Augen Gold Drilling at West Cote to Commence
November 29 2010 - 10:44AM
Marketwired Canada
Augen Gold Corp. ("Augen Gold" or the "Company") (TSX VENTURE:GLD) outlined
today its drilling plan for the areas of peak soil-gas hydrocarbon (SGH)
intensity at the eastern end of its 45-kilometre property in Ontario's "gold
country" just north and west of Cote Lake.
"We have stripped and cleared outcrops near our target areas and have 13 diamond
drill holes (DDH) marked, with collaring on the first 6 close to commencement,"
said J. David Mason, President and CEO of Augen Gold. "Over the next few months,
we are planning to drill a total of more than 2,500 metres across strike of some
of the sulphide-bearing zones in the area, additionally testing some of our
earlier mapping of SGH and induced polarization chargeability (I.P.) anomalies.
The West Cote area ranks high among the major targets on our large property, and
especially given the success of some nearby drilling, we expect to delineate a
substantial target in this area."
The azimuths for the proposed drill holes are based on the structure of several
metre-wide pyritic zones measured at stripped outcrops #02 and #03 further to
the south (280-290 strike, moderate dip to north). Northwest-striking (320-340
degrees) and northeast-dipping (80 degrees) pyritic shear zones and fractures
exist; these zones appear to be narrower (see map entitled "WCote and Planned
Drill Holes" posted on Augen Gold's website at
http://www.augengold.ca/docs/map.pdf). The most intense expression of SGH
anomalies often line up along a 295 strike, apparently consistent with the more
important mineralized structure in the stripped outcrop.
These drill holes are likely to have an azimuth of 195 degrees with -45 degrees
dip and 250 metres depth, to catch the northerly dipping structures at as high
an angle as possible.
Augen Gold has been successful in raising approximately $9.1 million in 2010 and
is focused on achieving its exploration milestones. Since inception in October
2006, the Company has raised more than $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: 102,783,064
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