Augen Gold Completing Road Into Camp, Readying for Winter Drilling on the North Shore of Lake Opeepeesway
November 09 2010 - 9:53AM
Marketwired
Augen Gold Corp. ("Augen Gold" or the "Company")(TSX VENTURE: GLD)
Highlights of the Release
- All-season corduroy (log trestle) road over low, marshy area
into North Shore camp being completed
- Camp preparing for winter drilling on SGH anomalies running
along trend (see "SGH North Shore" map on page:
http://www.augengold.ca/docs/?page_id=63)
- SGH indicates sizeable target equivalent to or greater than
Jerome findings
Augen Gold Corp. ("Augen Gold" or the "Company")(TSX VENTURE:
GLD) is pleased to announce the completion of construction of a
corduroy road built to provide access to the newly established camp
on the north shore of Lake Opeepeesway. The camp has been created
to explore and develop GLD's prime Soil Gas Hydrocarbon (SGH)
anomalies on the north shore of Lake Opeepeesway, a highly
prospective part of its 100%-owned South Swayze Property, between
the Sudbury and Timmins in Ontario (please see press releases dates
05-October-10 and 19-October-10 providing details on the
significant gold trend intersected on the north shore of Lake
Opeepeesway).
"Our Soil Gas Hydrocarbon (SGH) mapping has given us a
substantial additional target to the east of the area immediately
proximal to the old Jerome Mine, where we have already delineated
more than one million ounces of gold (as described in the press
release of 19 October, 2010)," said J. David Mason, CEO of Augen
Gold Corp. "This deposit east of Jerome extends at least seven
kilometres, and with the corduroy road now in place, we are ready
to begin drilling and will continue through the winter. Diamond
drill holes will be collared on a NW-to-ESE trend to test the SGH
anomalies."
Please see the "SGH North Shore" map on page:
http://www.augengold.ca/docs/?page_id=63, and the "Opeepeesway Lake
SGH Anomalies" map on the first page of the Company's website at
www.augengold.ca. SGH geochemistry can detect hydrocarbon-based
materials directly related to a target such as a hidden gold
deposit.
The current exploration program for the South Swayze Project
started in late September of 2009 and to date, approximately 350
line kilometres have been surveyed with geophysical methods, 3,640
soil and lake sediment samples have been analysed for their SGH
signature, and more than 80 drill holes totalling over 12,500
metres have been completed.
Augen Gold has been successful in raising approximately $9.1
million in financings in 2010 and is focused on achieving its
exploration milestones. Since inception in October 2006, the
Company has raised over $20 million for the South Swayze
Project.
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. Augen Gold is the first company to have assembled such
a coherent ground position. Augen Gold has performed a detailed
airborne geophysical survey over the whole area, and its sampling
program has confirmed the historically reported gold values. The
correlation of many gold showings with geophysical features
indicates excellent potential for the discovery of additional
deposits. The Company's objectives are to aggressively explore the
gold showings that correlate with geophysical anomalies, continue
resource definition at the Jerome Mine, and to expand its property
portfolio with highly prospective mineral assets.
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 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 the South Swayze Project, please refer
to the Company's NI 43-101 compliant technical report "Amended and
Restated Technical Report on the Augen Gold Corp. Claims, Porcupine
Mining Division, District of Sudbury, Ontario, Canada" (effective
April 8, 2008 available on the Company's profile at
www.sedar.com).
For more information on Augen Gold, visit our website at
www.augengold.ca.
The Company's documents may be accessed at www.sedar.com.
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.
Shares outstanding: 102,269,182
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.
Contacts: Augen Gold Corp. J. David Mason Chief Executive
Officer and Director 416-915-4231 dmason@augengold.ca
www.augengold.ca
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