Augen Gold Drill Targets Greatly Enhance at West Cote Lake
posted on
Dec 06, 2010 10:18AM
Building shareholder value by confirming a historic resource and expanding that resource with the aim of becoming a producing gold company
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TORONTO, ONTARIO--(Marketwire - Dec. 6, 2010) - Augen Gold Corp. ("Augen Gold" or the "Company") (TSX VENTURE:GLD) announced that it is starting a 13-hole, 3,000-metre drilling program in the eastern part of its South Swayze Property located near the Cote Lake gold deposit, the promising new gold discovery of Trelawney Mining and Exploration Inc. ("Trelawney"). The focus of the drilling will be Soil Gas Hydrocarbon (SGH) anomalies potentially indicative of gold mineralization, I. P. chargeability anomalies, and sulphide-bearing zones exposed by mechanical stripping of outcrop.
"We have now compiled geotechnical information for this area on one map, available on our web site (entitled "SGH Compilation Model West Cote" and found at >http://www.augengold.ca/docs/), for more information on the upcoming drill program. The program is expected to last through December and into the first two weeks of January, 2011.
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.augengold.ca.