Business
Augen Gold reports on results and 2010 gold exploration program
Augen Gold reports on results and 2010 gold exploration program
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 8, 2010 (Canada NewsWire Group) -- Shares outstanding: 76,655,947\n\n Augen Gold Corp. ("Augen Gold" or the "Company", TSX-V: GLD) is pleased to provide an update of gold exploration activity within its 100% owned South Swayze Property located in northern Ontario, approximately halfway between the mining centres of Sudbury and Timmins and which is accessible by road year-round.\nAugen Gold has been successful in raising approximately $4.9 million in financings, comprised of $1.5 million in flow-through dollars, and $3.4 million in hard dollars. The Company is now well financed to achieve its next exploration milestones.\nThis year's exploration program will focus on three objectives:\n\nFirst, the Company intends to further refine the "Jerome Mine Model" and take the concepts across a large area (10 km plus) from Jerome Mine to the Huffman Lake claims, the latter which had encouraging results announced last January. During the first part of June 2010, Augen Gold completed three drill holes (AG10-39, AG10-42 and AG10-43) at the Jerome Mine and expects assay results to be available shortly, starting in mid-June of 2010.\n\nThe second objective is to explore in detail those parts of the eastern end of the property adjacent to claims held by Trelawney Mining and its promising new gold discovery. On March 5, 2010, Augen Gold announced the commencement of a five-hole, 1,250 metre drilling program in this part of the property. The focus is the area along and near structures defined with airborne magnetic data by JVX Ltd., the Company's geophysics contractor. These structures extend several kilometres across the Augen Gold claims and project toward the area of recent drilling by Trelawney. Augen Gold also considered information that was made available on the possible trend of the new gold discovery.\nOnly one hole was completed in this area as the drilling was halted pending completion of the most recent financing. This drill hole, AG10-38, shows common weak alteration and local minor disseminated pyrite. Assays are available but did not show more than very weakly anomalous gold.\nA grid, which includes the location of drill hole AG10-38, will shortly be installed in the area near the new gold discovery by Trelawney and this will allow for detailed ground IP, magnetic and VLF surveying to be c...