Augyva Announces Duncan Lake Iron Ore Project Phase II Drilling, Update # I.
10 February 2012 - 12:30AM
Marketwired Canada
Augyva Mining Resources Inc. (Augyva or the Company) (TSX VENTURE:AUV.V) is
pleased to announce Duncan Lake Iron Ore Project Phase II Drilling, Update # I.
The Phase II program is managed by our joint venture partner, Canadian Century
Iron Ore Corporation (Century), a subsidiary or Century Iron Ore Mines
Corporation, as part of its expenditure to increase ownership in the project
from 51% to 65%. Century is the operator of the Duncan Lake project under the
option and joint venture agreement.
Phase II Drilling, Update # I results are being reported for 19,700m of drilling
in 54 drill holes located in deposit zones 3, 4 and 6. The table immediately
below shows previous drilling. In addition to the 19,700m in this update,
approximately 9,000m of drilling has been completed and will be reported when
assays are available.
Phase I drilling, previously reported 10,460m in 52 holes - complete
Phase II interim drilling, previously
reported 8,404m in 25 holes - complete
Phase II drilling, update # I, this report 19,700m in 54 holes - ongoing
The Phase II drilling program is expected to continue after freeze-up in 2012,
to provide information for an NI43-101 updated mineral resource estimate and to
perform a Preliminary Economic Assessment (PEA), the contract for which has been
awarded to Met-Chem Canada Inc.
The Phase II 19,700 drill program has improved confidence in the continuity of
magnetite dominant zones and has demonstrated approximate strike extents of 2.5
km in zone 3, 1.0 km in zone 4 and 1.0 km in zone 6. "Recent drilling and assays
continues to show grade consistency" said Peter R. Jones, Chairman & Interim CEO
of Augyva. He continued, "Century assures us the project is on track for an
updated NI43-101 resource estimate and PEA by approximately mid-2012."
At the end of this news release is a diagram of the Project zones 1 through 6
and three tables namely zone 3, zone 4 and zone 6 with details included of the
19,700m of drilling in 54 drill holes together with mineralized intercepts and
grades, drill hole collar coordinates, hole dips and azimuths as well as
intercept core lengths.
About the Duncan Lake Property
The Duncan Lake Iron Ore Property ("DLIOP") is located approximately 570 km
north of Mattagami, Quebec, and can be easily accessed via paved road (Highway
109), connecting Mattagami to Radisson. Road distance from Montreal to DLIOP is
estimated to 1,350 km. The property is located 50 km south of Radisson and 10 km
south of the LG2 regional airport.
The property is subdivided into six (6) separate mineralized zones (1 to 6)
proximal to Highway 109. The claim blocks 1, 2, and 5 are located southwest of
the highway and claim blocks 3, 4 and 6 to the northeast. The property has
recently been expanded to 528 exploration claims covering 25,448.8 hectares.
The DLIOP is subject to a joint venture agreement between Century, which holds a
51% interest, and Augyva, which holds a 49% interest under an option and joint
venture agreement dated May 20, 2008.
On November 11, 2010, Century completed its funding of $6,000,000 to earn an
initial 51% interest in the DLIOP in accordance with the JV Agreement. Pursuant
to the JV Agreement, and after earning the initial 51% interest, Century will
have the option to increase its interest in the property to 65% by expending a
further $14 million during the following 4 years thereafter.
Drilling and Assaying Quality Control Procedures
Samples were prepared by IOS Services Geoscientifiques Inc and shipped for
assaying to ALS Minerals Ltd in Vancouver, British Columbia, which is
independent of Century and Augyva. The samples were analyzed via lithium
metaborate XRF, and sulphur was determined by Leco furnace. Iron was reported as
total ferric iron and converted to total iron.
The QA/QC program included the insertion of systematic certified and internal
standards, blanks and duplicate samples within every sample batch submitted to
ALS for approximately 15% of the assay population. In addition, ALS inserts its
own duplicate samples. The results from these control samples were monitored by
an IOS certified chemist and indicate excellent 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 the Qualified Person for the technical data disclosed in this press release.
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 DLIOP located in the western part of the La
Grande Greenstone Belt. A NI 43-101 compliant technical report on the mineral
resource was prepared by Met-Chem. Canada Inc. and was released in March 2010.
In addition to the DLIOP, 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.
Cautionary Statement
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.
To view the map of the Duncan Lake Property Claim Block (1) and Immediate Area,
please visit the following link:
http://media3.marketwire.com/docs/auvmap0209.pdf
Note: Claim block numbers 1 through 6 contain the Magnetite Iron Formation Zones
1 through 6
Zone 3 - Duncan Lake Iron Ore Project Phase II Drilling, Update #I - Results
The following intercepts were defined by a 16% Fe cut off and an 8m minimum core
length. True widths have yet to be determined. Drill results indicate that the
geometry of folding within zone 3 is relatively complex. The reader is cautioned
that true widths may vary significantly from the reported drilled core lengths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core
FROM TO Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-228 5935588 323956 153 -54 315 90 108 18 25.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
126 138 12 23.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
216 225 9 29.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-229 5935864 323960 165 -52 315 NSA
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-232 5935973 324134 155 -50 315 43.9 341.4 297.5 32.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-233 5935837 324273 153 -50 316 45.8 86.4 40.6 27.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-234 5936376 324015 173 -50 315 167 194.8 27.8 30.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-235 5936140 324252 163 -50 315 138 210 72 24.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
228 291 63 23.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
294 318 24 18.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
321 333 12 24.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
336 501 165 29.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
507 552 45 26.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
555 567 12 27.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-236 5935951 324440 156 -52 315 64.5 156 91.5 25.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
236.5 273 36.6 23.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-237 5936441 324232 178 -50 315 42.3 149.8 107.5 26.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
209.6 396 186.4 27.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-238 5936167 324537 160 -50 315 13.8 135 121.3 26.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-240 5936484 324471 172 -51 315 21.9 35.2 13.3 28.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
51 66 15 20.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
86.7 97.8 11.1 20.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
399 493.2 94.2 24.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-242 5936294 324948 153 -51 315 56 96 40 26.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
117 201 84 22.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-245 5936584 324938 151 -53 315 159 168 9 23.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
198 372 174 25.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-246 5936359 325163 152 -51 315 183 270 87 23.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
296 336 40 29.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-247 5937051 324753 153 -53 319 153 165 12 22.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
309 384 75 24.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-248 5936811 325010 151 -52 316 78 87 9 24.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
114 123 9 22.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-251 5937229 324859 154 -52 314 324 387.3 63.3 23.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-252 5936706 325394 149 -51 315 24.6 63 38.4 30.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
78 99 21 33.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-255 5936802 325566 155 -50 320 NSA
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-256 5936583 325784 147 -52 315 75 88 13 26.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-259 5937585 325069 164 -50 315 294 330 36 23.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-260 5937105 325545 165 -51 315 5.5 48 42.5 28.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-261 5936957 325695 155 -52 312 112 253 141 25.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
357 375 18 19.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-263 5937104 325830 163 -50 315 NSA
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-334 5935541 324001 153 -54 308 146 165 19 31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
186 195 9 18.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
356 364 8 20.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-340 5936264 324126 172 -43 320 162.8 174.4 11.6 36.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
304 375 71 31.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-343 5936318 324357 169 -50 315 173.5 197.4 23.9 22.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
211.9 263.5 51.7 25.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
279.1 320.1 41 23.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
340.8 355.4 14.7 21.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
366.3 492.4 126.2 23.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
505.7 620.8 115.1 23.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-345 5936626 324332 176 -47 312 43.9 140.8 96.9 24.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
167.9 248.5 80.7 20.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
263.1 436 172.9 22.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
447.6 456.3 8.7 17.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-351 5936219 325024 155 -49 313 129 204 75 21.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
231 291 60 24
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-360 5937413 324956 159 -50 314 290.1 339 48.9 21.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-362 5936513 325857 148 -51 315 6 42 36 22.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-364 5937675 324982 161 -51 315 171 183 12 25.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-367 5937891 324910 163 -51 315 6 30 24 22.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-368 5937177 325754 160 -52 315 NSA
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(NSA - No Significant
Assays)
Zone 4 - Duncan Lake Iron Ore Project Phase II Drilling, Update # I - Results
The following intercepts were defined by a 16% Fe cut off and an 8m minimum core
length. True widths have yet to be determined. Drill results indicate that the
geometry of zone 4 is controlled by a thrust fault, which hinders the accurate
interpretation of the true width of the mineralized intersections. The reader is
cautioned that true widths may vary significantly from the reported drilled core
lengths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core
FROM TO Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-212 5941639 329388 149 -67 320 38 286 248 25.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
345.6 444.3 96.5 22.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-213 5941589 329428 147 -51 320 105.85 298 192.1 24.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
302 330.3 28.4 24
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-214 5941795 329520 152 -60 320 56.8 73.6 16.8 25.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
89.7 191.5 101.8 25.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
210.3 230.2 19.9 22.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
296.5 397.6 101.1 21.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
450.4 459.6 9.2 21.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-215 5941985 329361 156 -61 320 14.7 130.7 116 21.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-216 5942086 329525 156 -61 320 37.8 48.6 10.8 19.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
65.5 91.6 26.1 19.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-217 5941911 329684 149 -61 320 106.5 116.2 9.7 20.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
122.3 234 111.7 25.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-218 5942138 329751 148 -61 320 28.1 46.6 18.5 18.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
72.4 84.3 11.9 24.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
90.4 103.7 13.3 17.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-219 5942043 329834 147 -64 320 60 187.6 127.6 23.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
221.3 240 18.7 22.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-221 5942076 330067 143 -62 320 155.8 241 85.2 27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
259.4 270 10.6 23.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-222 5942143 330267 144 -61 320 187.1 200.5 13.4 20.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
219.4 227.5 8.1 22.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
238.1 265.4 27.3 18.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-223 5942306 330394 144 -61 320 133 143.5 10.5 25.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-224 5942451 330535 145 -61 320 83.2 97.7 14.5 27.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-320 5941932 329399 156 -60 320 8.6 17.5 8.9 18.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
91.9 206.3 114.4 23.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-321 5941838 329483 152 -60 320 16.9 165.8 148.9 22.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
231.2 337.6 106.4 22.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
375.5 391.6 16.2 18.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-331 5942393 330584 146 -62 320 188 203.4 15.4 28.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-332 5942593 330667 146 -54 320 NSA
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(NSA - No Significant
Assays)
Zone 6 - Duncan Lake Iron Ore Project Phase II Drilling, Update # I - Results
The following intercepts were defined by a 16% Fe cut off and an 8m minimum core
length. True widths have yet to be determined. Zone 6 is intruded by an
irregular network of granitic intrusives which hinder the estimation of true
width. The reader is cautioned that true widths may vary significantly from the
reported drilled core lengths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core
FROM TO Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-272 5936321 326757 154 -51 340 16.2 65.2 49 23.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
118.2 127.3 9.1 24.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
173.4 196.5 23.1 24.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
312.3 321.2 8.9 22.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-273 5936163 326814 156 -52 340 4.8 42.4 37.6 30.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
273.7 346.6 72.9 31.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
366.3 384.5 18.2 23.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
450.7 466.5 15.8 21.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-383 5936395 327263 153 -52 340 146.2 224.8 78.6 20.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
236.8 245.3 8.5 27.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-384 5936545 327313 152 -52 340 9.5 45.5 36 19.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
115.8 127.9 12.1 32.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DUN-11-386 5936641 327492 152 -50 340 8 34.8 26.8 19.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
64.1 156 91.9 25.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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