Avion Commences 5,000+ Metre Drill Program at Hounde, Burkina Faso
18 Maio 2010 - 8:30AM
Marketwired
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK
SHEETS: AVGCF) ("Avion") is pleased to announce the initiation of
diamond drilling program on the Hounde Property in Burkina Faso,
that Avion has agreed to acquire from Avocet Mining PLC (see Avion
news release, January 29, 2010).
This very large, 1,670 km2 property, lies within an emerging
gold camp and is 60 kilometres southwest of SEMAFO's Mana Mine. The
Mana Project has Mineral Reserves and Resources totaling 2.35
million ounces Au and Inferred Resources totaling 0.91 million
ounces (see attached Figure).
Avion has just commenced a minimum 5,000 metre diamond drill
program. This program is designed to both better define existing
zones, and to discover new zones. Approximately 40% of the drill
program is scheduled to further test the Vindaloo Zone which
returned drill intercepts of up to 8.91 g/t Au over 29 metres core
length. All drill holes have intersected gold mineralization to a
depth of less than 100 metres along a 675 metre strike and the
average of ten intersections at 4.71 g/t Au over 21.0 metres.
Mineralization remains open along strike and at depth, with soil
sampling suggesting that mineralization extends for at least 700
metres to the southwest.
In the latter part of April and the beginning of May, Avion
completed an airborne magnetic and radiometric survey over the
1,670 km2 Hounde property. The airborne magnetic data has indicated
numerous structures, some of which, from a preliminary data review,
are related to the known mineralized zones. The presence of
additional, similar structures, not associated with known gold
zones, suggest potential for the discovery of new gold zones. Soil
surveys and mapping are being carried out to generate new drill
targets.
Field work on the property commenced approximately one month
ago. Exploration has focused on the documentation of extensive
artisanal works, the collection of over 2,700 soil samples and
compilation of available data. This compilation work has led to the
recognition of several other gold zones (see figure) the best of
which returned 3.47 g/t Au over 18.0 metres core length (Kari South
zone). This hole ended in mineralization. The area proximal to this
hole displays quartz veining, alteration and artisanal pitting
along a 1,000 metre strike length.
John Begeman, Avion's President and CEO, stated, "The Hounde
Property zones display an excellent target for resource growth.
This recent data confirms our belief that the Hounde property is
highly prospective, and I look forward to more results and a
resource being quantified by year end."
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.
The mining industry in Burkina Faso is growing at a rapid rate
due to a combination of a stable elected democratic government,
excellent geology and a competitive fiscal regime. Currently six
gold mines are in production or development in Burkina Faso
(Essakane - IAMGOLD Corporation, Mana - SEMAFO, Inata - Avocet
Mining PLC, Youga - Etruscan Resources Inc., Taparko - High River
Gold Mines Ltd., Kalsaka - Cluff Gold PLC). In 2011, it is expected
that Burkina Faso will become the fourth largest gold producing
country in Africa. The country has legislated low taxes, with an
income tax rate of 20% and a corporate profits tax of 20% for
mining companies. There is a three-year tax holiday during
construction that includes relief from VAT and custom duties during
construction and reduced customs duties of 7.5% during mining
operations. The government is entitled to a 10% free carried
interest and a reasonable 3% Royalty on gold production.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa.
The Company holds 80% of the Tabakoto and Segala gold projects in
Mali. Gold production commenced at these projects in 2009 with just
over 51,000 ounces produced in 2009. Avion's 2010 production goal
is estimated at 75,000 to 85,000 ounces of gold. The longer term
goal of the Company is to increase production to 200,000 ounces in
2012. Avion has a highly skilled management team, with a focus on
growth and consolidation within West Africa.
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 drilling results on the
Company; statements with respect to the development potential and
timetable of the Mali projects; the future price of gold; the
estimation of mineral resources; conclusions of economic evaluation
(including scoping studies); the realization of mineral resource
estimates; the timing and amount of estimated future production,
development and exploration; costs of future activities; capital
and operating expenditures; success of exploration activities;
mining or processing issues; currency exchange rates; government
regulation of mining operations; and environmental risks.
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.
To view the figure associated with this press release, click the
following link:
http://media3.marketwire.com/docs/avgcf0518fig1.pdf.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Contacts: Avion Gold Corporation Don Dudek Senior Vice President
Exploration (416) 861-2261 don@aviongoldcorp.com
Avangard Capital (GM) (USOTC:AVGC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Avangard Capital (GM) (USOTC:AVGC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024