Augyva and Century Announce Duncan Lake Iron Ore Project Phase II Drilling, Update # II
31.07.2012 | Marketwire
TORONTO, July 31, 2012 - Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva") and Century Iron Mines Corporation (TSX:FER) ("Century") are pleased to announce Duncan Lake Iron Ore Project Phase II Drilling Update #2.Phase II Drilling, Update #2 results are being reported for 8,956m of drilling in 26 drill holes located in zones 3, 4 and 6. The table immediately below shows previously released drilling.
Phase I drilling, previously reported 10,460m in 52 holes - complete
Phase II interim drilling, previously reported 8,404m in 25 holes - complete
Phase II drilling update #I, previously reported 19,700m in 54 holes - complete
Phase II drilling update #2, this report 8,956m in 26 holes - complete
The Phase II drilling program is complete, except for outstanding assay results for an additional 19 holes, which will be reported in update #3.
Peter R. Jones, Augyva's Chairman and Interim CEO said, "The Phase II program clearly highlighted promising mineralization widths and continuity which we believe are suitable to support a 12 million tonne per annum pellet operation". He also said "Century, our JV partner, is on track to provide the updated NI43-101 to our shareholders in the third quarter and the PEA by the end of 2012.
At the end of this news release are the three tables namely zone 3, zone 4 and zone 6 with details of the 8,956m of drilling in 26 drill holes together with mineralized intercepts and grades, drill hole collar coordinates, hole dips and azimuths as well as intercept core lengths. The remaining results of the drilling program will be reported when assays are available.
About the Duncan Lake Property
The Duncan Lake Iron Ore Property ("DLIOP") is located approximately 570 km north of Mattagami, Québec, and can be easily accessed via paved road (Highway 109), connecting Mattagami to Radisson. Road distance from Montreal to DLIOP is estimated to be 1,350 km. The property is located 50 km south of Radisson and 10 km south of the LG2 regional airport.
The property is subdivided into six (6) separate mineralized zones (1 to 6) proximal to Highway 109. The claim blocks 1, 2, and 5 are located southwest of the highway and claim blocks 3, 4 and 6 to the northeast. The property has recently been expanded to 528 exploration claims covering 25,448.8 hectares.
The DLIOP is subject to a joint venture agreement between Century, which holds a 51% interest, and Augyva, which holds a 49% interest under an option and joint venture agreement dated May 20, 2008.
On November 11, 2010, Century completed its funding of $6,000,000 to earn an initial 51% interest in the DLIOP in accordance with the JV Agreement. Pursuant to the JV Agreement, and after earning the initial 51% interest, Century will have the option to increase its interest in the property to 65% by expending a further $14 million during the following 4 years thereafter.
Duncan Lake Iron Ore Project Phase II Drilling, Update # 2 - Results
Zone 3
FROM TO Core Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
DUN 11-234B 5936355 324049 173 -60 143 207.9 277.45 69.55 30.07
DUN 11-238C 5935977 324697 152 -50 317 165.6 277.1 111.5 24.49
DUN 11-337 5936064 324051 163 -50 319 NSA
DUN 11-337B 5936038 324071 160 -50 135 18.6 117.65 99.05 29.36
141.8 201.15 59.35 26.82
DUN 11-340C 5936265 324126 172 -50 135 44.25 144.2 99.95 27.7
DUN 11-346B 5936098 324858 153 -50 310 178.3 319.9 141.6 21.81
DUN 11-348 5936864 324376 165 -50 315 36.7 178.6 141.9 20.56
Incl. 36.7 89.7 53 25.2
242.35 278.8 36.45 22.62
DUN 11-348B 5936959 324287 164 -50 315 62.2 136.7 74.5 17.6
DUN 11-350B 5936510 324729 159 -50 315 NSA
DUN 11-353 5936508 325015 151 -50 315 32.55 148.3 115.75 21.77
435.15 478.1 42.95 25.56
DUN 11-354 5937189 324618 158 -50 315 9.9 131.6 121.7 24
185.5 196.1 10.6 28.74
DUN 11-237C 5936441 324232 178 -50 135 NSA
DUN 12-249 5936536 325270 152 -50 315 103.3 245.7 142.4 19.53
Incl. 103.3 145 41.7 24.32
Incl. 169.95 199.6 29.65 26.83
NSA - no significant assay
Zone 4
FROM TO Core Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
DUN 11-203 5941250 328541 149 -60 320 73 145 72 24.77
DUN 11-204 5941300 328495 153 -60 320 4.5 68 63.5 24.07
DUN-11-205 5941455 328625 156 -50 320 6 47 41 20.56
DUN 11-206 5941310 328835 149 -50 320 226.5 273.1 46.6 23.63
DUN 11-207 5941469 329008 146 -60 320 61.9 209.9 148 22.5
Incl. 61.9 130.4 68.5 32.15
275.3 342.8 67.5 24.35
470 506.4 36.4 25.43
DUN 11-208 5941573 328928 155 -60 320 43.9 96.3 52.4 26.34
151.2 222 70.8 25.18
DUN 11-209 5941569 329197 146 -60 320 21 132 111 24.14
165.1 213 47.9 22.16
279.85 470.4 190.55 21.26
Incl. 359.9 441.8 81.9 27.89
DUN 11-226 5941909 328895 157 -60 320 14.5 156.5 142 23.43
DUN 11-305 5941121 328388 145 -60 320 18.15 43.1 24.95 22.9
DUN 11-308 5941326 328738 145 -60 320 170 204.5 34.5 21.52
DUN 11-309 5941462 328883 149 -60 320 68.6 154.6 86 19.51
207.8 280.2 72.4 25.65
DUN 11-313 5941678 329108 151 -60 320 45.5 86.7 41.2 19.57
152.3 365 212.7 22.07
Incl. 237.9 317 79.1 28.28
NSA - no significant assay
Zone 6
FROM TO Core Length
HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH (M) (M) (M) FE %
DUN 11-379 5936302 326980 155 -50 341 58.7 112.3 53.6 21.48
131.2 140.6 9.4 33.6
165.5 235.5 70 19.06
273.2 292.3 19.1 20.45
325.4 380.5 55.1 24.58
NSA - no significant assay
Quality Assurance, Quality Control and Qualified Person
Sample preparation was contracted to the IOS Service Geoscientifiques Inc. ("IOS"), an independent sample preparation facility located in Chicoutimi. Pulps were then shipped to ALS Canada Ltd ("ALS") in Vancouver, British Columbia, which is independent of Century. The samples were analyzed via lithium borate XRF, and sulphur was determined by Leco furnace. Iron was reported as total ferric iron and calculated as total iron by Century.
The Qualified Persons on the project, as defined under National Instrument 43-101, are Claude Britt, P. Geo. and Zhihuan Wan, P. Geo. They were responsible for the preparation of all technical information provided in this news release and have reviewed and approved the contents of this news release.
About Augyva Mining Resources Inc.
Augyva Mining Resources Inc. (TSX VENTURE:AUV) is an exploration and development company. Its major project is its interest in the DLIOP in the western part of the La Grande Greenstone Belt for which an NI 43-101 compliant technical report on the mineral resource was prepared by Met-Chem. Canada Inc. and was released in March 2010. The report, which is filed on SEDAR, estimated the Property contains measured and indicated resources of 31,315,000 tonnes of 23.74% Fe and inferred resources of 821,135,000 tonnes of 24.56% Fe.
Cautionary Statement
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Augyva's disclosure documents on the SEDAR website at www.sedar.com. Augyva does not undertake to update any forward looking information 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
Peter Jones, Chairman & Interim CEO
Augyva Mining Resources Inc.
416-309-2198
www.augyva.com