- Published: 18 November 2008
- Written by Mining
Augyva: Drilling Results Confirm Potential of the Duncan Iron Project
Augyva Mining Resources Inc. ("Augyva" or "Company") (TSX VENTURE:AUV), is pleased to announce the results of the first five holes drilled on its #1 iron deposit of the Duncan Iron Project ('Duncan #1'), located 30 km south of Radisson, James Bay area, Quebec.
Augyva initiated a 10,000 meters phase I drill program in July 2008. Sixteen holes have been completed so far, testing a 0.6 km strike length of the Duncan #1 south limb deposit and a 1.1 km strike length of its north limb. The results of the 5 first holes, all drilled on the south limb, are summarized in the following table:
HOLE LINE FROM-TO CORE LENGTH % Fe DUN08-01 46+00N 58.25-177.00 118.75 m 26.26 DUN08-02 48+00N 13.28-138.55 125.27 m 24.42 DUN08-03 44+00N 36.20-90.00 53.80 m 27.90 DUN08-04 44+00N 75.05-145.50 70.45 m 29.34 DUN08-05 42+00N 30.00-86.75 56.75 m 28.75
Five other satellite iron deposits occur on the Augyva property within 20 km from the Duncan #1 deposit.
Based on magnetic and geological surveys, previous work and recent drilling, Augyva interprets the Duncan # 1 deposit to extend approximately 5 km on the property and to be constituted of two limbs; the north limb extends 4 km while the south limb has a 1.8 km strike length and thicknesses can reached up to 120 meters. In the central part of the property, these two limbs overlap and are separated by approximately 45 meters. Mineralisation consists of finely banded magnetite-silica A chlorite-garnet and less than 1 % pyrite.
The drilling results to date, confirm the potential of the Duncan #1 Iron Project with drill intercepts having width and iron grades corresponding to the ones published in the old geological reports. Drilling will continue until December 15th and resume in the New Year. Other satellite deposits will also be tested during this program.
The property is explored under an option agreement with Canadian Century Iron Ore Corporation ("Century"). Century can earn a 51% interest by funding $6 million by May 20, 2012 (of which $1.5 million by May 20, 2009) and can increase its interest to 65% by funding an additional $14 million within four years thereafter. Augyva manages the work programs of the Duncan Iron Project. As of today, Century has already completed the funding of the initial $1.5 million.
All assays and sample preparation are performed at ALS-CHEMEX laboratories located in Val d'Or and Vancouver. Drill core samples are cut in two parts, sent in sealed and numbered bags to the preparation laboratory. Upon reception the samples are dried, crushed and pulverized and, shipped to Vancouver to be analyzed for major elements, including iron, via XRF and sulfur via a Leco reader.
Augyva conducts a systematic QA/QC program consisting of inserting 2 blanks, 3 certified samples and assaying 4 duplicate samples by every 100 samples and re-assaying 10% of the samples at an external laboratory.
The information contained in this press release has been prepared by Alain Vachon, P. Eng, the exploration manager for Augyva. Mr. Vachon has extensive experience in exploration and is a Qualified Person under the National Instruments 43-101 standards.
Sandy Chim, Chairman and CEO commented: "We are very pleased with the initial drilling results which confirm the potential of the Duncan Iron Project The progress of the drilling program is on schedule and on budget and has been executed effectively and professionally. We look forward to receiving further drilling results and analysis; and will publish them on a timely basis."
About Augyva Mining Resources Inc. and Duncan Iron Project
Augyva Mining Resources Inc. is a Canadian exploration and development company with its major iron ore property near Duncan Lake in the James Bay region of the Province of Quebec. The Duncan Iron Project is located in the western part of the La Grande Greenstone Belt and hosts Algoma type historical iron ore deposits in a volcano-sedimentary sequence. The property, directly accessible by road, is located thirty kilometers south of Radisson in the James Bay region and covers 3,642 hectares. The Company is in the process of analyzing historical information and data and is conducting a drill program to support a NI 43-101 Technical Report. Augyva is not treating these historical estimates as current mineral resources or mineral reserves and the historical estimate should not be relied upon.
About Canadian Century Iron Ore Corporation
Canadian Century Iron Ore Corporation ("Century"), a member of Century Iron Ore Group (the "Century Group") which is based in the Far East and has extensive network, experience and expertise in the international iron ore industry with the focus on developing iron ore resources targeted to and supplying iron ore products to China, the largest and fastest growing consumer of the raw material today. The Century Group has investments in iron ore assets in Canada, including the Duncan Iron Project, and other countries including China.
Further details are available on the Company website at www.augyva.com
SOURCE: Augyva Mining Resources Inc.
Augyva Mining Resources Inc. Georges-Yvan Gagnon President 819-275-1614 Augyva Mining Resources Inc. Michael Skutezky Director 416-594-0791 x128