TORONTO, ON / ACCESSWIRE / October 5, 2016 / The Manager, Red Pine Exploration Inc. (TSXV: RPX) ("Red Pine"), of the Joint Venture1 with Augustine Ventures Inc. (CSE: WAW or "Augustine") and Citabar LLP, has received results for 24 holes sampled as part of the sampling program of historic core at the Wawa Gold Project.
Highlights from the sampling program include so far:
An increase of the gold metal factor (gold grade times intersection length) for 16 of the 24 sampled holes; an average increase of the intersection length for 11 of the 24 holes;
Discovery of a new gold zone in the hanging wall of the Jubilee Shear Zone
New results include 128.56 metres @ 0.94 g/t gold (true width has not been calculated and the intercept is drilled length)
Identification of a network of high-grade quartz veins in the footwall of the inferred resources with up to 20.9 g/t gold detected in a representative grab sample.
Sampling of historic core
Following its 2015 exploration programs, the Joint Venture speculated that some of the gold zones in the footwall and hanging wall of the Surluga Deposit were not entirely sampled in the past and that sampling gaps remained in some gold mineralized zones of the Surluga Deposit. Earlier this year, the Joint Venture undertook an aggressive selective sampling program of approximately 42,000 metres of historic drilling (from 318 underground and 119 surface drill holes) in the Wawa Gold Corridor (see Figure 1 below) to help fill these gaps. The work aimed to extend and define additional gold zones in the footwall and hanging wall of the Surluga Deposit, and extend some gold zones of the Surluga Deposit that were not entirely sampled in the past.
Figure 1 - Section Showing Gold Zone of the Wawa Gold Corridor
To view an enhanced version of Figure 1, please visit: http://www.accesswire.com/uploads/22879_a1475673023775_77l.jpg
Of the 24 holes sampled, 16 show an increase of their overall metal factor, 11 show an increase of the mineralised length and 6 show an increase of their total gold grade. (for details see Table 1 in news release of October 4, 2016 by Red Pine). The sampled holes mostly cover the Jubilee Shear Zone, which already contain a NI 43-101 inferred resource of 1,088,000 ounces of gold2. However, some of the holes also cover the Minto B Shear Zone, located in the hanging wall of the Jubilee Shear Zone and are not included in the inferred resource.
Dr. Robert (Bob) Dodds, President and Chief Executive Officer of Augustine states, "This work supports our confidence that this logging and sampling of the significant amount of historic drill core that has been preserved can define additional gold resources within the known gold resource of 1.1 million inferred ounces at 1.71g/t2 without incurring the higher costs of drilling. Additionally, this work can reduce the strip ratio which enhances the economics for an open pit mine plus more clearly defines targets for planned diamond drilling.
Following the long bear market, it is anticipated that Tier I and Tier II gold mines need to start restocking their pipelines of projects and we feel that our Wawa Gold Project represents an ideal exploration stage opportunity for joint venture and equity investment by these Tier I and Tier II gold mines."
Other Activities at the Wawa Gold Project
The Joint Venture is currently trenching and mapping many key structures located in the hanging wall and footwall of the inferred resources and in the Jubilee Shear Zone. This has lead to the discovery of a quartz vein stockwork in the immediate footwall of the inferred resource. One representative grab sample of the quartz stockwork returned 20.9 g/t gold. The Joint Venture is now conducting additional work to define the size and continuity of this network of quartz veins, located within 90 metres of the inferred resource of the Surluga Deposit2.
Next Steps
As the Joint Venture looks to increase the property's gold inventory, the current program of sampling historical core as well as trenching and mapping is uncovering new exploration targets for the next drilling program. Further updates, including timing of future drill programs, will be issued over the next few weeks.
Merger Update
Augustine and Red Pine continue to advance merger discussions and acknowledge that the simplification of the ownership structure has taken longer than anticipated. Both Augustine and Red Pine thank the shareholders of both companies for their continued support and patience as the negotiations continue to move forward.
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
1Augustine has a 30% interest in the Wawa Gold Project and has entered into a Joint Venture Agreement ("JVA") with Citabar LLP and Red Pine Exploration Inc. with Red Pine acting as Manager of the Joint Venture. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively.
2NI 43-101 inferred resource of 1,088,000 ounces of gold at 1.71 grams per tonne (g/t) using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent ((Independent Technical Report, Wawa Gold Project, Wawa, Ontario: Ronacher and McKenzie Geoscience and SRK Consulting (Canada) Inc (effective June 30, 2016)). The report is available on www.SEDAR.com under Augustine's profile.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the CSE under the symbol "WAW".
For additional information contact:
Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528
Cell: (905) 599-2025
Email: bdodds@augustineventures.com
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
SOURCE: Augustine Ventures Inc.
ReleaseID: 446523
