Augustine Ventures Inc. is pleased to announce that it has recently been added to the CSE Composite Index.
Dr. Robert (Bob) Dodds, Chief Executive Officer, states “we are honoured to be included in the CSE Composite Index as it validates Augustine’s progress in advancing its gold exploration property. The Canadian Securities Exchange has consistently, and promptly, provided a high level of service which is essential to a junior exploration company in varying economic times in the commodity sector”.
About Augustine Ventures Inc.
Augustine has an ownership interest in the Wawa Gold Project (the “Property”) which consists of 2,426 hectares of patented claims and 2,912 contiguous crown claims located on the east shore of Lake Superior in the Town of Wawa about 225 kms north of Sault Ste. Marie, Ontario. The Property is linked by all-weather road to TransCanada Highway 17 and Highway 101 to Timmins.
The Property hosts an inferred resource of 1,088,000 ounces of gold at 1.71 grams per tonne using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth1.
Dr. Robert (Bob) Dodds, Chief Executive Officer of Augustine states “The results of our exploration work continue to confirm the geological modeling and increase our confidence that this inferred resource1 is part of a larger gold system which can be significantly increased.
Planned and on-going work on the property, in addition to exploration work, includes prefeasibility studies which can enhance the value of the property. These studies consist of buildup of the existing environmental data baseline for the mine permit process, applicability of ore sorting technology and alternative power generation.”
Bob Dodds continues, “In addition to hosting an open pit mineable resources with ready infrastructure, another significant attribute of this property is that it is located in a safe political jurisdiction, both at the international and local community levels. Mine acquirers have noted the dearth of viable mining properties in Canada considered to be in safe political jurisdictions, and we believe our property can serve to fill this need”
Augustine entered into an Assignment and Assumption Agreement and Joint Venture Agreement (“JVA”) with Citabar LLP and Red Pine Exploration Inc.(Red Pine), The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. Red Pine and Augustine are currently expediting negotiations to consolidate ownership of the Property.
1NI 43-101 Mineral Resource Statement, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, prepared by SRK Consulting (Canada) Inc (effective May 26, 2015). The cut-off grades are based on a gold price of US$1,250 per ounce and a gold recovery of 95 percent. The statement is available on www.SEDAR.com under Red Pine’s profile.