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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Avarae | LSE:AVR | London | Ordinary Share | GB00B137SQ61 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Avion Resources Corp. ("Avion Resources" or "the Company") (TSX VENTURE:AVR), today announced the completion of the 2008 drilling program at the Segala and Tabakoto gold projects, Mali (West Africa). In total, Avion drilled 79 holes (15,341 metres), since the acquisition of the Mali projects, in May 2008. The program objective was to substantiate previous mineral resource estimates at Segala and Tabakoto, discover additional zones and to delineate a new geological model for the deposits. An updated resource estimate for the Segala gold project is expected in the fourth quarter of 2008, with planned production at Segala commencing shortly thereafter in the first quarter of 2009. An updated resource for Tabakoto is planned for the first quarter of 2009. A total of 26 holes were drilled in the Segala area this year. This work confirmed the grade and the continuity of the Segala zone, resulted in the discovery of a new zone of gold mineralization (along Segala Far NW trend) that is located approximately 600 metres northwest of the Segala deposit, and developed numerous additional exploration targets. Hole S-08-19, which tested a 145 metre, on-section gap in the Segala Zone, returned 2.72 g/t Au over 73.5 metres (see figure) core length (approximately 41.4 metres true width). This new intercept is consistent with historic drill intercepts for the Segala zone, along a 300 m strike from 50 metres to 450 metres depth that returned from 1.96 g/t Au to 8.72 g/t Au over true widths of 9.0 metres to 43.5 metres. Intercepts that lie along the same 25 metre wide section as hole S-08-19 are listed below. --------------------------------------------------------------------------- Hole From (m) To (m) Drilled Estimated True Au (g/t) Width (m) Width (m) --------------------------------------------------------------------------- S-08-19 167.0 240.5 73.5 41.4 2.72 --------------------------------------------------------------------------- incl. 183.0 215.0 32.0 18.0 4.33 --------------------------------------------------------------------------- SRC-365(i) 34.5 60 25.5 21.0 5.11 --------------------------------------------------------------------------- S-125(i) 83.5 98.5 15 14.0 2.49 --------------------------------------------------------------------------- SD94-4(i) 102.1 121.2 19.1 18.0 6.10 --------------------------------------------------------------------------- S-123(i) 134.5 178.0 43.5 31.0 3.84 --------------------------------------------------------------------------- SD96-08(i) 298.9 316.8 17.9 15.0 8.72 --------------------------------------------------------------------------- SD97-42(i) 440.3 466.3 26 16.0 3.68 --------------------------------------------------------------------------- (i) Historic drill intercepts on section 259900 (+/- 12.5 metres) Hole S-08-13, which returned 0.86 g/t Au over 60 metres core length (including 2.6 g/t Au over 12.0 metres core length), is located in the Segala Far NW area of the Segala property (see figure) and is situated approximately 180 metres from Hole S-08-08 (existing Segala deposit), which returned 10.5 metres of 8.51 g/t Au earlier in the program. (For more information on Hole S-08-08, refer to news release dated August 21, 2008.) These intercepts, with no drill holes between, suggest the potential for a new mineable zone, and future drilling will be planned to further test the potential of the area. Results from the Tabakoto area, located approximately 5 kilometres from the Segala deposit, also returned positive results. In total, 29 holes were drilled at Tabakoto in 2008, with assays from 14 holes pending. Significant mineralization in the Tabakoto deposit area includes: --------------------------------------------------------------------- Hole From (m) To (m) Drilled Au (g/t) Width (m) --------------------------------------------------------------------- T-08-02 6.5 18.0 11.5 7.41 --------------------------------------------------------------------- and 102.3 103.5 1.2 12.69 --------------------------------------------------------------------- and 112.7 126.5 13.8 11.66 --------------------------------------------------------------------- T-08-03 83.0 86.4 3.4 3.23 --------------------------------------------------------------------- and 143.2 143.8 0.6 19.20 --------------------------------------------------------------------- T-08-04 156.0 157.5 1.5 5.24 --------------------------------------------------------------------- 195.5 199.3 3.8 5.56 --------------------------------------------------------------------- T-08-05 158.0 168.2 10.2 9.21 --------------------------------------------------------------------- T-08-07 43.0 67.0 24.0 1.34 --------------------------------------------------------------------- 76.0 79.0 3.0 6.99 --------------------------------------------------------------------- T-08-08 6.0 52.7 38.4 2.18 --------------------------------------------------------------------- Incl. 6.0 21.3 13.8 4.90 --------------------------------------------------------------------- T-08-09 9.0 31.0 22.0 4.55 (3.88 cut(i)) --------------------------------------------------------------------- T-08-10 240.0 248.1 8.1 0.68 --------------------------------------------------------------------- T-08-11 48.0 48.5 1.5 4.41 --------------------------------------------------------------------- 61.5 64.5 3.0 2.77 --------------------------------------------------------------------- T-08-12 100.0 124.0 24.0 15.56 (5.01 cut(ii)) --------------------------------------------------------------------- T-08-13 89.8 93.8 4.0 67.08 (11.08 cut(iii)) --------------------------------------------------------------------- (i)one sample cut from 39.8 g/t Au to 30.0 g/t Au (ii) samples cut from 257 g/t Au and 96.7 g/t Au to 30.0 g/t Au (iii) one sample cut from 254.0 g/t Au to 30.0 g/t Au Holes T-08-02 to T-08-05 were drilled to test a NW-trending structure that cuts the north end of the Tabakoto pit. These intercepts indicate the presence of a NW mineralized structure that locally has high gold grades. Assays are pending for four more holes that have been drilled to test this NW structure along strike. Avion will evaluate the grade and continuity of this structural trend once all assays have been received. Holes T-08-07 to T-08-13 were drilled to test the northward continuation of the Tabakoto mineralized trend. The near-surface intercepts in holes T-08-07, T-08-08 and T-08-09 appear to form a coherent 75 plus metre long zone of potentially open-pittable mineralization starting 50 metres north of the northern edge of the Tabakoto pit. Holes T-08-12 and T-08-13 were drilled to further test the northern extension of the Tabakoto trend some 250 metres and 450 metres north of the edge of the Tabakoto pit, respectively (see figure) and approximately 500 metres south of previously reported (on August 21st, 2008), hole DS-08-01 which returned 13.56 g/t (5.49 g/t cut) over 22.5 metres. Results from both of these holes indicate additional potential for mineable zones that are less than 1 km from the Tabakoto mill. 22 additional holes were drilled to test targets situated near the Segala and Tabakoto deposits. These targets included Dar Salam (8 holes), Diolafoundou (4 holes), Famakan (2 holes), Moralia area (6 holes) and a soil anomaly area identified earlier this season (2 holes). (To view Mali Gold Project Map, please visit the Avion Resources website at www.avionresources.com.) Additional holes will be planned for selected follow-up areas once all assays have been received and analyzed. "The differences between the mineralized zones at Tabakoto and Segala areas have become more apparent as Avion's evaluation program progresses." commented Don Dudek, Senior Vice President, Exploration. "In the Segala area the gold mineralized zones are hosted within a zone of iron carbonate-and sericite-altered sediments oriented parallel to at least 3 west-northwest trending shear zones. Avion believes that the gold mineralization at Segala displays good continuity both along strike and down plunge and that there is a high likelihood of adding to the previous mineral resource base. In contrast, at Tabakoto, the shearing is less obvious with high grade zones occurring where secondary northeast-and northwest-trending structures intersect a north-northeast trending package of generally weakly gold mineralized felsic to intermediate intrusions and associated sediments. Avion's work along a 2 km strike of this trend in the Tabakoto pit area and previous drilling indicate to Avion that the cross-structures occur approximately every 50 to 100 metres and thus provide good potential for the development of underground and to a lesser extent open pittable mineable resources." Recovery Gold Pour In August, the first gold pour at the Mali gold properties was carried out since the acquisition of the Segala and Tabakoto projects from Nevsun Resources Ltd. The gold was retrieved from gold recovery initiatives started earlier in the season, with 20 areas for gold recovery identified. In total, approximately 1,000 ounces of gold were recovered, producing four gold bars during three gold pours. At least three additional gold pours are planned before the end of the fiscal year. Revenue from the sale of the product of the gold pour is being used to offset the project maintenance costs as Avion moves forward to production. Also, Avion recently received cash from consulting fees earned for a transaction relating to the geological evaluation and analysis of a potash project in Ethiopia. Gross fees equaled $500,000 (Canadian) and a 1% NSR. Proceeds from this transaction have been used to cover expenses related to the development of the Segala and Tabakoto projects. Segala and Tabakoto Projects As reported on September 15, 2008, the Company plans to focus on the Segala project during the first phase of a new mining strategy. Avion Resources plans to commence mining operations at Segala with open-pit production (at a projected low-strip ratio), followed by underground mining. The Company believes that the new plan will realize robust, earlier-than-expected cash flow from operations, as Avion Resources anticipates production to begin at Segala in mid-February 2009. The strategy is to mine near-surface mineral resources to minimize waste stripping and then proceed to underground mining. "Management is extremely excited about the new Segala and Tabakoto mining strategy set forth in September. Recent assays from Segala and Tabakoto confirm our approach and continue to demonstrate the potential of the properties , as well as surrounding target areas," commented John Begeman, President and CEO. "We are well positioned to move forward to the next phase of the strategy as our team prepares for production, targeted for February 2009." Avion's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized and suspected mineralized intervals in the holes are described in detail and marked for sampling. Core is then cut in half with the right-hand portion of the core put into plastic sample bags and sealed. Assay standard samples are inserted every 20th sample and split core from every 20th sample is also quartered and sent in as a separate sample to double check the assays from these intervals. This sampling procedure was initiated and periodically reviewed by Avion's Senior Vice President of Exploration, Don Dudek. These samples were then delivered to a representative of ALS Chemex based in Bamako, Mali. The assay samples are then fine-crushed to better than 70% passing a -2mm screen, with an assay pulp split of up to 250 grams pulverized to better than 85% passing 75 micron screen. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample weight. In order to ensure that local, exceptionally high grade assays are not overly represented in assay composites Avion is also presenting assay composites with high grade samples capped at 30 g/t Au. Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release. Avion Resources has not completed a feasibility study on the Mali gold projects and there is no certainty the proposed operations will be economically viable. About Avion Resources Corp. Avion Resources is a Canadian-based exploration and development company focused on strategic acquisitions in Africa. Avion has a team of highly qualified geologists and operational staff that are focused on developing the Tabakoto and Segala properties. Avion currently holds 80% of the Tabakoto and Segala gold properties in Mali. Cautionary Notes This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the new mining strategy on the Company; projections regarding the timing of production and the elements of the mining strategy. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; ability to successfully integrate the purchased properties; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Should you wish to receive Company news via email, please email info@avionresources.com and specify "AVR News" in the subject line. To view the Tabakoto Pit map, please visit the following link: http://media3.marketwire.com/docs/Tabakoto%20Pit.pdf
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