(via TheNewswire)
Highlights:
Fully fundeddiamond drilling of1,500 m in 10-14 holesto commence in April.
Targeting15 m wideauriferousbedrock vein exposure at Tomahawkthat has never been drill-tested.
Targeting25 m wide historical auriferous zone at Flat Ironthat has never been drill-tested.
President & CEO
The
The
Further assessment of the Flat Iron target by AUGC in 2021 mapped out two roughly 30 m wide parallel north-northeast trending zones of rusty clay altered and weakly silicified volcanic with numerous concentrations of localized quartz vein material ranging in width from several cm’s to 25 cm. This surface vein mineralization was traced 70 m along strike to the south-southwest from the reported historical trench locations. A series of composite surface samples consisting only of quartz vein material from the two parallel zones returned values ranging from 0.10 g/t Au to 1.02 g/t Au. None of the altered volcanic was sampled.
A single historical drill hole was collared east of the trenches with an azimuth to the west to test what was interpreted as an easterly dipping target, however, nothing of significance was encountered. AUGC believes the Flat Iron target has similar geometry to the
Detailed Soil Sampling
During 2021, the Company carried out detailed infill soil sampling to better understand the context of historical anomalies and the impacts of glaciation on the property. A total of 679 samples were collected from six individual grids along an 1800 m trend through the central part of the property. Grids were established over specific target areasas follow-up to the newest lineament structural analysis completed from the geophysical and UAV surveys. Sampling was done at 25 m intervals along lines spaced 25 m apart with samples collected by hand auger to depths where soil could be definitively identified as B-Horizon or as deep as possible if identification was uncertain. It should be noted that not all sample sites penetrated the till profile.
The majority of the detailed grid soil sampling increased the tenor of existing sample data for both gold and arsenic values, expanded the continuity of existing anomalies and provided better internal vectoring within broader anomalies for identifying potential mineralized zones. Thresholds used to contour gold and arsenic are unconventionally low but the presence of glacial till and the interpretation of the underlying alteration and mineralization representing a high-level low sulphidation epithermal gold system is the primary consideration for this methodology.
Option Grant
The Company has granted 150,000 options to a consultant of the Company at an exercise price of
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All scientific and technical information in this press release has been prepared by
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.
Historical exploration at Ponderosa focused almost exclusively on an in-situ occurrence referred to as “Axel Ridge”, which is characterized by outcropping cryptocrystalline/saccharoidal to crustiform and colloform banded epithermal quartz. A series of trenches were excavated across these outcropping exposures with highlights including2.22 g/t gold over 11.7 m, 1.92 g/t gold over 14.0 m (with 3.03 g/t gold over 8.0 m) and 3.6 g/t gold over 7.0 m. Follow-up diamond drilling of seven holes at
Work conducted in 2019 and 2020 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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