AUGEN GOLD Hits 2.75 grams of Gold/tonne over 61.00 metres at Jerome!
24 September 2010 - 11:59PM
PR Newswire (Canada)
TORONTO, Sept. 24 /CNW/ -- Shares outstanding: 83,701,205 TORONTO,
Sept. 24 /CNW/ - Augen Gold Corp. ("Augen Gold" or the "Company",
TSX-V: GLD) is pleased to provide an update of gold exploration
activity in the Jerome Mine area within its 100% owned South Swayze
Property located approximately halfway between the mining centers
of Sudbury and Timmins in Ontario and accessible by road
year-round. Assay results from the last twelve holes drilled are
now available and the highlight is a composite of 2.75 gt Au over
61.00 metres (156.00-217.00 m) in drill hole AG10-60. This drill
hole is located 115 metres northwesterly and along trend of
previously reported drill hole AG10-52 (Augen Gold News Release,
July-20-2010) that had returned a composite of 2.64 gt Au over
29.50 metres (105.50-135.00 m). Drill hole AG10-52, inturn, is
located 60 metres westerly and along trend of previously reported
drill hole AG10-39 (Augen Gold News Release, June-21-2010) that had
returned a composite of 2.25 gt Au over 25.88 metres (79.62-105.50
m). Maps depicting these recent results can now be viewed on our
web site www.augengold.ca Highlights from recent assay results from
the eleven other drill holes include 19.35 gt Au over 1.00 m
(159.00-160.00 m) in drill hole AG10-54, 0.617 gt Au over 1.00 m
(27.50-28.50 m) in drill hole AG10-56, 15.25 gt Au over 1.00 m
(56.00-57.00 m) in drill hole AG10-57, 8.77 gt Au over 0.50 m
(170.00-170.50 m) in drill hole AG10-58, 63.90 gt Au over 0.50 m
(64.00-64.50 m) in drill hole AG10-59, 7.58 gt Au over 1.00 m
(196.00-197.00 m) in drill hole AG10-61, 7.01 gt Au over 1.50 m
(224.50-226.00 m) in drill hole AG10-62, 12.35 gt Au over 0.80 m
(191.00-191.80 m) in drill hole AG10-63, 8.24 gt Au over 1.00 m
(122.00-123.00 m) in drill hole AG10-64, 9.41 gt Au over 1.50 m
(54.50-56.00 m) in drill hole AG10-65, and 2.92 gt Au over 1.00 m
(62.70-63.70 m) in drill hole AG10-66. Augen Gold completed
twenty-six drill holes between late May and late July of this year
in the Jerome Mine area for a total of 3,803 metres J.David Mason,
CEO, stated "these results are quite significant. This will be
salient input for our computer model and may significantly increase
the contained ounces. This will be most helpful for our NI43-101
resource assessment". Gold was determined at ALS Laboratory Group
by fire assay AAS on 30 gram charges. Samples reporting more than
10 g/t Au were re-analyized by the fire assay-gravimetric method to
produce the reported values, also using 30 gram charges. Most
drilling was performed at dips of 45 and 50 degrees and therefore
true width would be reduced to 75%. Drilling at Jerome was part of
a property-scale exploration program that had started in late
September of 2009 and that is continuous in other parts of the
South Swayze Property. To date, approximately 350 line kilometres
have been cut, approximately 300 line kilometres have been surveyed
with geophysical methods and 69 drill holes totalling over 11,500
metres have been completed. Augen Gold has been successful in
raising approximately $4.9 million in financings, in 2Q10,
comprised of $1.5 million in flow through, and $3.4 million in hard
dollars and is now well financed to achieve its next exploration
milestones. Since inception in October 2006, the Company has raised
a total of approximately $17 million for the South Swayze Project.
About Augen Gold Augen Gold is a gold exploration company with
23,685 hectares of staked and patented mining claims in the
Southern Swayze Greenstone Belt, including the formerly producing
Jerome Gold Mine. The claims cover a 45 kilometre long section of
the Ridout Deformation Zone, believed to be the western extension
of the Kirkland Lake/Larder Lake Break. The geological setting is
comparable to the major gold camps of Timmins and Kirkland Lake,
and the claims contain numerous gold showings that have received
very little historical exploration. Augen Gold is the first company
to have assembled such a coherent ground position. Augen Gold
has performed a detailed airborne geophysical survey over the whole
area, and its sampling program has confirmed the historically
reported gold values. The correlation of many gold showings with
geophysical features indicates excellent potential for the
discovery of additional deposits. The Company's objectives are to
aggressively explore the gold showings that correlate with
geophysical anomalies, continue resource definition at the Jerome
Mine, and to expand its property portfolio with highly prospective
mineral assets. The information contained in this news release has
been prepared by Augen Gold's Project Geologist, Gordon McRoberts,
P.Geo., who is a Qualified Person for the Company's Jerome Project
under the definitions established by National Instrument 43-101.
The potential quantities and grades disclosed herein are
conceptual in nature and there has been insufficient exploration to
define a mineral resource. It is uncertain if further exploration
will result in the target being delineated as as a mineral
resource. For more information on the South Swayze Porperty, please
refer to the Company's NI 43-101 compliant technical report
"Amended and Restated Technical Report on the Augen Gold Corp.
Claims, Porcupine Mining Division, District of Sudbury, Ontario,
Canada" (effective April 8, 2008 available on the Company's profile
at www.sedar.com). For more information on Augen Gold, visit our
website at www.augengold.ca The Company's documents may be accessed
at www.sedar.com Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release contains
forward-looking statements. These statements are based on
information currently available to the Company and the Company
provides no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates
and statements that describe the Company's future plans, objectives
or goals, including words to the effect that the Company or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other
things, results of exploration, project development, reclamation
and capital costs of the Company's mineral properties, and the
Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with the activities of the Company; and other matters
discussed in this news release. This list is not exhaustive
of the factors that may affect any of the Company's forward-looking
statements. These and other factors should be considered
carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not
undertake to update any forward-looking statement that may be made
from time to time by the Company or on its behalf, except in
accordance with applicable securities laws. pJ. David Masonbr/Chief
Executive Officer and Directorbr/Augen Gold Corp.br/Tel:
416-915-4231br/a
href="mailto:dmason@augengold.ca"dmason@augengold.ca/a/p
Copyright
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Sep 2024 to Oct 2024
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Oct 2023 to Oct 2024