Augyva Mining Resources Inc.
TSX VENTURE : AUV

Augyva Mining Resources Inc.

August 13, 2012 09:02 ET

Augyva and Century Announce Duncan Lake Iron Ore Project Phase II Drilling, Final Update

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2012) - Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva") and Century Iron Mines Corporation (TSX:FER) ("Century") is pleased to announce Duncan Lake Iron Ore Project Phase II Drilling Update #3 - Final Report.

Highlights include:

  • Drill hole DUN 11-237B intersected 142.9 meters grading 24.64% total Iron (FeT).

  • Drill hole DUN 11- 352 intersected 321.25 meters grading 25.55% total iron (FeT).

Phase II Drilling, Update #3 results are being reported for 6,786m of drilling in 19 drill holes located in zones 3, 4 and 6. The table immediately below shows previously released drilling results.

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 #1, previously reported 19,700m in 54 holes - complete
Phase II drilling update #2, previously reported 8,956m in 26 holes - complete
Phase II drilling update #3, Final report 6,786m in 19 holes - complete
Total 54,306m 176 holes

This concludes all outstanding drilling assay results for the Phase II drilling program.

Peter R. Jones Chairman and Int. CEO of Augyva said, "This is the final drilling update for the 176 holes in phase I and Phase II. I am pleased with the results and look forward to our Joint Venture partner updating the NI43-101 before the end of September and completing a PEA in 2012". He also said "Both these reports are underway and are being prepared by Metchem in Montreal".

At the end of this news release are the three tables namely, zone 3, zone 4 and zone 6 with details of the 6,786m of drilling in 19 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 be 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.

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

Zone 3

HOLE
NUMBER
NORTHING EASTING ELEVATION DIP AZI-
MUTH
FROM
(M)
TO
(M)
Core
Length
(M)
FE
%
DUN-11-237B 5936441 324232 178 -90 320 33 42 9 31.00
197.15 237.2 40.05 28.39
283.6 426.5 142.9 24.64
DUN-11-245B 5936674 324849 151 -50 315 9.6 64.2 54.6 22.87
Incl. 9.6 20.1 10.5 21.12
Incl. 29 64.2 35.2 26.56
109.2 128.5 19.3 24.00
DUN-11-338 5935929 324182 153 -50 316 7 56.4 49.4 25.14
Incl. 23.8 56.4 32.6 29.32
70.7 169.3 98.6 26.22
DUN-11-346 5936290 324671 155 -50 314 15 87.25 72.25 24.96
DUN-11-352 5936953 324575 155 -50 317 12.2 333.45 321.25 25.55
DUN-12-245A 5936768 324757 151 -50 135 84.5 185.45 100.95 21.85
249.45 269.55 20.1 25.67
DUN-12-350 5936660 324580 168 -50 135 98.7 136.2 37.5 22.99
DUN-12-356 5936440 325366 151 -50 315 231.6 395.6 164 23.23
Note: Intersections are core lengths, true widths may be less than core lengths.

Zone 4

HOLE
NUMBER
NORTHING EASTING ELEVATION DIP AZI-
MUTH
FROM
(M)
TO
(M)
Core
Length
(M)
FE %
DUN-11-315 5941695 329342 145 -60 320 10.40 149.00 138.60 24.82
Incl. 10.40 108.10 97.70 28.82
227.75 340.50 112.75 20.78
Incl. 257.70 304.10 46.40 24.51
Incl. 314.40 340.50 26.10 22.28
DUN-11-324B 5941951 329661 153 -55 320 33.4 167.9 134.5 21.87
DUN-12-210 5941733 329050 154 -50 320 79.4 331 251.6 21.93
154.1 266.9 112.8 28.22
DUN-12-211 5941887 329180 153 -60 320 13.7 117.8 104.1 22.45
DUN-12-220 5942170 329998 146 -60 320 19 98.65 79.65 25.56
DUN-12-310 5941331 328995 145 -60 320 263.7 312.3 48.6 28.04
368.95 464.55 95.6 23.57
DUN-12-322 5941693 329614 145 -60 320 242.1 494.85 252.75 21.96
DUN-12-325 5941828 329762 150 -60 320 246.3 350 103.7 21.43
DUN-12-327 5941959 329913 147 -60 320 230.3 289.55 59.25 24.43
347.2 362 14.8 24.87
Note: Intersections are core lengths, true widths may be less than core lengths.

Zone 6

HOLE
NUMBER
NORTHING EASTING ELEVATION DIP AZIMUTH FROM
(M)
TO
(M)
Core
Length
(M)
FE %
DUN-11-380 5936115 327046 151 -50 340 117.8 151.2 33.4 26.65
369.25 384.9 15.65 30.95
DUN-11-382 5936269 327203 153 -50 340 134.1 145.7 11.6 31.92
202.9 372.4 169.5 19.77
Incl. 202.9 255.7 52.8 25.29
Note: Intersections are core lengths, true widths may be less than core lengths.

Quality Assurance, Quality Control and Qualified Person

Sample preparation except for holes DUN-11-237B, DUN-11-315, DUN-11-324B, DUN-11-352, DUN-11-380 and DUN-11-382 was contracted to the IOS Service Geoscientifiques Inc. ("IOS"), an independent sample preparation facility located in Chicoutimi. Pulps were then shipped to ALS Canada Ltd ("ALS") in Vancouver, British Columbia, which is independent of Century. For holes DUN-11-237B, DUN-11-315, DUN-11-324B, DUN-11-352, DUN-11-380 and DUN-11-382, sample cutting was done by SGS in Lakefield, Ontario and split core was sent to ALS for analysis. The samples were analyzed via lithium borate XRF, and sulphur was determined by Leco furnace. Iron was reported as total ferric iron and calculated as total iron by Century.

The Qualified Person on the project, as defined under National Instrument 43-101, are Claude Britt, P. Geo. and Zhihuan Wan, P.Geo. They were responsible for the preparation of all technical information provided in this press release and have reviewed and approved the contents of this news release.

About Augyva Mining Resources Inc.

Augyva Mining Resources Inc. (TSX VENTURE:AUV) is an exploration and development company. Its major project is its interest in the DLIOP in the western part of the La Grande Greenstone Belt for which an NI 43-101 compliant technical report on the mineral resource was prepared by Met-Chem. Canada Inc. and was released in March 2010. The report, which is filed on SEDAR, estimated the Property contains measured and indicated resources of 31,315,000 tonnes of 23.74% Fe and inferred resources of 821,135,000 tonnes of 24.56% Fe.

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.

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.

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