Augustine Ventures Inc. has received updated drill results for holes HS-15-29 and HS-15-30 based on the analysis of an additional 13 samples as part of an expanded sampling program of gold zones in hornblende shear zone. The original results were press released on December 18, 2015. The updated composites gold values for intervals over 0.45 grams per tonne (“g/t”) gold are as follows:
*True width has not been calculated for each individual intercept, but true width is generally estimated at 85%-95% of drilled width.
Expanded Sampling of Gold Zones
Augustine’s joint venture partner, Red Pine Exploration Inc., is currently sampling 42,000 metres of historic core that was not sampled by previous operators. The goal of the sampling program is to fill in identified gaps in the newly discovered gold-bearing structures of the hanging wall and sections of the Jubilee Shear Zone. Discrete structures appear to be associated with gold intersections in the historic core and may lead to the definition of additional gold resources. To date, more than 269 individual intersections associated with discrete structures have been identified.
Bob Dodds, President and Chief Executive Officer of Augustine states “This work supports the potential to define additional gold resources within the known gold resource of 1.1 million inferred ounces at 1.71 g/t 1 without incurring the higher costs of drilling“.
Dodds adds “In addition to advancing the gold resource, Red Pine and Augustine are currently expediting negotiations to consolidate ownership of the Property. We feel this could make it more attractive to mid tier and major mines which could help bring in an operating mine, to the potential benefit of the Town of Wawa and nearby Michipicoten First Nation”
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
1NI 43-101 inferred resource of 1,088,000 ounces of gold at 1.71 grams per tonne (g/t) 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 depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent ((Independent Technical Report, Wawa Gold Project, Wawa, Ontario: Ronacher and McKenzie Geoscience and SRK Consulting (Canada) Inc (effective June 30, 2016)). The report is available on www.SEDAR.com under Augustine’s profile.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company headquartered in Toronto, Ontario, Canada. The Company’s common shares trade on the CSE under the symbol “WAW”.
Augustine has a 30% interest in the Wawa Gold Project and has entered into a Joint Venture Agreement (“JVA”) with Citabar LLP and Red Pine Exploration Inc. 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.