TORONTO, ONTARIO / ACCESSWIRE / August 27, 2015 / Dr. Robert (Bob) Dodds, President and Chief Executive Officer, Augustine Ventures Inc. (CSE: WAW), “Augustine”, is pleased to announce that, pursuant to the Option Agreement and Assumption Agreement (collectively, the “Agreements”) entered into with Citabar LLP (“Citabar”) and Red Pine Exploration (RPX on the TSX-V) (“Red Pine”), (see news release of December 11, 2014) all conditions have been met and Augustine and Red Pine have each earned in a 30% interest in the Wawa Gold Project, a past producing gold camp in McMurray Township adjacent to the Town of Wawa, Ontario.
The Wawa Gold Project encompasses:
– 2,564 hectares of leases and/or patents for both mineral and surface rights, the Surluga block which has hosted previous mining operations;
– 2,202 hectares of crown claims, contiguous to the Surluga block, staked or purchased by Augustine;
– 418 hectares of crown claims, contiguous to the Surluga and Augustine blocks, staked by Red Pine.
The total of 5,184 hectares that comprise the Wawa Gold Project are now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. The Effective Date of the Joint Venture Agreement (JVA) between the three parties to continue to explore and advance the current gold resource is August 7, 2015.
Project Highlights
– NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 g/t using a 0.5 g/t Au cut-off for pit-constrained and 2.5 g/t Au cut-off for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth1 ;
– Gold mineralization in the hanging wall and footwall secondary structures indicate that the contained gold of the pit-constrained resource can be increased which would significantly improve the economics of the resource1;
– Strike length continuity for some gold-bearing structures exceed 2.5 kilometres with continuous gold mineralization;
– Advantageous land position in an under-explored gold camp that hosted eight past producing mines with average grades of 8.9 grams per tonne gold and a historic gold production of 120,000 ounces;
– Proximity to established regional infrastructure (roads, rail, airport, high voltage power lines, community services);
Dr. Dodds states, “We would particularly like to thank Citabar for its continuing support of Augustine through these tough economic times in the mining sector. The geological teams from Red Pine and Augustine have done an outstanding job of advancing the gold resource1 at the Wawa Gold Project.
We certainly share the optimism of Quentin Yarie, President and CEO of Red Pine, who stated: “The Wawa Gold Project has the potential to become a major gold camp. We have been able to significantly improve the current inferred gold resource on the property and the discovery of a high-grade gold shoots within and beyond the Surluga deposit is significant. The potential here for a large deposit that could be exploited through a combination of open-pit mining and underground mining is very exciting.”
Dr. Dodds further adds “We also thank the nearby Michipicoten First Nation and the Municipality of Wawa community for their ongoing support. This support and the local infrastructure greatly contribute to our belief that the development of an economic mine at the Wawa Gold Project is viable at today’s gold prices.”
Any technical information in this new release presented by Augustine has been reviewed by Quentin Yarie, P. Geo, a Qualified Person as defined in NI 43-101.
1The Mineral Resource is disclosed in the NI 43-101 technical report titled “Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)”. The report is available on www.SEDAR.com under Red Pine’s profile.
For additional information contact:
Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528
Cell: (905) 599-2025
Email: bdodds@augustineventures.com
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as “anticipate”, “believe”, “plan”, may”, “could”, “would”, “might” or “will”, “estimates”, “expect”, “intend”, “budget”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, the price of gold and other risks identified in the Company’s most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
SOURCE: Augustine Ventures Inc.
ReleaseID: 431582
