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GLD GoldOn Resources Ltd

0.035
-0.005 (-12.50%)
Last Updated: 14:44:48
Delayed by 15 minutes
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 -12.50% 0.035 0.03 0.035 0.035 0.035 0.035 51,258 14:44:48

Augen Gold: New Survey Prompts Renewed West Cote Drilling

21/07/2011 9:45pm

Marketwired Canada


Augen Gold Corp. (TSX VENTURE:GLD) ("Augen Gold" or the "Company") is pleased to
announce that it will renew its drilling campaign in the West Cote Lake area
within the eastern part of the Company's 45 km-long South Swayze Property. This
property is adjacent to Cote Lake, where Trelawney Mining and Exploration Inc.
("Trelawney") has reported an Inferred Resource of 4.2 million ounces of gold.


Augen Gold will drill 3,500 metres in nine holes as it targets a new, untested,
1.2 km-long, northeast-striking Soil Gas Hydrocarbon ("SGH") gold soil anomaly
that is sub-parallel to the strike of Trelawney's Cote Lake gold deposit, and
three under-explored northwest-striking gold-bearing zones. These targets are
near the Company's property boundary with Trelawney. This will be the third
drill on the property, with Chenier Drilling being commissioned to bring another
drill to the Company's North Shore project.


Results from both a comprehensive till sampling program designed to determine
gold grain count currently being conducted by Overburden Drilling Management of
Nepean, Ontario, and a Down-Hole Induced Polarization survey to be started
shortly by JVX Ltd. of Richmond Hill, Ontario, are expected to generate
additional targets by month's end. 


Augen Gold previously completed 15 drill holes for 4,857 metres at West Cote
between December 2010 and March 2011. This work yielded gold assays up to 11.25
g/t Au over 0.30 metres and led Activation Laboratories Ltd. ("Actlabs") of
Ancaster, Ontario to a significant re-interpretation of the SGH gold signature
for the West Cote Lake Area (please see the Augen Gold website for complete
assay data, www.augengold.ca).


Actlabs re-modelled West Cote SGH data using parameters it had employed with
North Shore SGH data in the west-central part of Augen Gold's property (near the
Jerome Mine Project). This approach showed the northeast-striking SGH gold soil
anomaly at West Cote as most promising among the modified SGH anomalies westerly
of Cote Lake.


Augen's drill testing of the main SGH gold soil anomaly at North Shore yielded
drill intersections up to 10.60 g/t Au over 10.50 metres (please see Augen Gold
press release dated May 11, 2011). This prominent North Shore SGH gold anomaly
is similar to the unexplored northeast-striking SGH gold soil anomaly at West
Cote. 


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.


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%.


Some of the potential quantities and grades disclosed herein are conceptual in
nature and there has been insufficient exploration to define a mineral resource
on the North Shore and at West Cote. It is uncertain if further exploration will
result in these targets being delineated as a mineral resource.


About Augen Gold 

Augen Gold is a gold exploration and development 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. The correlation of many gold showings with geophysical
features indicates excellent potential for the discovery of additional deposits.
On July 18, 2011 Augen Gold announced an initial National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Mineral
Resource estimate at Augen Gold's Jerome Mine Project outlining a 1.03 million
ounce Inferred gold resource (18.7 million tonnes grading 1.7 g/t Au) at a
cutoff grade of 0.3 g/t Au. The Company's objectives are to aggressively explore
the gold showings that correlate with geophysical anomalies, continue resource
definition at the Jerome Mine Project and to expand its property portfolio with
highly prospective mineral assets.


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 along with the Company's other continuous disclosure documents). 


The information contained in this news release has been prepared and approved by
Augen Gold's Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified
Person as defined in NI 43-101. 


For more information on Augen Gold, visit our website at www.augengold.ca.  Read
our blog at www.augengold.wordpress.com, and follow us on www.twitter.com
(#augengoldcorp).


If you have any questions or concerns about Trelawney's offer to acquire all of
the issued and outstanding common shares of Augen Gold, please contact Phoenix
Advisory Partners, Augen Gold's information agent, at:


North American Toll Free Phone: 1-866-521-4425 

Email: inquiries@phoenixadvisorypartners.com

Toll Free Facsimile: 1-877-907-3176

Banks, Brokers and Collect Calls: 1-201-806-2222 

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: 127,711,347

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