Augyva is Pleased to Announce Duncan Lake Iron Ore Project - 2011 Phase II Interim Drill Results
14 December 2011 - 11:00PM
Marketwired Canada
Augyva Resources Inc. ("Augyva" or the "Company") (TSX VENTURE:AUV) is pleased
to announce the Duncan Lake Iron Ore Project - 2011 Phase II Interim Drill
Results. The 2011 Phase II interim drilling program at the Duncan Lake property
(the "Property") was managed by Augyva and consisted of 8,404 meters of diamond
drilling in 25 NQ sized drill holes located in claim Blocks 3 and 6. The program
successfully outlined magnetite dominant zones with strike lengths of 2.3 km in
Block 3 and 1.0 km in Block 6.
Augyva's 2011 Phase II program follows a previously announced Phase I program of
10,460 meters drilled in 52 holes in 2008 and 2009. Following completion of
Augyva's 2011 Phase II interim drilling program, an extension to Phase II is now
under the management of Augyva's joint venture partner, Century Iron Mines
Corporation and its subsidiaries and affiliates, ("Century"), who on November
11, 2010 completed funding to achieve a 51% interest in the Property and became
the operator of the joint venture. Up until December 1st, 2011, Century had
completed, in addition to Augyva's Phase II drilling, 29,651 meters of drilling
in 82 NQ sized drill holes. Ongoing drilling by Century is expected to further
increase drilling within the Phase II program and in Q2 2012 it intends to
update the Property's National Instrument 43-101 ("NI 43-101") compliant
resource estimate and subsequently prepare a Preliminary Economic Assesment
("PEA").
The NI 43-101 Technical Report dated February 3, 2010, by MetChem, Canada Inc.,
filed on SEDAR, estimated the Property contains measured and indicated resources
of 31,315,000 tonnes of 23.74% Fe and inferred resources of 821,135,000 tonnes
of 24.56% Fe.
Peter R. Jones, Augyva's Chairman and Interim CEO said "Phase II interim
drilling results clearly show the iron formation's impressive grade
consistency". He went on to say, "The ongoing Phase II drill program being
completed by Century, our JV partner, is on track and we look forward to
providing a NI 43-101 update and a PEA to our shareholders in 2012.
Additionally, the involvement of WISCO Resources, who have recently agreed upon
the definitive terms of joint venture agreements between themselves and Century,
provides for the investment of $40 million into the Duncan Lake Iron Ore Project
which we believe positions Augyva to continue to deliver value to its
shareholders given its eventual 35% interest in the Project."
Augyva also wishes to communicate to its shareholders that a re-launch of its
corporate website and an updated corporate presentation should be available in
the coming weeks. Mr. Jones further comments that "Augyva's board of directors
wishes to express its gratitude to shareholders for their patience and support
through this transition period. With continued operational results and the
ongoing previously disclosed strategic review, the Company is well positioned to
enhance shareholder value in 2012."
Duncan Lake - 2011 Phase II Interim Drill Results:
The following intercepts were defined by a 16% Fe cut off and an 8m minimum
mining width. Collar coordinates are in UTM coordinate system Zone 18N NAD83 and
were surveyed with a Differential GPS. Down hole surveys were completed with a
gyroscope and cross-checked with a DeviFlex survey. In the following table the
column title "width (m)" is drill interception width and Century's ongoing drill
program will be used to determine true widths.
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Hole ID Block Northing Easting Elevation (m) Dip
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DUN-11-39 3 323925 5937033 159 -50
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DUN-11-41 3 324227 5937013 161 -50
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DUN-11-44 3 324366 5937156 157 -50
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DUN-11-51 3 324691 5937681 155 -50
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DUN-11-54 3 324877 5937494 158 -50
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DUN-11-58 3 324779 5937797 158 -50
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DUN-11-59 3 324777 5938159 157 -50
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DUN-11-62 3 324987 5937805 160 -50
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DUN-11-239 3 324174 5936782 165 -50
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DUN-11-241 3 324480 5936760 166 -50
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DUN-11-243 3 324474 5937046 156 -50
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DUN-11-244 3 324681 5936840 159 -50
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DUN-11-342 3 324109 5936564 168 -50
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DUN-11-349 3 324567 5936672 169 -50
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DUN-11-64 6 326523 5935203 166 -50
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DUN-11-67 6 326714 5935272 156 -50
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DUN-11-74 6 326942 5936398 152 -50
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DUN-11-75 6 327012 5936209 156 -50
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DUN-11-76 6 327086 5936003 158 -50
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DUN-11-77 6 327168 5936364 154 -50
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DUN-11-78 6 327239 5936168 152 -50
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DUN-11-79 6 327212 5936537 152 -50
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DUN-11-80 6 327363 5936416 152 -50
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DUN-11-81 6 327524 5936555 151 -50
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DUN-11-82 6 327684 5936697 147 -50
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Hole ID Azimuth From (m) To (m) Width (m) Fe %
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DUN-11-39 135 NSA
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DUN-11-41 135 63.2 76.4 13.2 26.0
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135.7 159.3 23.6 23.6
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250 261.7 11.7 23.1
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302.4 327.2 24.8 29.8
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329.8 342 12.2 21.8
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351 363.7 12.7 21.4
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382.5 425.6 43.1 27.2
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DUN-11-44 135 119.5 154 34.5 30.9
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172.8 205.7 32.9 27.4
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244.6 294.7 50.1 30.3
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303.7 326.1 22.4 30.4
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330.1 340 9.9 33.1
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343.1 380.2 37.1 28.0
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388.7 401.6 12.9 25.6
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DUN-11-51 135 200.4 274.4 74.0 25.8
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DUN-11-54 315 140.1 161.1 21.0 26.3
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177.9 195 17.1 29.5
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DUN-11-58 135 186.4 240.8 54.4 27.3
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DUN-11-59 135 NSA
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DUN-11-62 315 NSA
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DUN-11-239 315 56.2 99 42.8 21.9
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118.5 208.75 90.3 21.5
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DUN-11-241 315 97.4 141.8 44.4 21.1
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146.8 164.5 17.7 24.3
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178.3 211.8 33.5 24.7
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214.1 240.6 26.5 28.1
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311.5 331.7 20.2 24.6
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361 382.2 21.2 31.6
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DUN-11-243 315 31.5 73 41.5 25.5
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95.4 122.5 27.1 27.0
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132 143.25 11.3 22.7
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206.3 229.6 23.3 18.2
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DUN-11-244 315 234.2 245.7 11.5 21.7
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253.1 385.5 132.4 31.3
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388.6 411.4 22.8 25.8
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438.5 476.8 38.3 27.7
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481.5 527.1 45.6 31.3
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DUN-11-342 315 63 102 39.0 28.1
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DUN-11-349 315 285.9 449.3 163.4 23.4
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505.5 530.6 25.1 23.6
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DUN-11-64 340 131.5 154.3 22.8 26.1
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DUN-11-67 340 NSA
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DUN-11-74 340 13.4 84.7 71.3 23.5
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99.3 163.1 63.8 31.4
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194.8 233.1 38.3 31.5
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239.5 277.8 38.3 27.7
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DUN-11-75 340 158.6 171.4 12.8 17.0
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189 208.5 19.5 25.4
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219.5 283.3 63.8 26.7
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321.5 340.9 19.4 26.4
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DUN-11-76 340 170.4 250.5 80.1 21.7
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321.1 341.9 20.8 26.5
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DUN-11-77 340 70.1 85.5 15.4 29.7
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131.4 150.8 19.4 27.2
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177.5 192.9 15.4 31.3
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DUN-11-78 340 NSA
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DUN-11-79 340 76.5 95.5 19.0 34.4
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DUN-11-80 340 189.3 202.2 12.9 24.6
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267.3 277.9 10.6 32.0
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370.8 400 29.2 29.1
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DUN-11-81 340 46.4 67.8 21.4 27.5
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83.2 131.4 48.2 24.2
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170.4 258.8 88.4 30.2
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DUN-11-82 340 63.2 95 31.8 32.2
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115.5 133.1 17.6 26.1
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(NSA - no significant assay)
Duncan Lake Property Claim Blocks and Immediate Area.
A map is available at the following address:
http://media3.marketwire.com/docs/aug1214.JPG
About the Duncan Lake Property
The Duncan Lake property is in Quebec and within approximately 110 km of the
shore of James Bay, 575 km north of Matagami and is accessed via paved Highway
109. The property is subdivided into six separate mineralized zones 1 through 6
with Blocks 1, 2, and 5 located southwest of Highway 109 and Blocks 3, 4 and 6
northeast of Highway 109. The Property consists of 531 mineral claims totaling
25,602.54 hectares.
The Property is subject to an Option and Joint Venture agreement, dated May 20,
2008, between Century and Augyva. On November 11, 2010, Century completed its
funding of $6,000,000 to earn an initial 51% interest in the Property in
accordance with the Option and Joint Venture agreement. Pursuant to the Option
and Joint Venture agreement, and after earning the initial 51% interest, Century
became the operator of the Joint Venture and has the option to increase its
interest in the Property to 65% by expending a further $14 million during the
following 4 years thereafter.
Quality Assurance, Quality Control and Qualified Person
Sample preparation was contracted to the Centre d'etudes appliques sur le
Quaternaire ("CEASQ"), an independent sample preparation facility located in
Chibougamau. Pulps were then shipped to ALS Canada Ltd ("ALS") in Vancouver,
British Columbia, which is independent of Augyva. The samples were analyzed via
lithium borate XRF, and sulphur was determined by Leco furnace. Iron was
reported as total ferric iron and calculated as total iron by Augyva.
The QA/QC program included the insertion by CEASQ of systematic standards,
blanks and duplicate samples within every sample batch submitted to ALS. In
addition, ALS inserts its own duplicate samples. The results from these control
samples indicate acceptable consistency of analysis.
This press release has been prepared under the supervision of Mr. Rejean Girard
(P.Geo.) of IOS Services Geoscientifiques Inc, who is an independent consultant
and a "qualified person" (as such term is defined in National Instrument
43-101). Mr. Girard has verified the technical data disclosed in this press
release, including sampling, analytical and test data.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding five (5) properties
located in the James Bay and Abitibi regions of the Province of Quebec. Its
major project is its interest in the Duncan Lake Iron Ore Property located in
the western part of the La Grande Greenstone Belt. The property is accessible by
road and covers 25,602.54 hectares. A National Instrument 43-101 compliant
technical report on the mineral resource was prepared by Met-Chem Canada Inc.
dated February 03, 2010. The Duncan Lake Iron Ore Property is subject to a joint
venture agreement between Augyva Resources and Century Iron Mines Corporation
which has earned a 51% interest and is currently making additional exploration
expenditures to increase their interest to 65%.
In addition to the Duncan Lake Iron Ore Project, Augyva holds a 100% interest in
four other mineral properties, namely: Yasinski and Kali in the James Bay region
and Senneville and Malartic in the Abitibi region. At these mineral properties,
the exploration focus is for other than iron ore.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, are
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in Augyva's disclosure documents on the SEDAR website at
www.sedar.com. Augyva does not undertake to update any forward looking
information except in accordance with applicable securities laws.
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