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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GoldOn Resources Ltd | TSXV:GLD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -4.17% | 0.115 | 0.11 | 0.13 | 0.125 | 0.115 | 0.12 | 23,217 | 21:00:05 |
Augen Gold Corp. ("Augen Gold" or the "Company")(TSX VENTURE:GLD) is pleased to provide further information on its gold exploration results near Cote Lake within the eastern part of its 100%-owned South Swayze Property, located approximately halfway between the mining centers of Sudbury and Timmins in Ontario and approximately 200 metres northwest of a substantial discovery at Cote Lake. "The Soil Gas Hydrocarbon (SGH) mapping we are using permits us to make highly refined estimates of the size of the deposits near Cote Lake," said J. David Mason, CEO of Augen Gold Corp. "We see two sizeable anolomalies in this area, one projecting from an area adjacent to Trelawney Mining and Exploration Inc.'s promising new gold discovery, and the other trending in a more northeasterly direction. Each looks to be at least equivalent to the anomalies identified over Opeepeesway Lake this Spring, and trenching and sampling on the anomalies west of Cote Lake will commence shortly." The Cote Lake Gold Zone has yielded several zones of Soil Gas Hydrocarbon (SGH) anomalies potentially indicative of gold mineralization that are associated with I. P. chargeability anomalies (see press release dated October 20, 2010, the relevant SGH map at http://www.augengold.ca/docs/wp-content/augenuploads/Cote-sgh-anomaly.jpg and related maps on Augen Gold's website, www.augengold.ca). SGH geochemistry is organic and can detect hydrocarbon based compounds that provide a signature directly related to bacteriological interaction with a target such as a hidden gold deposit. Augen Gold was first active within this area in October-2008 as part of their property-wide prospecting program, collecting several grab samples that returned up to 3.25 g/t Au. The company then completed one drill hole (WC10-38) in April, 2010, before drilling was halted pending completion of a financing (see Augen Gold news release of June 07, 2010). This hole showed common weak alteration, local minor disseminated pyrite, and local very weakly anomalous gold. A 2.4 kilometre (E-W) by 2.0 kilometre (N-S) grid (the West Cote Lake Grid) was installed in June, 2010, followed by geophysical surveys in July, 2010, and the collection of 1,085 soil samples in August, 2010. Actlabs of Ancaster, Ontario recently analysed these samples for their SGH signature and provided an interpretation: An extensive zone of SGH anomalies in the northwestern half of the grid is up to 500 metres wide, strikes northeast for over 1.5 kilometres, and appears to straddle the northeast striking contact between supracrustal rock (to the northwest) and the Chester Granodiorite (host to the Cote Lake Gold Zone) to the southeast. The northeastern part of this anomaly intersects a northerly striking zone of SGH anomalies that is up to 250 metres wide and that extends south along the mid-point of the grid to the southern property boundary. Several I. P. chargeability anomalies occur within these two zones, or flank them. A smaller J-shaped zone of SGH anomalies located within the northeastern quarter of the grid near the property boundary is up to 250 meters wide, strikes northerly and is coincident with several I. P. chargeability anomalies. Prospecting within the West Cote Lake Grid is currently underway and several areas bearing disseminated pyrite have been selected for stripping. Moreover, soil samples are currently being collected within the Schist Lake Grid, which covers a large area extending from northwesterly to northeasterly of the West Cote Lake Grid; these will be analysed for their SGH signature. This area had been surveyed with I. P., VLF and mag earlier this year. 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 80 drill holes totalling over 12,500 metres have been completed. This program also includes Augen Gold's current drilling campaign along the east arm of Opeepeesway Lake near the Jerome Mine. Augen Gold has been successful in raising approximately $9.1 million in financings in 2010 and is well financed to achieve 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
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