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TORONTO, Feb. 9 /CNW/ - Augen Gold Corp. ("Augen Gold" or "the Company") (TSX-V: GLD) is pleased to provide an update for upcoming exploration activity on its 100% owned South Swayze Property which is located approximately halfway between the mining centers of Sudbury and Timmins in Ontario and is accessible by road year-round.
Augen Gold is currently in the midst of an extensive gold exploration program consisting of line-cutting, geophysical surveys, and diamond drilling, as follow-up to a prospecting program conducted in 2008. Since September 2009, approximately 210 line kilometres of surveying and thirty-one drill holes totaling over 4,000 metres have been completed.
The highlights of drilling from Huffman Lake in the central part of the property included an intersection of 5.29 g/t gold and 424 g/t silver over 0.50 metres (News Release, January 21, 2010).
In mid-February 2010, Augen Gold will initiate a lake sediment sampling survey west of Huffman Lake to compliment the ongoing geophysical surveying by JVX Ltd. as exploration moves onto the ice on the east arm of Opeepeesway Lake. (see maps on "Home" page section of our website www.augengold.ca)
The survey will involve the entire east arm of Opeepeesway Lake, a large body of water approximately five kilometres long and up to 1.5 kilometres wide that covers approximately 50% of a ten kilometre long segment of a regional auriferous trend that is bracketed by Huffman Lake in the east and by the Jerome Mine in the west. This trend is essentially un-explored under the eastern arm of Opeepeesway Lake.
The Jerome Mine, located two kilometres west of this survey area in the west-central part of the property, produced 56,000 ounces of gold and 15,600 ounces of silver between 1940 and 1942; the style and extent of its gold mineralization was confirmed by Augen Gold in 2008 (News Release, January 23, 2009).
The lake sediment samples in the east arm of Opeepeesway Lake will be collected at the geophysical survey station sites by Daniel Cyr of Timmins, an experienced sampler.
Activation Labs of Ancaster, Ontario will conduct the analytical work to determine their Soil Gas Hydrocarbons (SGH) signature. SGH sampling is capable of delineation of mineral targets through thick layers of cover rock and overburden.
The South Swayze Property consists of 24,581 hectares of mining claims over a 45 kilometre length that extends south-east through parts of Esther, Fingal, Osway, Arbutus, Huffman, Potier, Yeo, Chester and Neville Townships. The east arm of Opeepeesway Lake is located within Huffman Township.
Gold mineralization at both the Jerome Mine and at Huffman Lake occurs near the contact of deformed porphyry and Timiskaming sediment and is related to a deformation zone believed to extend beneath the east arm of Opeepeesway Lake.
Gordon McRoberts, M.Sc., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this press release.
About Augen Gold
Augen Gold is a gold exploration company with 24,581 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.
For more information on Augen Gold, visit our website at www.augengold.ca
The Company's documents may be accessed at www.sedar.com
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.
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.
SOURCE AUGEN GOLD CORP.
For further information: For further information: J. David Mason, Chief Executive Officer and Director, Augen Gold Corp., Tel: (416) 479-3300, Toll-free: 1-888-442-8436