Red Pine Exploration Drills 30.78 Metres of 3.06 g/t Gold, Including 7.70 Metres of 8.89 g/t Gold on Augustine's Wawa Gold Project
Toronto, Ontario--(Newsfile Corp. - January 27, 2015) - Augustine Ventures Inc. (CSE: WAW) ("Augustine") recently entered into an assignment and assumption agreement with Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine") and Citabar Limited Partnership ("Citabar") effective December 11, 2014.
Red Pine announced in a news release of January 27, 2015 some results of its exploration program. The results reported in the news release from Red Pine are summarized below:
Red Pine Exploration Inc. (TSX-V: RPX) (the "Company" or "Red Pine") drilled six exploration holes on the Surluga Gold Deposit in December 2014. Full assay results have now been received for the first three holes and the remaining assays are pending. The drilling program was conducted to better define the mineralization and alteration mineralogy on the property. The results confirm the gold grades reported by historical underground drilling, and also that these mineralized zones were not mined. When finalized, the results from all six holes will be incorporated in the updated resource calculation for the Surluga Gold Deposit that is currently being prepared for the Company by SRK Consulting (Canada) Inc. and Ronacher McKenzie Geoscience.
2014 Drilling Program
The underground drilling results were not incorporated in the current resource calculation for the Surluga Deposit. Given this fact, the location of the six drill holes were selected to both intersect historic gold mineralization, and identify the orientation of gold-bearing horizons.
(See Figure 1)
Significant assay results for the first three holes are summarized below:
| Grams per tonne ("g/t") | ||||
| Hole ID | From (m) | To (m) | Length* (m) | Gold (g/t) |
| SD-14-01** | 75.50 | 78.10 | 2.60 | 2.61 |
| SD-14-01 | 107.07 | 127.00 | 19.90 | 0.73 |
| incl. | 107.07 | 109.60 | 2.53 | 3.15 |
| incl. | 115.05 | 118.76 | 3.71 | 1.11 |
| SD-14-02*** | 80.50 | 82.50 | 2.00 | 3.85** |
| SD-14-02 | 118.25 | 128.38 | 10.10 | 3.16 |
| incl. | 119.50 | 126.50 | 7.00 | 4.44 |
| SD-14-03 | 244.30 | 248.80 | 4.50 | 0.68 |
| SD-14-03 | 244.30 | 275.08 | 30.78 | 3.06 |
| incl. | 255.00 | 258.00 | 3.00 | 4.45 |
| incl. | 264.10 | 271.80 | 7.70 | 8.89 |
| *Lengths reported above in metres ("m") are drill intersected core and do not represent true widths. | ||||
**Hole SD-14-01 was terminated because it intersected a drift and did not reach the known gold mineralization. The gold intersected in hole SD-14-01 is located spatially above the Surluga Shear and is considered a new discovery.
***Hole SD-14-02 was collared at the same location as SD-14-01 but rotated to the north by ~5° to intersect the Surluga Shear. SD-14-02 also intersected gold mineralization above the historic known mineralization (Surluga Shear). Based on a review of the initial logging, additional sampling has been conducted on SD-14-02.
As previously reported, gold in the form of flakes visible with the naked eye (VG)**** was observed in 3 holes. After review of the remaining core, additional VG was observed as follows:
- SD-14-04 between 263-264 metres, 270-272.37 metres, 276.6-277.35 metres and 285.5-287.5 metres
- SD-14-05 between 157-161 metres
- SD-14-06 between 319.6-323.5 metres
****Although VG is considered positive the Company cautions it has not received assay results for these intersections at the time of this press release.
Logging and sampling of the remaining three drill holes (4, 5 & 6), as well as the additional sampling of the above holes has been completed and all samples were shipped to the testing facility. Assay results for these samples are pending.
Quentin Yarie, President and COO of Red Pine, commented, “The 30.78 metre intersection grading 3.06 g/t gold from hole SD-14-03 is the best reported drill result Red Pine has observed on the Surluga Deposit. We have achieved our objectives of confirming, infilling and expanding the known areas of mineralization, and finding higher grade material which is proximal to surface. We will be working with the authors of our technical report to incorporate these results, as well as the three remaining holes, into our upcoming resource update. This resource model will then be used to assist us in targeting additional mineralization and based on the data collected from this latest drill program, we are confident that we can now also target previously unidentified gold mineralization. ”
The 2014 drilling included the collection of detailed geochemical and structural data through whole rock and four-acid geochemical analyses, hand-held X-Ray Fluorescence (XRF) analyses, and structural measurements utilizing oriented drill core.
Insights From 2014 Exploration Campaign
In addition to intersecting gold mineralization, the 2014 Drill Program provided the following points of interest:
- There are multiple gold-bearing shear zones, at multiple orientations, in the hanging wall of the Jubilee Shear Zone;
- at least two separate gold mineralization events at the Surluga Deposit have been identified;
- detailed structural logging of oriented core identified structural controls that are associated with the gold mineralization;
- multiple fluid pathways are controlling the distribution of gold mineralization;
- gold mineralization is associated with diagnostic alteration that is easily detectable with hand-held XRF technology; and
- gold distribution has been correlated with geophysical properties.
The Company is utilizing the information outlined above to identify the structural, geochemical, and lithological controls for mineralization on the Property. This information will then be used, in conjunction with geophysical and geological correlations, to:
| 1. | further expand the Surluga Deposit; | |
| 2. | connect the Surluga Deposit with historical deposits on the Property and; | |
| 3. | identify new mineralized gold zones. | |
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Dr. Robert (Bob) Dodds, President and Chief Executive Officer of Augustine, states “Augustine is pleased with the exploration work that is being carried out by Red Pine in the development of the Wawa Gold Project. As we have stated previously, the metrics for the Wawa Gold Project are considered to be conducive to developing a major gold mine which will benefit the nearby town and First Nations Community as well as the Province”
Technical information in this new release has been reviewed by Dr. Ed Walker, Ph.D., P. Geo, a Qualified Person as defined in NI 43-101.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has an option to earn up to a 75% interest on the Wawa Gold Project which encompasses 2,426 hectares in McMurray Township, southeast of the Town of Wawa, Ontario. Over 95 percent of the property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The property has a gold resource of 1.1 million ounces at 1.5 g/t hosted within 22 million tonnes** with known lateral extension and depth extension to 600 meters, a history of past production from the known vein deposits and a large number of untested but documented gold occurrences. Augustine has also acquired a 100% undivided interest in an additional 182 claim units known as the Oakley Lake Property totalling 2,912 hectares contiguous to its Wawa Gold Project.
1The Mineral Resource is disclosed in the NI 43-101 compliant technical report titled “Amended Technical Review and Mineral Resource Estimate for the Jubilee-Surluga Property, near Wawa, Ontario, Canada for Augustine Ventures Inc.” dated October 12, 2012 and prepared by Clifford J. Duke, P. Eng., Senior Associate Geological Engineer of Watts, Griffis and McOuat, Consulting Geologists and Engineers. The report is available on www.SEDAR.com under Augustine’s profile.
For additional information contact:
Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528 x230
Email: bdodds@augustineventures.com
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.