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Augustine Ventures Announces High Grade Gold Encountered over Wide Intervals in the Core of the Surluga Deposit
Toronto, Ontario--(Newsfile Corp. - November 22, 2016) - The Manager, Red Pine Exploration Inc...
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[{"type":"text","content":"\nAugustine Ventures Announces High Grade Gold Encountered over Wide Intervals in the Core of the Surluga DepositToronto, Ontario--(Newsfile Corp. - November 22, 2016) - The Manager, Red Pine Exploration Inc. (TSXV: RPX) (\"Red Pine\"), of the Joint Venture with Augustine Ventures Inc. (CSE: WAW) (\"Augustine\") and Citabar LLP has received results for 33 holes sampled as part of the program of logging and sampling of historic core at its Wawa Gold Project.Highlights from the sampling program so far:New results include over 56.39 metres @ 2.68 g/t gold in hole U1694L4 and over 69.95 metres @ 2.21 g/t gold in U1652L5 (see Table 1).Increase in the gold weighted average (sum of individual intercepts gold grade times length) for 13 of the 33 sampled holes, and an average increase of the intersection length for 9 of the 33 holes (see Table 1).Discovery of two gold zones, one in the footwall of the Jubilee Shear Zone and the other in the Jubilee Shear Zone near the historic Jubilee Gold Mine.Quentin Yarie, President and Chief Executive Officer of Red Pine states \"These assay results and calculated increases in the gold weighted average in over one-third of the sampled historic drill holes reiterates the potential upside of this sampling program. The results indicate that significant gold remains to be identified in the core of the current inferred resource.\"Bob Dodds, President & CEO of Augustine, states \"We are very pleased with the positive results and will expand our efforts to indentify gold in the pit shell which would serve to reduce the strip ratio which in turn would positively affect the economics of a potential mine on this property\"  Sampling of historic coreFollowing its 2015 exploration programs, the Joint Venture observed that many of the intersections in the historic boreholes of the Jubilee Shear Zone, which currently hosts a 1.088 million ounces inferred resource in the Surluga Deposit1, were not entirely sampled. The Joint Venture concluded that these sampling gaps were negatively impacting the inferred resource, considering that all these un-sampled intervals were assigned a value of 0 g/t gold in the last resource statement. The current sampling of 42,000 metres of historic drilling (from 318 underground and 119 surface drill holes) is demonstrating that gold remains to be found in many of the un-sampl...