Augustine Announces High Grade Channel Sample Returns on the Mickelson/Sunrise Deformation Zone and Definition of High-Grade Gold Zones in the Hanging Wall
Toronto, Ontario--(Newsfile Corp. - September 24, 2015) - Augustine Ventures Inc.'s (CSE: WAW) joint venture partner and Operating Manager of the Joint Venture Agreement (JVA), Red Pine Exploration Inc. ("Red Pine"), announced on September 24, 2015 the second round of assay results from its Summer 2015 exploration program.
Red Pine reports that channel samples taken in well exposed parts of the Mickelson/Sunrise Deformation Zone and Minto B/C Shear Systems located in the hanging wall of the Surluga Deposit returned high grades.
Mickelson/Sunrise Deformation Zone
The gold showings of the Mickelson/Sunrise Deformation Zone are located approximately 1.2 kilometres east of the surface exposure of the Surluga Deposit and approximately 800 metres above the deepest part of the defined underground part of the mineral resource (see Figure 1). The deformation zone is composed of multiple E-W-oriented and moderately (40-45 degrees) to steeply (>65 degrees) dipping shear zones with variably folded quartz veins.
- 8.22 grams per tonne ("g/t") gold over 1.5 metres (Mickelson Zone)
- 28.04 g/t gold over 2.75 metres (Mickelson East Zone)
- 14.47 g/t gold over 3.1 meters (Sunrise No. 4 Zone)
- along strike in both directions of the sampled shear zones, representative grab samples1 returned assay values between 0.014 and 93 g/t gold(indications of nugget affect).
Other highlights from the Mickelson/Sunrise Deformation Zone reported by Red Pine include:
- Grab samples taken 20 metres east and 30 metres west of the channel samples in the Mickelson East vein in the interpreted continuity of the shear zone returned 27 g/t (see Augustine News Release of December 17, 2014) and 93 g/t gold;
- An extension of the Mickelson/Sunrise Shear System was identified by the discovery of the Sunrise West showing located 260 metres west of Sunrise No. 4 where a grab sample returned 10.5 g/t gold;
- A check grab sample in the Sunrise showing located 70 metres north of the Mickelson showing and 220 metres along strike of the Sunrise No. 4 zone returned 36.4 g/t gold. It confirms the high gold values obtained in the Fall 2014 program (9.25 and 31.6 g/t gold respectively, (see December 17, 2014 News Release by Augustine); and
- Multiple gold-bearing shear zones are now identified in the Sunrise/Mickelson deformation corridor over a width of 140 metres and a strike length of at least 480 metres E-W.
Surface work by Red Pine in the Sunrise/Mickelson deformation corridor defined possible similarities in terms of grade, stacking of shear zones and width of high-grade zones between the gold zones of the Sunrise-Mickelson Deformation Zone and those mined in the Island Gold Mine of Richmont Mines Inc., located 40 kilometres north of the property.
Minto B and Minto C Shear Zones (Hanging Wall of the Surluga Deposit)
Red Pine reports the gold showings of the Minto B and Minto C shear zones were revisited to characterize gold-bearing structures that may increase the total contained gold in the Surluga Deposit. The showings are located in the hanging wall 350 metres east of the surface exposure of the Surluga Deposit and approximately 300-350 metres above the defined mineral resource (see Figure 1). Channel sampling of the Minto C shear zone, 40 metres along strike of hole SD-14-06 (3.39 metres at 3.3 g/t gold), which intersected the Minto C shear returned:
- 3 metres at 3.24 g/t gold in Minto C shear zone
The Minto B shear has a maximum of 40% of its total width exposed at surface. Assay results from the channel samples taken across strike returned anomalous gold values:
- 1 metre at 3.04 g/t gold in the Minto B shear zone
- 0.6 metre at 1.18 g/t gold in the Minto B shear zone
Red Pine states that with a possible thickness of up to 25-30 metres and promising gold intersections (SD-15-07 - 8 metres at 3.76 g/t gold), the gold anomalies (gold > 0.1 g/t) along the Minto B are good indicators of the potential of the Minto B to host volumetrically significant gold zones in the hanging wall of the Surluga Deposit.
Figure 1 - Mickelson Sunrise Deformation and Minto B and Minto B Shear Zones
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/698/17405_image.jpg
Dr. Robert (Bob) Dodds, President and Chief Executive Officer of Augustine, states, "Identification of the high grade gold mineralization zones in the Horneblende Shear Zone (see Augustine News Release of September 21, 2015) parallel to and west of the Surluga Deposit in the footwall together with these latest results identifying the gold mineralization in the Mickelson/Sunrise Deformation Zone approximately 1.2 kilometres east of the surface exposure of the Surluga Deposit plus characterization of Minto B and Minto C gold bearing shear zones within the hanging wall of the Surluga Deposit together enhance our continuing confidence that the known mineral resource1 in the Wawa Gold project could be increased".
Dr. Robert (Bob) Dodds goes on to say "Red Pine brings to the role of Manager of the JVA a wealth of experience and expertise. They have recently constituted a prestigious Advisory Board (see the article in the September 21-27, 2015, Vol. 101, No. 32 issue of the Northern Miner) and the on-going exploration program under their management keeps on bringing in very encouraging results. Together, we are confident that the planned, on-going exploration work could show that the Wawa Gold Project hosts a major gold deposit".
Red Pine's On-site Quality Assurance/Quality Control ("QA/QC") Measures
Grab samples are selected based on geological features such as veins, presence of mineralization, higher alteration and/or higher deformation with each sample bagged in situ in the field. Channel samples are collected with a portable diamond rock saw and bagged in situ on the field. Metal tags are placed along the channel to record the location of each sample. Each channel is 4 to 6 centimetres wide over the full length of the channel.
Grab and channel samples are transported in security-sealed bags for analyses at Activation Laboratories Ltd. in Ancaster, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are then shipped. All grab and channel samples are geo-referenced.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of field samples. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Qualified Persons
Quentin Yarie, PGeo. is the Qualified Person, as defined in NI 43-101, responsible for preparing, supervising and approving the scientific and technical content of Red Pine's news release of September 24, 2015, some of the results which are contained herein, and is responsible for overseeing all aspects of the Red Pine's exploration programs.
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.
Wawa Gold Project Highlights
- NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 g/t gold using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth2 ;
- Additional gold mineralization present, but not well defined, in the hanging wall and footwall secondary structures indicate that the contained gold of the pit-constrained resource can be increased and would significantly improve the economics of the resource1;
- Strike length continuity for some gold-bearing structures exceed 2.5 kilometres with potential continuous gold mineralization;
- Advantageous land position in an under-explored gold camp that hosted eight past producing mines with average grades of 8.9 g/t gold;
- Proximity to established regional infrastructure (roads, rail, airport, high voltage power lines, existing mill) and skilled workforce;
____________________
1 Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are not necessarily representative of other mineralization that may be identified on the property.
2 The Mineral Resource is disclosed in the NI 43-101 technical report titled "Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)". The report is available on www.SEDAR.com under Red Pine's profile. Cut-off grades are based on a gold price of US$1,250 per ounce and a gold recovery of 95 percent.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the CSE under the symbol "WAW".
Augustine has a 30% interest in the Wawa Gold Project and has entered into a Joint Venture Agreement (JVA) with Citabar LLP and Red Pine Exploration Inc. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. Under the terms of the JVA, Red Pine is the Operating Manager and will continue to explore and advance the current gold resource on the property. Red Pine is currently expediting negotiations to consolidate ownership of the Wawa Gold Project.
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.