Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

November 29, 2010 11:45 ET

Augen Gold Drilling at West Cote to Commence

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - Augen Gold Corp. ("Augen Gold" or the "Company")  (TSX VENTURE:GLD) outlined today its drilling plan for the areas of peak soil-gas hydrocarbon (SGH) intensity at the eastern end of its 45-kilometre property in Ontario's "gold country" just north and west of Cote Lake.

"We have stripped and cleared outcrops near our target areas and have 13 diamond drill holes (DDH) marked, with collaring on the first 6 close to commencement," said J. David Mason, President and CEO of Augen Gold. "Over the next few months, we are planning to drill a total of more than 2,500 metres across strike of some of the sulphide-bearing zones in the area, additionally testing some of our earlier mapping of SGH and induced polarization chargeability (I.P.) anomalies. The West Cote area ranks high among the major targets on our large property, and especially given the success of some nearby drilling, we expect to delineate a substantial target in this area."

The azimuths for the proposed drill holes are based on the structure of several metre-wide pyritic zones measured at stripped outcrops #02 and #03 further to the south (280-290 strike, moderate dip to north). Northwest-striking (320-340 degrees) and northeast-dipping (80 degrees) pyritic shear zones and fractures exist; these zones appear to be narrower (see map entitled "WCote and Planned Drill Holes" posted on Augen Gold's website at  http://www.augengold.ca/docs/map.pdf). The most intense expression of SGH anomalies often line up along a 295 strike, apparently consistent with the more important mineralized structure in the stripped outcrop.

These drill holes are likely to have an azimuth of 195 degrees with -45 degrees dip and 250 metres depth, to catch the northerly dipping structures at as high an angle as possible. 

Augen Gold has been successful in raising approximately $9.1 million in 2010 and is focused on achieving its exploration milestones. Since inception in October 2006, the Company has raised more than $20 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 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: 102,783,064

Neither 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.

Contact Information

  • Augen Gold Corp.
    J. David Mason
    Chief Executive Officer and Director
    416-915-4231
    dmason@augengold.ca