Augustine Proceeds to Resource Definition at Wawa Gold Project
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/07/11 -- Augustine Ventures Inc. (CNSX: WAW) ("Augustine" or the "Company") is pleased to announce that it has contracted Watts, Griffis & McOuat Limited ("WGM") to complete a National Instrument 43-101 ("NI 43-101") compliant Mineral Resource estimate of the large-tonnage, low-grade gold-bearing Jubilee Shear on Augustine's Surluga property at Wawa, Ontario.
Augustine has now delivered its drill hole database incorporating geological and assay data from 1,416 historical underground diamond drill holes, 364 historical surface diamond drill holes, and 18 "confirmation" diamond drill holes that were drilled in the spring of 2011 by Augustine, to WGM, who will use those data to estimate a mineral resource. Historical resource estimates of the Jubilee Shear were made in 1996 by Goldbrook Explorations Inc.: using a cut-off of 1.03 grams of gold per tonne (g/t Au) a resource of 524,000 ounces of gold with a grade of 1.75 g/t was estimated. With a 1.54 g/t Au cut-off, the estimated resource was 426,000 ounces with a grade of 2.02 g/t. These historical estimates do not comply with NI 43-101 because they were not based on independently verified data.
Wayne Isaacs, CEO and Chairman of the Company commented that "it seems reasonable to assume that, by using a lower cut-off grade consistent with today's gold prices and open-pit mining costs, the number of ounces in a current mineral resource estimate could be significantly higher than those historical estimates. While we eagerly await the completion of the NI 43-101 compliant Mineral Resource estimate on the Surluga deposit, we are actively engaged in exploration activities designed to further expand the deposit and determine opportunities for potential new discoveries on our Wawa Gold Project."
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Wawa Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. Over 95 percent of the property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The property has a known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the property. Augustine recently completed private placements for gross proceeds of $2,550,000 in flow through and non-flow through financing. The purpose of the private placements was to satisfy financial obligations with respect to the Wawa Option Agreement and for general and administrative purposes.
About Watts, Griffis and McOuat Limited: WGM is Canada's longest running independent firm of geological and mining consultants providing value-added professional services of the highest standards to the global mineral resource industry. From grass-roots exploration through to mine closure, WGM's expertise in project management, mineral resource and reserve estimates, technical reports, due diligence reviews, and property valuations, has distinguished WGM as one of the most trusted names in exploration and mining since 1962.
Contacts:
Augustine Ventures Inc.
Wayne Isaacs
Chairman and CEO
(416) 363-2528
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Datum: 07.09.2011 - 18:22 Uhr
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News-ID 63344
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TORONTO, ONTARIO
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