Avion Gold Corporation
TSX VENTURE : AVR

Avion Gold Corporation

March 02, 2010 09:02 ET

Avion Exploration Update

DJAMBAYE II MINERALIZED STRUCTURE EXTENDED TO 2,500 METRES - STILL OPEN ALONG STRIKE AND TO DEPTH

NEW GOLD ZONE PARALLEL TO DIOULAFOUNDOU DISCOVERED

TORONTO, ONTARIO--(Marketwire - March 2, 2010) - Avion Gold Corporation ("Avion" or "the Company") (TSX VENTURE:AVR), today announced that the 2010 exploration program at Tabakoto is proceeding as planned with 82 holes totaling 7,086 metres drilled as of February 24th. Recent highlights are as follows:

  • Djambaye II Zone – 68 holes totaling 5,242 metres drilled. Preliminary results expected for about 600 samples in March. Mineralized structure traced for 2,500 metres and still open.

  • New never tested 1 km+ long trend of artisanal workings discovered 200 metres west of the Djambaye II trend

  • Newly excavated, NW-trending zone of artisanal workings, with abundant visible gold, discovered 160 metres away from the NW trending Dioulafoundou zone

Avion's 2010 Tabakoto area exploration program has been designed to comprise approximately 60,000 metres of core and RC drilling. Exploration work to date has focused on the recently discovered Fougala 1 zone (Avion News Release Jan. 18, 2010) and along a 700 metre long section of the Djambaye II trend where the Dajmbaye II zone is represented by two, closely spaced, higher grade gold zones. This area has the potential to provide open-pittable gold mineralization.

Avion's drilling has also traced the Djambaye II mineralized structure for another 700 metres to the north for a total drilled length of 2,500 metres. This mineralized trend, which is open to the north, south and at depth, will be further tested with widely spaced holes along strike and to 200 metres depth.

Field reconnaissance 250 metres west of the Djambaye II zone area has identified a parallel, northerly-trending zone of artisanal workings that can be traced for just over 1,000 metres. Both current and historic artisanal pits to 8 metres depth were observed, containing significant amounts of quartz vein debris and well mineralized rock. Rerverse circulation drilling is planned to test this target.

A new, northwest-trending zone of artisanal pits and shafts was discovered in the Dioulafoundou area. Artisanal miners are recovering fractured and mineralized felsic intrusion with abundant visible gold. This target area is located 160 metres from the known northwest-trending Dioulafoundou zone (see figure). Additional review will be carried out with a goal to drill test this new target area.

The 2010 drill program is designed to test a series of conceptual targets on the property, extend known zones and test in detail known zones that could be developed into open pittable deposits.

Hounde Property Exploration

Upon signing a definitive agreement Avion plans to carry out an airborne geophysical magnetic and radiometric survey of the property. Data from this survey will be used in conjunction with historic drill, geochemical and geological data to develop new drill targets, the best of which Avion plans to test in 2010. Drilling is also planned to further test the known zones, especially the Vindaloo zone; this zone, which has only been tested to a depth of less than 100 metres along a 400 metre strike, has a best intersection of 8.91 g/t Au over 29.0 metres and an average grade of 4.71 g/t Au over 21.0 metres core length. Mineralization remains open along strike and at depth. True width is estimated at 70% of core length. More than 7,000 metres of drilling is planned for this property in 2010.

Don Dudek, Senior Vice President, Exploration commented: "The expanded 2010 exploration program will allow Avion to delineate known zones and test numerous new exploration targets that have been developed as a result of Avion's increasing knowledge of the mineralized zones and systems in the property area. As well, in conjunction with the recently acquired Hounde property, Avion will have further opportunities to increase the overall resource base"

Don Dudek, P.Geo., Senior Vice President, Exploration of Avion has reviewed and approved the technical data presented in this press release.

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 at these projects has commenced, with approximately 100,000 ounces of production forecast for 2010. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.

Cautionary Notes

The quantity and grade of reported inferred resources are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category

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 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; 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 those 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 Figure 1, please visit the following link: http://media3.marketwire.com/docs/avr301fig1.pdf

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Contact Information

  • Avion Gold Corporation
    Rene Bharti
    Vice President Business Development
    (416) 861-5913
    rene@aviongoldcorp.com