TORONTO, ONTARIO--(Marketwire - April 20, 2011) - Augen Gold Corp. (TSX VENTURE:GLD) is pleased to provide an update on gold exploration within its 45-kilometre-long South Swayze Property, located approximately halfway between the mining centers of Sudbury and Timmins in Ontario.
"The Company's intersection of 6.72 g/t over 11.19 metres clearly highlights a newly recognized auriferous trend within the heart of a prominent 1.8-kilometre-long gold anomaly on the North Shore of Lake Opeepeesway, near the old Jerome Gold Mine, an historical producer," said J. David Mason, President and CEO of Augen Gold. "This is one of six auriferous zones we have identified in the area north of Lake Opeepeesway's east arm, and it reinforces our understanding of the GLD property as comprising a number of mine targets."
Between October 27, 2010 and March 15, 2011, GLD completed 34 drill holes for 8,240 metres in the North Shore area, northeast of Jerome. The drilling concentrated on the largest and strongest of several Soil Gas Hydrocarbon (SGH) gold soil anomalies, interpreted as potentially indicative of gold mineralization, as well as on several neighbouring I. P. chargeability anomalies and historic gold showings.
Assays for 28 drill holes are now available and the highlight from those recently received is a composite of 6.72 g/t Au over 11.19 metres (51.00 - 62.19 m) in drill hole NS11-111. This intersection is associated with a relatively wide quartz vein (57.00 - 60.00 m) within the main SGH gold anomaly, west and along strike from two previously reported high-grade intersections of 22.30 g/t Au over 0.37 m and 26.30 g/t over 0.70 m (Augen Gold News Release, February 1, 2011). These also lie within the main SGH anomaly.
These intersections occur near feldspar porphyry intrusions immediately south of a narrow west-northwest striking magnetic high attributed to magnetite-bearing Timiskaming sediment, and mark parts of a steep southerly dipping auriferous trend intersected by 12 Augen Gold holes over 1,600 metres of strike length. Relevant assays available for 8 of these holes, including those noted above, are shown below.
Together, these and other Augen Gold drill intersections and historical drill intersections of gold point to numerous parallel to subparallel, west-to-northwest-striking auriferous trends in the North Shore Area, one which marks the extension of gold mineralization at the past producing Jerome Mine. Many trends extend towards an extensive northwest-striking airborne magnetic low located along the west side of the North Shore Area that is thought to mark fault-controlled alteration.
Readers are encouraged to refer to the maps titled "North Shore Area DDH Location Map With SGH Gold Soil Anomalies" and "North Shore Area Ground Magnetic Map with DDH Locations" posted on Augen Gold's website, www.augengold.ca, for more information.
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-analyized 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%.
Since inception in October 2006, Augen Gold has raised more than $25 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.