Business
Augen Gold reports significant intersection at Jerome area
Augen Gold reports significant intersection at Jerome area
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 21, 2010 (Canada NewsWire Group) -- 2.25 GRAMS OF GOLD/TONNE OVER 25.88 METRES\n\nShares 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.\nHighlights from assay results for four drill holes (See Jerome Mine Model below) include 20.2 g/t Au over 0.35 m and 7.86 g/t Au over 1.04 m from drill hole AG10-39, 5.54 g/t Au over 0.56 m from drill hole AG10-42, 2.38 g/t Au over 0.80 m from drill hole AG10-43 and 21.2 g/t Au over 0.70 m from drill hole AG10-44B. In addition, drill hole AG10-39 returned a composite of 2.25 g/t Au over 25.88 metres (79.62 - 105.50 m). The composite did not deduct internal waste or bottom cut and is a weighted average over the entire 25.88 metres.\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 and is now well financed to achieve its next exploration milestones. Since inception in October 2006, the Company has raised a total of approximately $16 million for the South Swayze project.\nThis year's exploration program is focused on three objectives as indicated in the earlier June 08, 2010 news release by Augen Gold Corp.\n\nFirst, the Company intends to further refine the "Jerome Mine Model" and use the model's concepts across a large area (10 kilometres plus) from Jerome Mine to the Huffman Lake claims, the latter which had encouraging results announced last January. With this objective in mind, Augen Gold has completed eleven drill holes in the past twenty days at the Jerome Mine for a total of over 1,400 metres of diamond drilling (see above highlights).\n\nThe second objective is to conduct detailed exploration in parts of the eastern end of the property adjacent to claims held by Trelawney Mining and its promising new gold discovery. To date, line cutters have completed a 25 line kilometre grid and JVX Ltd., the Company's geophysics contractor, will follow with ground IP, magnetic and VLF surveying in the next several weeks as ground crews become available. Ta...