercepts include 0.73 g/t Au over 2.70 m from 65.70 m, 0.37 g/t Au over 15.50 m from 78.50 m including 0.49 g/t Au over 10.00 m from 81.20 m, 1.33 g/t Au over 8.30 m from 133.60 m and 1.33 g/t Au over 1.35 m from 171.40 m. This mineralization is a new discovery along the Savukoski/Kumpu contact on the southern margin of the basin. Notably, the hole also intersected ultramafic rocks containing magnetite-pyrite veinlets like those observed at Helmi where they carry gold.

Drill holes VUO23008 and VUO23009 were collared approximately 3.6 km southwest of Helmi and drilled to the northeast. The holes did not intersect any significant mineralization.

Helmi

Three drill holes (1,034.20 m) were completed to the east of the Helmi prospect. The holes were planned to test the eastern part of the Helmi corridor prospective package and the possibility of a mineralized shoot under the main Helmi mineralization.

Drill hole IKK23044 was collared as the easternmost hole along the Helmi corridor and drilled to the northwest. The hole intersected low grade mineralization at the bottom of the hole close to the tenement boundary with Rupert Resources Ltd. The mineralization is hosted in metasedimentary intervals within an ultramafic volcanic package, bracketed by brecciation. The hole returned 0.39 g/t Au over 0.80 m from 197.60 m and 0.40 g/t Au over 3.95 m from 201.80 m.

Drill hole IKK23045 was collared to the east of Helmi, 292 m west-northwest of IKK23044 and drilled to the southeast. The hole intersected several mineralized intervals including 1.00 g/t Au and 1.18% Cu over 5.00 m from 80.00 m, 0.37 g/t Au and 0.30% Cu over 5.05 m from 112.00 m, 1.04 g/t Au over 5.20 m from 220.55 m, 1.76 g/t Au over 1.40 m from 308.70 m, 1.21 g/t Au over 9.20 m from 392.00 m and 7.73 g/t Au over 1.00 m from 409.50m. The mineralized zones may represent the identification of additional mineralized shoots along the Helmi corridor.

Drill hole IKK23046 was collared to the east of Helmi, 177 m west-northwest of IKK23045 and drilled to the southeast. The hole intersected 1.24 g/t Au and 0.62% Cu over 4.45 m from 161.40 m. Due to technical difficulties the hole was abandoned short of the planned target depth, notably where signs of Helmi-style alteration and strain began increasing within the ultramafic host package.

Kutuvuoma

Four scout drill holes (1,457.25 m) were completed to the south and west of the test pit area of the Kutuvuoma prospect. The holes were planned to test targets outside of the known mineralized zones at depth and beyond the plunge to the west. The holes also aimed to test geophysical anomalies and discontinuities visible in the ground magnetics outside of the immediate test pit area, as well as at the contact with the gabbro body south of the pit.

Drill hole KU23010 was collared 450 m south of the test pit and drilled to the northeast. The hole intersected low grade mineralization in pyrite-pyrrhotite-chalcopyrite enriched metasediments in contact with ultramafic rocks returning 0.26 g/t Au over 12.80 m from 351.60 m including 0.97 g/t Au over 2.10 m from 351.60 m. A second low grade mineralized interval was intersected in pyrrhotite-chalcopyrite-pyrite enriched ultramafic rocks returning 0.30 g/t Au over 16.80 m from 430.20 m including 0.98 g/t Au over 3.00 m from 440.30 m. These intercepts represent identification of new mineralized zones or shoots to the south of the previously identified mineralization.

Drill hole KU23011 was collared 400 m southwest of the test pit and drilled to the northeast. The hole intersected mineralization hosted by mixed ultramafic rocks and metasediments with blebby pyrite-pyrrhotite-chalcopyrite. Higher grades in the interval are associated with quartz veining. The interval returned 0.99 g/t Au over 16.35 m from 258.20 m including 1.43 g/t Au over 10.45 m from 261.70 m. This intercept represents identification of a new mineralized zone or shoot to the south of the previously identified mineralization. Hole KU23011 became stuck in a graphitic fault and was abandoned prior to target depth.

Drill hole KU23012 was collared 425 m west-southwest of the test pit and drilled to the northeast. The hole intersected mineralization hosted by talc-chlorite schist returning 0.83 g/t Au over 2.80 m from 231.20 m and 1.89 g/t Au over 1.20 m from 244.60 m. Low grade mineralization was intersected in ultramafic rocks returning up to 0.52 g/t Au over 3.30 m from 299.00 m.

Drill hole KU23013 was collared 300 m west of the test pit and drilled to the northeast as a 180 m overcut to hole KU23012. The hole appears to have either drilled over or stopped short of the mineralization as it became stuck in a graphitic fault and was abandoned prior to target depth. One anomalous gold (≥0.1 g/t) value was returned from the end of the hole.

Kutuvuoma East

Seven scout drill holes (1,695.00 m) were completed at several areas between the Helmi and Kutuvuoma prospects and were planned to test various geophysical and geochemical targets.

Drill hole KUE23040 was collared approximately 2.7 km west of Helmi, designed as a scissor hole to KUE20001, and drilled to the northwest. Similar to KUE20001, the hole intersected mineralization in graphitic mudstone and mafic graphite tuff within ultramafic volcanics returning intervals of 2.02 g/t Au over 1.40 m from 31.00 m, 1.17 g/t Au over 1.15 m from 44.40 m and 0.60 g/t Au over 4.20 m from 72.80 m.

Drill hole KUE23041 was collared approximately 3.0 km west of Helmi, designed to test an interpreted ultramafic-mafic tuff package proximal to gabbro, and drilled to the northwest. The hole intersected 0.32 g/t Au and 3.13% Cu over 0.80 m from 216.60 m at the contact between talc-chlorite schist and graphitic mudstone.

Drill hole KUE23042 was collared 180 m northwest of hole KUE21009 to the west of Helmi, designed to test an interpreted structural zone, and drilled to the northwest. The hole intersected 0.21 g/t Au and 0.26% Cu over 2.40 m from 88.00 m within talc-chlorite schist.

Drill hole KUE23043 was collared approximately 2.2 km northwest of Helmi, designed to test a magnetic high/low transition coincident with anomalous base of till geochemistry, and drilled to the northwest. The hole returned a few anomalous gold (≥0.1 g/t) values up to 0.15 g/t Au.

Drill hole KUE23044 was collared approximately 2.5 km west of Helmi, designed to test for mineralization between holes KUE22028 (6.25 g/t Au over 6.00 m from 222.60 m) and KUE22035 (2.61 g/t Au over 1.40 m from 228.80 m), and drilled to the northwest. The hole intersected mineralization hosted in ultramafics and metasediments, returning intervals of 1.65 g/t Au over 8.95 m from 44.10 m, including 16.00 g/t Au over 0.70 m from 52.35 m and 1.48 g/t Au over 1.15 m from 69.85 m. The mineralization in KUE22028 is interpreted to be extended 80 m to the west with these new intersections.

Drill holes KUE23045 and KUE23046 were collared approximately 1.8 km east-northeast of Kutuvuoma, designed to test a zone of disruption related to interpreted northeast structures, and drilled on section to the northwest. The holes did not intersect any significant mineralization.

Regional (2.6 km south of Kutuvuoma)

Two scout drill holes (571.80 m) were completed in the southeastern part of the JV property, proximal to the interpreted domain boundary. The holes were planned to test for the possible existence of the Savukoski Group volcano-sedimentary package rocks between gabbros and Kumpu Group sediments.

Drill hole TEP23007 was collared approximately 2.6 km south-southeast of Kutuvuoma and drilled to the northeast. One anomalous gold (≥0.1 g/t) value of 0.43 g/t Au over 1.40 m from 51.90 m was returned.

Drill hole TEP23008 was collared approximately 2.6 km south-southeast of Kutuvuoma and drilled to the northeast as an undercut to TEP23007. One anomalous gold (≥0.1 g/t) value of 0.13 g/t Au over 0.90 m from 239.00 m was returned.

Exploration plans for 2023

A total of 4,500 m of drilling is planned for the second half of 2023, increasing the total drilling to over 12,500 m from the initially planned 10,500 m.

The plan will include follow up drilling on the newly identified mineralized zones, as well as scout drill holes testing additional targets on the JV properties. In addition, generative work including base of till sampling, top of bedrock sampling and geophysical surveys continue during 2023.

The budget for 2023 is unchanged at CAN$10.4 million. Aurion is fully financed to contribute its 30% share of the planned expenditure.

Background

The JV (30% Aurion/70% B2Gold) covers approximately 347 km² along the major crustal scale Sirkka Shear Zone in the Central Lapland Greenstone Belt and includes a number of discoveries such as Helmi (2.05 g/t Au over 77.50 m), Kutuvuoma (16.47 g/t Au over 11.0 m), Soretiavuoma (48 g/t Au over 1.1 m), Sinermä (0.54 g/t Au over 40.2 m), Kiekerömaa (5.8 g/t Au over 5.0 m) and Kettukuusikko (4.33 g/t Au over 20.4 m). B2Gold is the operator of the JV.

Quality Assurance and Quality Control

All samples were delivered to ALS preparation facility in Sodankylä, Finland where sample preparation work was completed. Analytical work for these samples was completed at ALS facilities in Loughrea, Co. Galway, Ireland and Rosia Montana, Romania. ALS is an internationally accredited lab and are ISO compliant (ISO 9001:2008, ISO/IEC 17025:2017). Samples were analyzed for gold using the Au-AA26 procedure (50 g fire assay with AAS finish: Lower Detection Limit (“LDL”) 0.01 g/t gold; Upper Detection Limit (“UDL”) – 100 g/t gold). B2Gold has an internal QA/QC program involving the insertion of certified standards and blanks into the sample stream. ALS has its own QA/QC protocol using standards, blanks and duplicates.

This news release has been reviewed by Andrew Hussey, P.Geo., GIS Geologist and Database Manager for Aurion Resources, a Qualified Person as defined by National Instrument 43-101. For more information on these projects please visit our website at www.aurionresources.com.

About Aurion Resources Ltd.

Aurion Resources Ltd. is a well-funded, Canadian exploration company listed on the TSX Venture Exchange and the OTCQX Best Market. Aurion’s strategy is to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion’s current focus is exploring on its fully owned Risti and Launi projects, as well as advancing joint venture properties with B2Gold and Kinross in northern Finland.