CSE: WAW

Wawa Gold Project

Augustine Ventures Inc. is a junior gold exploration company which has earned in a 30% interest in 2,426 hectares of patented claims and 2,912 hectares of contiguous crown land claims located immediately southeast of the Town of Wawa, Ontario on the east shore of Lake Superior. The 5,338 hectare property, the Wawa Gold Project, already has a gold resource of 1.1 million ounces at 1.7 g/t1 with known lateral extensions and depth extension to 600 meters, a history of past production from the known vein deposits and a large number of untested but documented gold occurrences. The property is in a “brownfield” location with ready infrastructure (power, access road, nearby community services, good community relationships). Augustine is confident the property could host a major gold deposit and has entered into a joint venture agreement to continue advanced exploration.

1The Mineral Resource is disclosed in the NI 43-101 technical report titled “Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)”. The report is available on www.SEDAR.com under Red Pine’s profile. Cut-off grades are based on a gold price of US$1,250 per ounce and a gold recovery of 95 percent.

 

 

 

A summary of the NI43-101 report1 by SRK (May 26, 2015) for the Surluga Deposit within the Jubilee Shear Zone is provided below:

Resource Category Cut Off Grade
Au g/t
Tonnage
t x 1000
Grade
Au g/t
Ounces
Au x 1000
Inside Pit 0.4 10,239 2.05 676
Outside Pit 0.4 8,630 1.07 298
Underground 2.5 955 3.73 114
TOTAL 19,824 1.71 1,088
Previous 2012 0.5 22,355 1.49 1,072

Wawa Gold Project Highlights:

  • 2,426 hectares of patented claims containing the Surluga Deposit and 2,912 hectares of contiguous crown claims
  • wawa_corridor

  • Exploration work in 2015 identified five (5) additional gold zones indicating the Surluga Deposit is part of a much broader gold system, the “Wawa Gold Corridor”
  • A comparison of the shear zones is shown below to illustrate the potential to increase the gold resource.
  • Zone Hornblende Shear Zone William Gold Zone Surluga Deposit1
    Details Width (m) G*T
    ((g/t)*m)
    Grade
    (g/t)
    Width
    (m)
    G*T
    ((g/t)*m)
    Grade
    (g/t)
    Width
    (m)
    G*T
    ((g/t)*m)
    Grade
    (g/t)
    Average 10.5 23.0 2.4 13.5 20.9 1.56 10.3 24.7 2.54

    In addition to the exceptional gold resource and good potential to develop a much larger gold resource within the Wawa Gold Corridor, the property has ready infrastructure, an environmental data base and good community support:

  • Augustine has the written support of the Michipicoten First Nation for the Wawa Gold Project
  • Adjacent to Town of Wawa with resident work force and available facilities for transient work force
  • Town of Wawa already services other nearby mines, has a long history of mining and is supportive of the mining industry
  • 34.5 kV power line adjacent to west side of the property with former ROW onto property
  • Adjacent to 1,200 m paved airstrip with all-weather landing capabilities
  • Near Trans Canada Highway 17, connected to Highway 101, 20 Kms to CN Railway junction
  • The surface waters have been continuously monitored for many years as part of a Closure Plan which provides an environmental data base for future Environmental Assessment for mine permit process
  • Property retains a Certificate of Approval for a tailings disposal site from former mine operation in 1988 –90