Augen Gold Reports on Gold Exploration Program
20.09.2011 | Marketwire
TORONTO, Sept. 20, 2011 - 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 L308647\48 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 Côté 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 Côté 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 Côté 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Augen Gold Corp.
Carmelo Marrelli, Chief Operating Officer and Chief Financial Officer
416-361-0737
carm@marrellisupport.ca
www.augengold.ca