Augen Gold Corp. (TSX VENTURE: GLD) is pleased to provide an update
on gold exploration within the eastern part of its South Swayze
Property near Cote Lake, where Trelawney Mining and Exploration
Inc. has recently announced a substantial 43-101-compliant
estimated mineral resource (for complete details, see Trelawney's
release dated March 7, 2011).
Augen Gold reports that it has delineated a Soil-Gas Hydrocarbon
(SHG) anomaly east of Clam Lake. This anomaly is located at the
western end of Trelawney's base line and near the mineral claims
that Augen recently optioned to Sanatana Diamonds Inc. (TSX
VENTURE: STA) pursuant to an option agreement (the "Option
Agreement"). Please see the new SGH map entitled "SGH Anomaly Clam
Lake", that is now on our web site (www.augengold.ca). Following
final approval of the TSX Venture Exchange for the Option
Agreement, Sanatana is expected to test this anomaly.
The claims due north of the Trelawney Cote Lake targets are
100%-owned by GLD, as shown on the map entitled "Joint Venture
Claim Map" (http://tinyurl.com/JV-Claim-Map) both of which are also
on the web site.
With regard to the West Cote Lake Grid, twelve drill holes have
been completed for more than 3,100 metres. Most of the drilling was
concentrated within two SGH gold soil anomalies rated as 5.5 out of
a possible 6 and interpreted as potentially indicative of gold
mineralization.
Soil Gas Hydrocarbon (SGH) geochemistry is organic and detects
hydrocarbon based compounds that provide a signature directly
related to bacteriological interaction with a target such as a
hidden gold deposit.
The first five drill holes (WC10-120 to WC11-124) targeted a
portion of a large SGH gold anomaly coincident with stripped and
washed pyritic outcrop or with I. P. chargeability anomalies, in
the north-central part of the grid. Variably altered rock with up
to several percent disseminated pyrite or pyrrhotite was
intersected in places and gold assays yielded up to 2.56 g/t Au
over 0.22 metres.
A second group of five drill holes (WC11-125 to WC11-129) were
positioned within or beside a separate SGH gold anomaly coincident
in places with I. P. chargeability anomalies near the northeast
corner of the West Cote Lake Grid, adjacent to the Trelawney
Property. This area was interpreted to lie within a
west-northwest-striking auriferous trend that includes the
historical Murgold-Chesbar gold deposit, located several kilometres
to the southeast. Widespread weak to strongly altered rock was
intersected with common disseminated pyrite. Assays yielded up to
11.25 g/t Au over 0.30 metres.
WEST COTE GRID SUMMARY DRILL HOLD INTERSECTIONS
DDH Sample From To Width Au Ag
No No. (m) (m) (m) (g/t) (g/t)
WC10-120 J919031 44.28 44.50 0.22 2.56 1.1
J919033 45.00 46.50 1.50 0.023 less than 0.5
J466061 95.08 96.07 0.99 0.028 less than 0.5
WC10-121 J466944 142.65 144.00 1.35 0.067 less than 0.5
J466007 158.80 160.00 1.20 0.353 less than 0.5
J466029 183.00 184.50 1.50 0.088 less than 0.5
J466032 187.50 189.00 1.50 0.347 less than 0.5
WC11-122 J466116 24.00 25.00 1.00 0.013
J466135 71.00 72.00 1.00 0.018
WC11-123
WC11-124 J466324 119.10 120.08 0.98 0.513
J466332 137.50 139.00 1.50 0.180
J466338 158.00 159.50 1.50 0.060
J088008 238.00 239.50 1.50 0.138
WC11-125 J466442 56.40 57.50 1.10 0.214
J466443 64.75 65.05 0.30 11.25
J466447 69.50 70.50 1.00 0.231
J466461 118.50 120.00 1.50 0.462
WC11-126 J466352 22.72 23.72 1.00 0.216
J466356 45.00 45.99 0.99 0.684
J466364 94.00 94.30 0.30 0.133
J466388 188.30 189.00 0.70 1.05
WC11-127 J088063 158.00 159.50 1.50 0.266
J088065 159.50 161.00 1.50 0.278
J088083 225.00 226.50 1.50 0.067
J088085 228.00 229.50 1.50 0.212
WC11-128 J088216 38.00 39.00 1.00 0.199
J088239 84.60 86.10 1.50 0.538
J088257 112.00 113.50 1.50 0.135
J088267 136.75 137.15 0.40 0.255
J088287 197.75 198.05 0.30 0.402
WC11-129 J088131 46.50 48.00 1.50 0.276
J088187 205.43 207.00 1.57 0.045
J088194 213.70 215.20 1.50 0.098
WC11-130 J088368 90.80 91.88 1.08 0.124
J088385 131.69 133.00 1.31 0.124
J088397 170.39 171.89 1.50 0.167
The eleventh drill hole (WC11-130) targeted a chargeability
anomaly south-southwest of the SGH anomaly noted above, and
numerous intervals of strongly chloritized rock bearing pyrite were
encountered within the uppermost one hundred metres of the hole.
Assays for gold were, however, low although elevated copper was
noteworthy. A twelfth drill hole (WC11-131), nearly one hundred
metres easterly of drill hole WC11-130, and adjacent to the
property boundary, encountered common weak to strongly altered rock
with disseminated pyrite in places. Assays are pending.
Drilling at the West Cote Lake Grid has yet to satisfactorily
account for the highly rated SGH gold soil anomalies and the
possibility that these anomalies represent REDOX zones rather than
the apical-type anomalies that they have been treated as, will be
explored.
SGH gold anomalies of the apical type mark vertical projections
over the center of gold mineralization whereas the REDOX type of
SGH anomaly appears as a halo about the location of most interest,
the vertical projection over the center of gold mineralization.
Augen Gold will explore the area interpreted as the centre of a
large REDOX type of SGH anomaly, a part which would be located
between the two groups of drill holes described above. A portion of
this area is near the occurrence of chloritized rock in drill hole
WC11-130, and chloritized rock generally shows positive correlation
to significant gold in the region.
The company will also test for the north-westerly dip extension
of the Cote Lake Gold Deposit, with five vertical drill holes
spaced one hundred metres apart and positioned near Augen Gold's
property boundary with Trelawney. These holes are south to
southwest of drill hole WC11-130 and will be drilled to a depth of
500 metres.
Readers are encouraged to refer to the maps titled "West Cote
Lake Grid DDH Plan Map", "SGH Compilation Model West Cote", and
"WCG Redox Interp Feb 28 2011" posted on Augen Gold's website,
www.augengold.ca, for more information.
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%.
Since inception in October 2006, Augen Gold has raised more than
$25 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 or consult SEDAR 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: 127,691,347
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
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Jun 2024 to Jul 2024
GoldOn Resources (TSXV:GLD)
Historical Stock Chart
From Jul 2023 to Jul 2024