(Disclosure: The following represents my opinions only. I am not receiving any compensation for writing this article, nor does Hydra Capital have any business relationship with companies mentioned in this post. I am long AU.V)
Today I noticed that Aurion Resources (AU.V, $1.64) had published a new presentation on its website. While scanning through it for any early tidbits of information from the 2017 work program, I came across this map of the Aamurusko zone (previously named Aurora):
Some people can be dismissive of "boulder stories" as it's not that uncommon to find mineralized boulders in the field and most are never tracked back to their source. If we were talking about a handful of boulders I might be a little more skeptical without any drill holes, but this map from Aurion may suggest that this is more of a "field" of boulders... a field located in an area that matches very well with predicted structural and geological models and bears a striking resemblance to other proven gold camps (e.g., Timmins). These boulders are blocky, large, and angular and show evidence that they have simply been "lifted" to the surface from below via the processes of frost-heave. I'm not shouting from the rooftops yet, but I would point out that if you are elephant hunting and start finding elephant footsteps and see the tops of elephant ears above the trees, you just might be getting close to your target.
There are three types of investors when it comes to Aurion. Those who have never heard of it, those who have heard of it but balk at the valuation, and those that own it and hold onto it with both hands because they know what might be in play. With a $100 million market cap, Aurion does not come cheap, but if all of those little blue crosses turn into boulder data points that are running with good grades you have to start asking yourself when a boulder field stops being a boulder field and is actually just an undeniable surface expression of what must lay beneath. To put it another way, the boulder field may simply turn out to be the weathered top of the deposit. It's a great case of beauty being in the eye of the beholder... for some, Aurion may look perpetually expensive, but to others it may look like the best pre-drill discovery story they've seen in years. The risk is high, but so is the reward. All you can do when speculating is look at the data at hand and place your bet or stand aside. The drills and hindsight will dictate the rest.
As always, time will tell, but right now I would say that all eyes should be on those little blue crosses. Should they return gold grades even remotely similar to the initial samples collected late last year, the future at Aamurusko could be very bright indeed. As for areas outside of the immediate Aamurusko focus area... the future is wide open there as well. Already, one slide from the new presentation references a new quartz-boulder area called "K2"...
Aurion plans to start drilling in August, so it should be an interesting Q3 for investors.