Augustine Announces That Red Pine Exploration Continues to Intersect Hanging Wall Mineralization on the Wawa Gold Project
Toronto, Ontario--(Newsfile Corp. - April 28, 2015) - Augustine Ventures Inc. (CSE: WAW) ("Augustine") entered into an assignment and assumption agreement with Red Pine Exploration Inc. (TSXV: RPX) ("Red Pine") and Citabar Limited Partnership ("Citabar") effective December 11, 2014 (the "Assumption Agreement") pursuant to which the parties agreed to amend the Surluga Property Option Agreement ("Option Agreement") to earn in an interest in the Wawa Gold Project, which includes the Surluga Deposit (see news release of December 11, 2014).
Red Pine reports in its news release of April 28, 2015 that it has completed more than 4,000 metres ("m") of drilling on the Surluga Deposit as part of its winter/spring 2015 drill program. The program's primary focus was to provide infill-drilling results to update and further enhance the existing resource on the property. Results for holes SD15-14 through SD-15-22 have now been received and assays are pending for the remaining holes.
Significant intervals and composite assay results from these holes plus comment from Red Pine, as reported in the Red Pine news release, are summarized below (in italics):
Intervals greater than 10 grams per tonne ("g/t") gold
| Drill Hole | From (m) | To (m) | Length (m)* | Gold (g/t) | Mineralization type |
| SD-15-14 | 282 | 283 | 1 | 11.20 | Jubilee shear zone |
Composites greater than 5 g/t gold
| Drill Hole | From (m) | To (m) | Length (m)* | Gold (g/t) | Mineralization type |
| SD-15-14 | 268.13 | 269.8 | 1.67 | 6.22 | Jubilee shear zone |
| SD-15-14 | 282 | 284.2 | 2.2 | 5.96 | Jubilee shear zone |
| SD-15-19 | 84.6 | 85.6 | 1 | 5.11 | Jubilee shear zone |
| SD-15-22 | 56.04 | 57.0 | 0.96 | 5.67 | Jubilee shear zone |
Intervals greater than 0.8 g/t gold
| Drill Hole | From (m) | To (m) | Length (m)* | Gold (g/t) | Mineralization type |
| SD-15-14 | 19.7 | 20.7 | 1 | 0.90 | Minto B shear |
| SD-15-14 | 244 | 287 | 43 | 1.00 | Jubilee shear zone |
| SD-15-15 | 164 | 174 | 10 | 0.80 | Jubilee shear zone |
| SD-15-16 | 161 | 163 | 2 | 0.94 | Jubilee shear zone |
| SD-15-17 | 139.9 | 145 | 5.1 | 0.95 | Pyritic zone in hanging wall |
| SD-15-19 | 72 | 93 | 21 | 0.84 | Jubilee shear zone |
| SD-15-22 | 53.4 | 60 | 6.6 | 0.9 | Jubilee shear zone |
| SD-15-22 | 68.67 | 78 | 9.33 | 0.90 | Jubilee shear zone |
Shallow intervals greater than 0.5 g/t gold (above Jubilee Shear)
| Drill Hole | DH From (m) | DH To (m) | Length (m)* | Gold (g/t) | Mineralization type |
| SD-15-19 | 72 | 92.93 | 20.93 | 0.839 | Jubilee shear zone |
| SD-15-22 | 51.5 | 79.0 | 27.5 | 0.57 | Jubilee shear zone |
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
New insights on the geometry of gold zones in the Surluga deposit
Drag folding has been identified as an important control on the geometry of the gold mineralization in the Jubilee Shear Zone. Folding can substantially increase the thickness of the shear zone and consequently the mineralized intersection. In drill hole SD-15-14 drag folding has distributed gold mineralization well below the currently defined Jubilee Shear Zone.
Previously unidentified zones of high-grade gold mineralization can therefore exist below the defined resources of the Surluga deposit where drag folding is the prevalent control on the mineralization zone geometry.
Gold mineralization in the hanging wall of the Surluga deposit
Results from these new drill holes continue to identify new zones of gold mineralization in the hanging wall of the Surluga deposit and indicate that zones of gold mineralization exist in the previously assumed barren and discounted material overlying the Surluga Deposit.
One of the main gold-bearing structures of the hanging wall, herein referred to as the Minto B Fault, has now been demonstrated as being gold-bearing below surface over a strike length of 250m, with mineralized thickness up to 27m. The compilation of historical datasets coupled with recent interpretation, indicates that the Minto B Shear Zone has an overall strike length of at least 900m over the southern part of the Surluga deposit and may extend further to the north. The other mineralized zone intersected in the hanging wall is a zone of high pyrite enrichment in the otherwise weakly deformed diorite.
Hanging wall drill intersections
| Drill Hole | From (m) | To (m) | Length (m)* | Gold (g/t) | Mineralization type |
| SD-15-14 | 18.6 | 27.5 | 6.86 | 0.43 | Minto B |
| SD-15-17 | 139.9 | 148.8 | 8.69 | 0.57 | Pyritic zone in diorite |
New insights on the other gold mines of the property (Figure 1)
Compilation of the historical dataset of the property has better defined the timing and geometry of historically mined gold zones, and indicates that shallow gold mineralization can be found in the vicinities of all the historical mines.
The largest historical mines (e.g. Parkhill, Darwin) are generally formed by two distinctive sets of veins. One set is typically formed by arrays of quartz tension veins with a NW to NNW orientation, and the other set is comprised of shear hosted quartz veins with a ENE to NE orientation. In all of the historical mines, the tensional and shear vein sets have the same orientation, indicating that they were most likely formed during the same gold mineralization event that extends over at least a 5.5km wide region.
Some of the tensional vein sets are mapped over a strike length in excess of 0.6 km (Darwin, Cooper, Minto). New interpretations indicate that many tensional vein sets have a potential strike length continuity well over 1 km. Similar strike lengths have also been demonstrated for some of the shear vein sets (Parkhill-Van Sickle, Minto B).
Dr. Ed Walker, Senior Project Geologist for Augustine states: "Exploration work completed by Red Pine further demonstrates that the full mineral resource potential of the Surluga-Jubilee deposit, as well as other past producing mines and known gold occurrences within the Wawa Gold project, have yet to be fully demonstrated."
Dr. Robert (Bob) Dodds, President and Chief Executive Officer of Augustine, states "Establishment of gold mineralization in the hanging wall by Red Pine has significant and positive impacts on the economics of the potential development of a mine. Red Pine's work continues to enhance our confidence that the Wawa Gold project could host a major gold deposit".
Any technical information in this new release presented by Augustine has been reviewed by Dr. Ed Walker, Ph.D., P. Geo, a Qualified Person as defined in NI 43-101.
Figure 1
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/698/15100_enhancedx4x1.jpg
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 22.4 million tonnes1 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 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
Cell: (905) 599-2025
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.