GLD GoldOn Resources Ltd

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.




     DDH No     Sample No.   From (m)     To (m)   Width (m)   Au (g/t)
                                                                       
     NS10-89       J922695     236.73     237.00        0.27       1.45
                   J922697     238.00     238.37        0.37       22.3
                                                                       
     NS10-90       J922785     182.00     183.50        1.50      0.924
                                                                       
     NS10-96       J466829     242.00     242.70        0.70       26.3
                                                                       
     NS11-103      J919538      24.00      25.36        1.36      0.247
                   J919540      25.36      26.00        0.64      0.585
                   J919542      26.62      27.62        1.00      0.293
                                                                       
     NS11-106      J919588      15.78      16.36        0.58      0.365
                   J919590      16.36      17.36        1.00      0.045
                                                                       
     NS11-108      J919662      48.05      48.50        0.45       2.77
                   J919664      48.50      49.98        1.48      0.562
                                                                       
     NS11-110      J919717      88.50      90.00        1.50       1.01
                                                                       
     NS11-111    Composite      51.00      62.19       11.19       6.72



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.


The information contained in this news release has been prepared by Augen Gold's
Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person for the
Company's Jerome Project under the definitions established by National
Instrument 43-101. The potential quantities and grades disclosed herein are
conceptual in nature and there has been insufficient exploration to define a
mineral resource. It is uncertain if further exploration will result in the
target being delineated as a mineral resource.


For more information on the South Swayze Project, please refer to the Company's
NI 43-101 compliant technical report "Amended and Restated Technical Report on
the Augen Gold Corp. Claims, Porcupine Mining Division, District of Sudbury,
Ontario, Canada" (effective April 8, 2008, available on the Company's profile at
www.sedar.com). 


For more information on Augen Gold, visit our website at www.augengold.ca. 

The Company's documents may also be accessed at www.sedar.com.

This news release contains forward-looking statements. These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities laws.


Shares outstanding: 127,691,347

GoldOn Resources (TSXV:GLD)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

GoldOn Resources (TSXV:GLD)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024