Augustine Announces New Drill Results Provide Further Evidence that the Surluga Deposit is Part of a Larger Gold System

TORONTO, ON / ACCESSWIRE / January 12, 2016 / Augustine Ventures Inc. (CSE:WAW) ("Augustine" or the "Company") announces additional results from its Fall 2015 Exploration Program at its Wawa Gold Project near the east shore of Lake Superior on TransCanada Highway 17.

Exploration work at the Wawa Gold Project consisted of seven channel samples and 554.8 metres of drilling (from Holes SM-15-32 to SM-15-39) in the Sunrise-Mickelson Shear Zone, located in the hanging wall (structurally above) of the Surluga Deposit (inferred resource of 1,088,000 ounces of gold at 1.71 grams per ton ("g/t") gold contained in 19.8 million tonnes using a cut-off of 0.5 g/t gold1).

Highlights from the eight drill holes and seven channel samples (see Figure 1) include:

- 28.6 g/t gold over 0.75 metres in drill hole SM-15-35from 41 metres to 41.75 metres;
- 6.65 g/t gold over 0.6 metres in drill hole SM-15-32 from 21.4 metres to 22 metres; and
- 18.76 g/t gold over 1.6 metres in Mickelson five channel samples from a 1.6 metre sample; and
- 23.19 g/t gold over 1.2 metres in Mickelson six channel samples from a 1.2 metre sample in the newly discovered extension of the Mickelson East shear zone.

The results from this drill program confirm that the high-grade gold-bearing samples from the Mickelson Showing, previously sampled at surface, continue below surface. The Mickelson Showings are located approximately 800 metres east of the Surluga Deposit inferred resource(1) in the Jubilee Shear Zone (Figure 1).

Drilling and surface sampling combined with ground geophysics indicate that contact zones between dioritic dykes and volcanic rocks control the distribution of the high-grade veins of the Mickelson Showing. These contact zones are easily traceable with the ground geophysical surveys done on the Mickelson Showing last fall (Figure 2). This new association will direct further exploration of this zone.

Dr. Robert (Bob) Dodds, Chief Executive Officer of Augustine states "The results of our exploration work continue to support the geological modeling and increase our confidence that the Surluga Deposit(1) is part of a larger gold system, the Wawa Gold Corridor.

In addition to our exploration work, prefeasibility studies are underway which can enhance the value of the property. These studies include buildup of the existing environmental data base for the mine permit process, applicability of ore sorting technology and alternative power generation."

Image: https://www.accesswire.com/uploads/18811_avinr11.jpg

Figure 1 – Cross Section (South of the Surluga Deposit ) to Illustrate Extension of the Jubilee Shear Zone as well as the Mickelson Showing
To view an enhanced version of Figure 1, please visit:
https://www.accesswire.com/uploads/18811_avinr12.jpg

Image: https://www.accesswire.com/uploads/18811_avinr13.jpg

Figure 2 – Plan View
To view an enhanced version of Figure 2, please visit:
https://www.accesswire.com/uploads/18811_avinr14.jpg

Drilling results in the Mickelson-Sunrise Deformation Corridor:

        Hole ID     From (m)     To (m)     Length (m)*     Gold (g/t)     Structure     Mineralization Type           SM–15–32              21.4     22     0.6     6.65     Mickelson East     Quartz vein       SM–15–32                    39     40     1     0.6         Mickelson East     Shear–hosted gold       SM–15–33     No significant values     Mickelson East       SM–15–34     No significant values     Mickelson East       SM–15–35                        41     41.75     0.75     28.6     Mickelson East     Quartz vein       SM–15–36     No significant values     Sunrise       SM–15–37                  6.1     7     0.9         1.04         Mickelson East     Shear–hosted gold       SM–15–38         
No significant values     Sunrise#4       SM–15–39                    49     50     1     0.567         Sunrise#4 

*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.

Results from channel sampling in the Mickelson East prospect:

        Hole ID     From (m)     To (m)     Length (m)*     Gold (g/t)     Structure     Mineralization Type           Mickelson 1     2.1     3.45     1.35     8.85     Mickelson East     Quartz vein       Mickelson 2     No significant values     Accessory vein       Mickelson 3     0     0.85     0.85     8.18     Mickelson East western extension     Quartz vein       Mickelson 4     No significant values                           Mickelson 5     0     1.6     1.6     18.76     Mickelson East       western extension     Shear with quartz vein       Mickelson 6     0     1.2     1.2     23.19     Mickelson East       western extension     Shear with quartz vein       Mickelson 7     0     0.85     0.85     1.48     Mickelson East western extension     Shear with quartz vein 

*True width has not been calculated for each channel sample, but the samples have been collected perpendicular to the strike of the targeted structure.

Winter 2016 Program

The Winter 2016 exploration program will focus on increasing the grade of the pit-constrained resource1 and decreasing the strip ratio by defining gold zones in the hanging wall and footwall of the resource. This will be achieved by:

- finding and extending the gold-bearing structures (Hornblende, William, Jubilee) of the Wawa Gold Corridor with ground geophysics and drilling;
- improving the grade of the Surluga Deposit inferred resource by sampling historic drill holes in the Jubilee Shear Zone that were not entirely sampled in the past; and,
- improving the strip ratio of the Surluga deposit by re-sampling historic core in the hanging wall of the inferred resources to better characterize the identified gold zones which were sparsely sampled by previous operators;
- additional surface work and trenching on the Mickelson showing to characterize the distribution of the high-grade quartz vein network and gold-bearing shear zones.

In addition to exploration work, prefeasibility studies are underway which can enhance the value of the property. These studies include build up the existing environmental data base for mine permit process, applicability of ore sorting technology and alternative power generation.

Qualified Person

Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

1NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 grams per tonne (g/t) 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 depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent ((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.

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.

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.

SOURCE: Augustine Ventures Inc.