Augyva Mining Resources Inc announced that Duncan Lake Iron Ore Project Phase II Drilling, Update # I.
The Phase II program is managed by our joint venture partner, Canadian Century Iron Ore Corporation (Century), a subsidiary or Century Iron Ore Mines Corporation, as part of its expenditure to increase ownership in the project from 51% to 65%. Century is the operator of the Duncan Lake project under the option and joint venture agreement.
Phase II Drilling, Update # I results are being reported for 19,700m of drilling in 54 drill holes located in deposit zones 3, 4 and 6. The table immediately below shows previous drilling. In addition to the 19,700m in this update, approximately 9,000m of drilling has been completed and will be reported when assays are available.
Phase I drilling, previously reported 10,460m in 52 holes - complete
Phase II interim drilling, previously reported 8,404m in 25 holes - complete
Phase II drilling, update # I, this report 19,700m in 54 holes - ongoing
The Phase II drilling program is expected to continue after freeze-up in 2012, to provide information for an NI43-101 updated mineral resource estimate and to perform a Preliminary Economic Assessment the contract for which has been awarded to Met-Chem Canada Inc.
Mr Peter R Jones chairman & Interim CEO of Augyva said that The Phase II 19,700 drill program has improved confidence in the continuity of magnetite dominant zones and has demonstrated approximate strike extents of 2.5 km in zone 3, 1.0 km in zone 4 and 1.0 km in zone 6. Recent drilling and assays continues to show grade consistency. Century assures us the project is on track for an updated NI43-101 resource estimate and PEA by approximately mid-2012."
At the end of this news release is a diagram of the Project zones 1 through 6 and three tables namely zone 3, zone 4 and zone 6 with details included of the 19,700m of drilling in 54 drill holes together with mineralized intercepts and grades, drill hole collar coordinates, hole dips and azimuths as well as intercept core lengths.
