Augyva Mining Resources Inc.
TSX VENTURE : AUV

Augyva Mining Resources Inc.

February 09, 2012 09:30 ET

Augyva Announces Duncan Lake Iron Ore Project Phase II Drilling, Update # I.

MONTREAL, QUEBEC--(Marketwire - Feb. 9, 2012) - Augyva Mining Resources Inc. (Augyva or the Company) (TSX VENTURE:AUV.V) is pleased to announce Duncan Lake Iron Ore Project Phase II Drilling, Update # I.

The Phase II program is managed by our joint venture partner, Canadian Century Iron Ore Corporation (Century), a subsidiary or Century Iron Ore Mines Corporation, as part of its expenditure to increase ownership in the project from 51% to 65%. Century is the operator of the Duncan Lake project under the option and joint venture agreement.

Phase II Drilling, Update # I results are being reported for 19,700m of drilling in 54 drill holes located in deposit zones 3, 4 and 6. The table immediately below shows previous drilling. In addition to the 19,700m in this update, approximately 9,000m of drilling has been completed and will be reported when assays are available.

Phase I drilling, previously reported 10,460m in 52 holes - complete
Phase II interim drilling, previously reported 8,404m in 25 holes - complete
Phase II drilling, update # I, this report 19,700m in 54 holes - ongoing

The Phase II drilling program is expected to continue after freeze-up in 2012, to provide information for an NI43-101 updated mineral resource estimate and to perform a Preliminary Economic Assessment (PEA), the contract for which has been awarded to Met-Chem Canada Inc.

The Phase II 19,700 drill program has improved confidence in the continuity of magnetite dominant zones and has demonstrated approximate strike extents of 2.5 km in zone 3, 1.0 km in zone 4 and 1.0 km in zone 6. "Recent drilling and assays continues to show grade consistency" said Peter R. Jones, Chairman & Interim CEO of Augyva. He continued, "Century assures us the project is on track for an updated NI43-101 resource estimate and PEA by approximately mid-2012."

At the end of this news release is a diagram of the Project zones 1 through 6 and three tables namely zone 3, zone 4 and zone 6 with details included of the 19,700m of drilling in 54 drill holes together with mineralized intercepts and grades, drill hole collar coordinates, hole dips and azimuths as well as intercept core lengths.

About the Duncan Lake Property

The Duncan Lake Iron Ore Property ("DLIOP") is located approximately 570 km north of Mattagami, Québec, and can be easily accessed via paved road (Highway 109), connecting Mattagami to Radisson. Road distance from Montreal to DLIOP is estimated to 1,350 km. The property is located 50 km south of Radisson and 10 km south of the LG2 regional airport.

The property is subdivided into six (6) separate mineralized zones (1 to 6) proximal to Highway 109. The claim blocks 1, 2, and 5 are located southwest of the highway and claim blocks 3, 4 and 6 to the northeast. The property has recently been expanded to 528 exploration claims covering 25,448.8 hectares.

The DLIOP is subject to a joint venture agreement between Century, which holds a 51% interest, and Augyva, which holds a 49% interest under an option and joint venture agreement dated May 20, 2008.

On November 11, 2010, Century completed its funding of $6,000,000 to earn an initial 51% interest in the DLIOP in accordance with the JV Agreement. Pursuant to the JV Agreement, and after earning the initial 51% interest, Century will have the option to increase its interest in the property to 65% by expending a further $14 million during the following 4 years thereafter.

Drilling and Assaying Quality Control Procedures

Samples were prepared by IOS Services Géoscientifiques Inc and shipped for assaying to ALS Minerals Ltd in Vancouver, British Columbia, which is independent of Century and Augyva. The samples were analyzed via lithium metaborate XRF, and sulphur was determined by Leco furnace. Iron was reported as total ferric iron and converted to total iron.

The QA/QC program included the insertion of systematic certified and internal standards, blanks and duplicate samples within every sample batch submitted to ALS for approximately 15% of the assay population. In addition, ALS inserts its own duplicate samples. The results from these control samples were monitored by an IOS certified chemist and indicate excellent consistency of analysis.

This press release has been prepared under the supervision of Mr. Rejean Girard (P.Geo.) of IOS Services Géoscientifiques Inc, who is an independent consultant and the Qualified Person for the technical data disclosed in this press release.

About Augyva Mining Resources Inc.

Augyva is an exploration and development company holding five (5) properties located in the James Bay and Abitibi regions of the Province of Quebec. Its major project is its interest in the DLIOP located in the western part of the La Grande Greenstone Belt. A NI 43-101 compliant technical report on the mineral resource was prepared by Met-Chem. Canada Inc. and was released in March 2010.

In addition to the DLIOP, Augyva holds a 100% interest in four other mineral properties, namely: Yasinski and Kali in the James Bay region and Senneville and Malartic in the Abitibi region.

Cautionary Statement

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Augyva's disclosure documents on the SEDAR website at www.sedar.com. Augyva does not undertake to update any forward looking information except in accordance with applicable securities laws.

To view the map of the Duncan Lake Property Claim Block (1) and Immediate Area, please visit the following link: http://media3.marketwire.com/docs/auvmap0209.pdf

Note: Claim block numbers 1 through 6 contain the Magnetite Iron Formation Zones 1 through 6

Zone 3 - Duncan Lake Iron Ore Project Phase II Drilling, Update #I - Results

The following intercepts were defined by a 16% Fe cut off and an 8m minimum core length. True widths have yet to be determined. Drill results indicate that the geometry of folding within zone 3 is relatively complex. The reader is cautioned that true widths may vary significantly from the reported drilled core lengths.

HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH FROM
(M)
TO
(M)
Core
Length
(M)
FE %
DUN-11-228 5935588 323956 153 -54 315 90 108 18 25.8
126 138 12 23.1
216 225 9 29.9
DUN-11-229 5935864 323960 165 -52 315 NSA
DUN-11-232 5935973 324134 155 -50 315 43.9 341.4 297.5 32.6
DUN-11-233 5935837 324273 153 -50 316 45.8 86.4 40.6 27.7
DUN-11-234 5936376 324015 173 -50 315 167 194.8 27.8 30.8
DUN-11-235 5936140 324252 163 -50 315 138 210 72 24.6
228 291 63 23.8
294 318 24 18.9
321 333 12 24.6
336 501 165 29.2
507 552 45 26.7
555 567 12 27.7
DUN-11-236 5935951 324440 156 -52 315 64.5 156 91.5 25.2
236.5 273 36.6 23.7
DUN-11-237 5936441 324232 178 -50 315 42.3 149.8 107.5 26.4
209.6 396 186.4 27.6
DUN-11-238 5936167 324537 160 -50 315 13.8 135 121.3 26.1
DUN-11-240 5936484 324471 172 -51 315 21.9 35.2 13.3 28.5
51 66 15 20.1
86.7 97.8 11.1 20.3
399 493.2 94.2 24.3
DUN-11-242 5936294 324948 153 -51 315 56 96 40 26.8
117 201 84 22.3
DUN-11-245 5936584 324938 151 -53 315 159 168 9 23.4
198 372 174 25.4
DUN-11-246 5936359 325163 152 -51 315 183 270 87 23.3
296 336 40 29.8
DUN-11-247 5937051 324753 153 -53 319 153 165 12 22.4
309 384 75 24.8
DUN-11-248 5936811 325010 151 -52 316 78 87 9 24.7
114 123 9 22.9
DUN-11-251 5937229 324859 154 -52 314 324 387.3 63.3 23.1
DUN-11-252 5936706 325394 149 -51 315 24.6 63 38.4 30.2
78 99 21 33.7
DUN-11-255 5936802 325566 155 -50 320 NSA
DUN-11-256 5936583 325784 147 -52 315 75 88 13 26.2
DUN-11-259 5937585 325069 164 -50 315 294 330 36 23.5
DUN-11-260 5937105 325545 165 -51 315 5.5 48 42.5 28.9
DUN-11-261 5936957 325695 155 -52 312 112 253 141 25.8
357 375 18 19.2
DUN-11-263 5937104 325830 163 -50 315 NSA
DUN-11-334 5935541 324001 153 -54 308 146 165 19 31
186 195 9 18.9
356 364 8 20.5
DUN-11-340 5936264 324126 172 -43 320 162.8 174.4 11.6 36.3
304 375 71 31.9
DUN-11-343 5936318 324357 169 -50 315 173.5 197.4 23.9 22.5
211.9 263.5 51.7 25.8
279.1 320.1 41 23.7
340.8 355.4 14.7 21.5
366.3 492.4 126.2 23.8
505.7 620.8 115.1 23.6
DUN-11-345 5936626 324332 176 -47 312 43.9 140.8 96.9 24.4
167.9 248.5 80.7 20.7
263.1 436 172.9 22.9
447.6 456.3 8.7 17.8
DUN-11-351 5936219 325024 155 -49 313 129 204 75 21.2
231 291 60 24
DUN-11-360 5937413 324956 159 -50 314 290.1 339 48.9 21.4
DUN-11-362 5936513 325857 148 -51 315 6 42 36 22.5
DUN-11-364 5937675 324982 161 -51 315 171 183 12 25.2
DUN-11-367 5937891 324910 163 -51 315 6 30 24 22.4
DUN-11-368 5937177 325754 160 -52 315 NSA
(NSA - No Significant Assays)

Zone 4 - Duncan Lake Iron Ore Project Phase II Drilling, Update # I - Results

The following intercepts were defined by a 16% Fe cut off and an 8m minimum core length. True widths have yet to be determined. Drill results indicate that the geometry of zone 4 is controlled by a thrust fault, which hinders the accurate interpretation of the true width of the mineralized intersections. The reader is cautioned that true widths may vary significantly from the reported drilled core lengths.

HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH FROM
(M)
TO
(M)
Core
Length
(M)
FE %
DUN-11-212 5941639 329388 149 -67 320 38 286 248 25.5
345.6 444.3 96.5 22.4
DUN-11-213 5941589 329428 147 -51 320 105.85 298 192.1 24.2
302 330.3 28.4 24
DUN-11-214 5941795 329520 152 -60 320 56.8 73.6 16.8 25.8
89.7 191.5 101.8 25.6
210.3 230.2 19.9 22.7
296.5 397.6 101.1 21.5
450.4 459.6 9.2 21.9
DUN-11-215 5941985 329361 156 -61 320 14.7 130.7 116 21.1
DUN-11-216 5942086 329525 156 -61 320 37.8 48.6 10.8 19.1
65.5 91.6 26.1 19.2
DUN-11-217 5941911 329684 149 -61 320 106.5 116.2 9.7 20.9
122.3 234 111.7 25.8
DUN-11-218 5942138 329751 148 -61 320 28.1 46.6 18.5 18.4
72.4 84.3 11.9 24.4
90.4 103.7 13.3 17.5
DUN-11-219 5942043 329834 147 -64 320 60 187.6 127.6 23.3
221.3 240 18.7 22.2
DUN-11-221 5942076 330067 143 -62 320 155.8 241 85.2 27
259.4 270 10.6 23.8
DUN-11-222 5942143 330267 144 -61 320 187.1 200.5 13.4 20.8
219.4 227.5 8.1 22.3
238.1 265.4 27.3 18.3
DUN-11-223 5942306 330394 144 -61 320 133 143.5 10.5 25.9
DUN-11-224 5942451 330535 145 -61 320 83.2 97.7 14.5 27.1
DUN-11-320 5941932 329399 156 -60 320 8.6 17.5 8.9 18.7
91.9 206.3 114.4 23.5
DUN-11-321 5941838 329483 152 -60 320 16.9 165.8 148.9 22.4
231.2 337.6 106.4 22.3
375.5 391.6 16.2 18.4
DUN-11-331 5942393 330584 146 -62 320 188 203.4 15.4 28.5
DUN-11-332 5942593 330667 146 -54 320 NSA
(NSA - No Significant Assays)

Zone 6 - Duncan Lake Iron Ore Project Phase II Drilling, Update # I - Results

The following intercepts were defined by a 16% Fe cut off and an 8m minimum core length. True widths have yet to be determined. Zone 6 is intruded by an irregular network of granitic intrusives which hinder the estimation of true width. The reader is cautioned that true widths may vary significantly from the reported drilled core lengths.

HOLE NUMBER NORTHING EASTING ELEVATION DIP AZIMUTH FROM
(M)
TO
(M)
Core
Length
(M)
FE %
DUN-11-272 5936321 326757 154 -51 340 16.2 65.2 49 23.2
118.2 127.3 9.1 24.1
173.4 196.5 23.1 24.5
312.3 321.2 8.9 22.3
DUN-11-273 5936163 326814 156 -52 340 4.8 42.4 37.6 30.5
273.7 346.6 72.9 31.2
366.3 384.5 18.2 23.3
450.7 466.5 15.8 21.9
DUN-11-383 5936395 327263 153 -52 340 146.2 224.8 78.6 20.1
236.8 245.3 8.5 27.8
DUN-11-384 5936545 327313 152 -52 340 9.5 45.5 36 19.3
115.8 127.9 12.1 32.9
DUN-11-386 5936641 327492 152 -50 340 8 34.8 26.8 19.2
64.1 156 91.9 25.7

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

  • Peter Jones, Chairman & Interim CEO
    Augyva Mining Resources Inc.
    416-309-2198
    www.augyva.com