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President and CEO,
The drill program comprised 20 HQ diameter holes, totaling 2335m and partially tested two of four target areas at Ponderosa; Tomahawk and Flatiron. The program was executed for approximately
Table 1: Anomalous Results
Hole # | From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) |
PD22-01* | 22.86 | 26.24 | 3.38 | 0.23 | 0.80 |
PD22-02* | 18.15 | 25.56 | 7.41 | 0.29 | 1.60 |
31.90 | 34.17 | 2.27 | 0.25 | 0.76 | |
including | 22.61 | 23.30 | 0.69 | 1.27 | 0.92 |
PD22-03* | 5.70 | 10.67 | 4.34 | 0.16 | 0.62 |
22.40 | 23.84 | 1.44 | 0.49 | 1.19 | |
PD22-07 | 17.10 | 19.20 | 2.10 | 0.26 | 1.96 |
PD22-09 | 14.18 | 17.56 | 3.38 | 0.23 | 3.91 |
PD22-12* | 19.86 | 25.91 | 6.05 | 0.32 | 1.34 |
PD22-13* | 25.91 | 44.82 | 18.91 | 0.44 | 0.88 |
including | 26.91 | 27.87 | 0.96 | 1.01 | 1.45 |
and | 43.82 | 44.82 | 1.00 | 2.20 | 1.36 |
PD22-14* | 18.29 | 30.01 | 11.72 | 0.46 | 1.34 |
including | 22.11 | 22.86 | 0.75 | 1.54 | 1.26 |
PD22-15* | 30.79 | 51.31 | 20.52 | 0.39 | 1.73 |
including | 33.53 | 34.33 | 0.80 | 1.58 | 2.51 |
and | 35.13 | 35.47 | 0.34 | 1.55 | 0.97 |
PD22-16* | 18.29 | 34.42 | 16.13 | 0.35 | 0.90 |
including | 18.29 | 19.26 | 0.97 | 1.31 | 1.52 |
*silica zone encountered at overburden/till interface – not fully defined
- true widths are interpreted to be 80 to 90% of the reported drill interval
Sixteen drillholes were located along a 200 m section of the
Epithermal vein clasts commonly occur as breccia fragments and range from angular to sub-rounded indicating multi-stage overprint emplacement with varying degrees of fragment milling. Matrix supported breccias are white to dark grey, the latter containing abundant fine to- ultrafine grained pyritization as clusters and concentrations along fragment boundaries resembling epithermal style banding. Later-stage alteration overprint includes grey silica-hematite as crackle and mosaic breccias, veins, veinlets and stringers. All mineralization contains latest-stage carbonate alteration.
Narrow epithermal veins and portions of vein zones preserved within the late destructive silica structural overprint are dominantly quartz-adularia and exhibit classic coliform, comb and cockade textures with lesser ginguro banding and occasional amethyst. Intervals grading in excess of 1 g/t gold are mostly associated with preserved epithermal vein mineralization in the broader silica alteration zone. The footwall of the Tomahawk structural zone hosts the highest concentration of narrow unaltered epithermal veins and veinlets. The best example is observed from PD22-13 where a 1.0 m interval of mildly silicified footwall volcanic host contains approximately 15% epithermal veining and graded 2.20 g/t gold.
Four drill holes located at the
Management was very encouraged during drilling by the presence of extensive silicification, brecciation and epithermal textures, which, combined with efficient project execution and cost savings, led to additional drill holes being planned and completed.
Full details, including images of drill core, individual samples and a zone map can be viewed here:https://augoldcorp.com/Drilling/
The Tomahawk and Flatiron zones are two of four known targets on the property and were selected primarily due to the presence of anomalous gold values in rock samples along with outcrop exposures which enabled accurate interpretation of the mineralizing system geometry.
The Company has substantially reclaimed the drill sites, which were selected to minimize disturbance. In addition, historical trenches were backfilled, contoured and revegetated in accordance with commitments the Company made to local First Nations.
Qualified Person
All scientific and technical information in this press release has been prepared by
All samples were submitted to
Multi-element analyses for 51 elements including gold and silver were determined for all sample pulps using the ME-MS41 procedure which utilizes an ultra-trace aqua regia acid digestion followed by inductively coupled plasma mass spectroscopy finish.
Ponderosa Gold Property
The Ponderosa Gold Property is located 16 km southwest of
Exploration by AUGC and others, notably Westhaven Gold Corp., has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia). Examples of this style of mineralization include
Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.’s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property. Geology across the Ponderosa Gold Property claim group is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations.
Work conducted between 2019 and 2021 by AUGC significantly upgraded three historic showings and identified an entirely new showing. These showings in order of priority are referred to as the Tomahawk, Flat Iron, T-Bone and Rib Eye zones.
The Ponderosa Gold Property is located within the unceded traditional territory of the Nlaka’pamux People.
Further information on the Property can be found on the Company’s website: https://www.augoldcorp.com/ponderosa-property/.
Cautionary Note
Neither the
For further information, please contact:
Email: info@augoldcorp.com
To learn more visit: https://www.augoldcorp.com
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