Augen Gold Reports on Gold Exploration Program
21 September 2011 - 1:22AM
Marketwired Canada
Augen Gold Corp. ("Augen Gold") (TSX VENTURE:GLD) is pleased to provide an
update on its drilling campaign within the North Shore Area, several kilometres
northeast of the historical Jerome Gold Mine. This area is centrally located
within Augen Gold's 45-kilometre-long South Swayze Property, which is
approximately halfway between the mining centers of Sudbury and Timmins in
Ontario.
In the past three months, Augen Gold completed 26 drill holes for 6,900 metres
and extended another 8 holes for 1,395 metres in the North Shore Area. Most
holes and extensions targeted the promising North Shore Trend, and available
assays show numerous significant gold intersections, most of which establish
continuity within two mineralized zones that had returned several high-grade
intersections including 66.80 g/t Au over 1.50 metres, 24.00 g/t Au over 1.50
metres and 23.20 g/t Au over 1.12 metres, as reported earlier in the year.
Results from an additional 12 holes and 2,999.50 metres of drilling remain
pending from the North Shore Area. Drilling continues to evaluate the potential
of this area.
Highlights from available assays are summarized below.
---------------------------------------------------------------------------
DDH No Sample No. From (m) To (m) Width (m) Au (g/t)
---------------------------------------------------------------------------
NS11-90EXT J085686 296.40 297.55 1.15 7.68
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-100EXT L306380 465.00 466.50 1.50 7.99
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-117 J089421 42.00 43.50 1.50 3.17
-------------------------------------------------------------
J089422 43.50 45.00 1.50 4.52
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-119 J084088 43.70 45.00 1.30 4.49
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-135 L306557 151.00 152.50 1.50 2.85
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-138 J084897 87.00 88.50 1.50 3.35
-------------------------------------------------------------
J084959 193.50 195.00 1.50 4.09
-------------------------------------------------------------
J084979 216.00 217.50 1.50 5.60
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-139 L306094 168.00 169.50 1.50 2.36
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-140 J085838 142.60 143.42 0.82 3.47
-------------------------------------------------------------
J085844 149.30 150.80 1.50 7.89
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-141 J085994 161.23 162.70 1.47 1.73
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-142 L306681 176.57 178.07 1.50 3.64
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-143 L308604 139.50 141.00 1.50 1.73
-------------------------------------------------------------
L308641 218.38 219.06 0.68 5.00
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-144 L30864748 2.00 4.50 2.50 4.16
-------------------------------------------------------------
L308707 228.00 229.50 1.50 5.03
-------------------------------------------------------------
L308708 229.50 231.00 1.50 1.99
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NS11-145 L308792 178.50 180.00 1.50 4.64
-------------------------------------------------------------
L308841 255.00 256.50 1.50 1.26
-------------------------------------------------------------
L882060 280.50 282.00 1.50 1.25
---------------------------------------------------------------------------
The North Shore Trend strikes west-northwest for more than 1,600 metres and
consists of two parallel higher-grade auriferous zones that dip steeply south
within a halo of much lower grade gold, in or adjacent to a band of
magnetite-bearing Timiskaming volcanics.
This trend was recognized earlier in the year when preliminary drilling returned
significant intersections including 10.60 g/t Au over 10.50 metres and 6.72 g/t
Au over 11.19 metres, as previously set out in Augen Gold news releases dated
May 11, 2011 and April 20, 2011, respectively.
The North Shore Trend shows similar strike and dip to auriferous zones at the
Jerome Mine, located to the southwest on a parallel structure. Augen Gold
recently announced an initial NI 43-101 compliant Mineral Resource estimate for
Jerome that outlined a 1.03 million ounce Inferred gold resource (18.7 million
tonnes grading 1.7 g/t Au) at a cutoff grade of 0.3 g/t, as reported in Augen
Gold's news release dated July 18, 2011.
Concurrent with the North Shore drill program, 8 holes totaling 3,475.84 metres
have been completed in the West Cote Lake Area. Results from this drill program
will be reported upon receipt.
JVX Ltd. of Richmond Hill, Ontario completed down-hole induced polarization
(DHIP) surveys at both the North Shore and the West Cote Lake Areas in July and
August 2011 and results are pending. In addition, till sampling carried out by
Overburden Drilling Management of Nepean, Ontario has revealed the widespread
presence of gold in the West Cote Lake Area. An interpretation is pending and
will be reported upon receipt.
Gold in drill core samples was determined at ALS Laboratory Group by fire assay
AAS on 30 gram charges. Samples reporting more than 10 g/t Au were re-analyzed
by the fire assay-gravimetric method, also using 30 gram charges. Drilling was
performed at a dip of 45 degrees and therefore true width would be reduced to
75%.
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.
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 with
respect to the North Shore Area drilling 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 a mineral
resource.
For more information on Augen Gold, visit our website at www.augengold.ca.
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.
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Nov 2024 to Dec 2024
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Dec 2023 to Dec 2024
