Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. Over 95 percent of the Property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The Property has a known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the Property.
Augustine in addition acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.
The property has been extensively drilled but not sufficiently drilled at depth. Management intends to commence an exploration program focusing on the deeper higher grade vein deposits which are comparable to other historically successful underground goldmines found in Kirkland Lake, Timmins and Red Lake.
This property has over $30 million of exploration expenditures by previous parties and a mill which was located on the property was recently decommissioned. It has the exploration and production infrastructure in place and on site including a drivable road which crosses the property from end to end, making it readily accessible; water, electricity, natural gas, tailings pond, and 2 shafts within the property. In addition it is close to rail, the Trans Canada Highway and a regional airport.
It is evident that on the basis of: (1) the confirmed NI 43-101 1 million plus resource in the Jubilee-Surluga deposit, its known depth extension, and its possible ultimate depth potential; (2) the history of past production from other known deposits; (3) the large number of untested but documented gold occurrences on the property; and (4) the success of a modest but modern exploration program on the Van Sickle claims, extrapolated to the entire property, it is possible to estimate the ultimate potential of the Wawa Gold Property.