Augustine and Its JV Partners Initiate Program to Update Inferred Resource, Wawa Gold Project, Wawa Ontario

TORONTO, ON / ACCESSWIRE / February 11, 2016 / The Joint Venture (JV) of Augustine Ventures Inc. (CSE: WAW) ("Augustine"), Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine," Manager of the JV, and Citabar LLP ("Citabar") will mobilize this week to begin the process of logging/sampling of over 42,000 m of historic core. The historic core library available on-site will be a key element to define additional gold resources in the Wawa Gold Corridor and will save the JV an estimated $4.2 million of drilling costs. The core is primarily from holes drilled into the Surluga Deposit, with little to no sampling in the areas outside the Jubilee Shear Zone that contains the entirety of the inferred resource(1). The program will sample known and newly identified gold bearing intersections in the hanging wall material of the Surluga Deposit with the intent of adding these to the existing inferred resource(1) (Figure 1).

Dr. Robert (Bob) Dodds, CEO of Augustine, states, "We have always known that the extensive drilling work carried out on our Wawa Gold Project in the past and the well preserved historic core was one of many assets that made this property so desirable. The historic core re-logging and sampling has several goals: increase the number of ounces in the gold resource, lower the strip ratio in the resource estimate and extend information on mineralized zones in the Wawa Gold Corridor. In addition to this historic core re-logging and sampling, work is continuing on conceptual studies and data collection on alternative power sources, social license, ore sorting technology and the environmental data base. All of these initiatives serve to continue to increase the value of the property."

Historic Core Sampling Program

During its Fall 2015 exploration program, the Company amalgamated approximately 42,000 metres of drilling from 318 underground and 119 surface drill holes drilled in the Wawa Gold Corridor. This extensive core library will be progressively described and selectively sampled to extend or define additional gold zones in the footwall and hanging wall of the Surluga Deposit, and to extend some gold zones of the Surluga Deposit that were not entirely sampled in the past.

As an example, Table 1 is a list of historical and 2014-2015 drill holes with gold intersections not included in the existing inferred resource calculation(1). The JV is very encouraged by these results, especially considering that many of the historical intersections in the footwall and hanging wall were not entirely sampled by the previous exploration and mining.

Figure 1- Locations of Historic Drill Holes to be Re-Logged and Sampled

To view an enhanced version of Figure 1, please visit:
https://www.accesswire.com/uploads/19231_figure1%201.jpg

Table 1 – Historic Core List

Sampling of the Footwall Gold Zones (Hornblende and William)

During the last drill program, the JV discovered shallow gold zones in the footwall of the inferred resource with grades and thicknesses similar to the Surluga Deposit in the Jubilee Shear Zone (Figure 2). This type of gold mineralization, related to pervasive replacement of the host intrusive rocks, was previously un-recognized on the property and comes without diagnostic visual indicators. The Company speculates that some of the footwall gold zones were not entirely sampled and sampling gaps remain in some gold mineralized zones (e.g., HS-15-29 with 3.63 metres un-sampled in Hornblende Shear Zone; HS-15-30 with 5.2 metres un-sampled in the Hornblende Shear Zone). Additional sampling will be undertaken to fill any existing sampling gaps.

Figure 2

To view an enhanced version of Figure 2, please visit:
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2014-2015 On-site Quality Assurance/Quality Control ("QA/QC") Measures

Drill core samples were transported in security-sealed bags for analyses at Activation Laboratories Ltd. in Timmins, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are then shipped. The remaining coarse reject portions of the samples remain in storage at the Activation Laboratories Ltd. in Timmins, Ontario as required in the event that further work or verification is needed.

A quality-control program has been implemented to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, the JV Manager inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.

Historic Core Quality Assurance/Quality Control ("QA/QC") Measures

No information is available about the sample preparation, analyses and security of historic drill core. However, the NI 43-101 Resource Estimate by WGM(2) assumed that core from surface drill holes was split using a core splitter and that core from underground drill holes were either assayed as whole core or also split by a core splitter. The NI 43-101 Resource Estimate by WGM(2) also indicated that samples may have been analyzed by an assay laboratory on site initially. In the 1980's and 1990's, the samples were likely sent to Wawa Assay Laboratory, an unaccreditedlaboratory in Wawa. The NI 43-101 Resource Estimate by WGM(2) assumed the assay method to have been fire assay with a gravimetric finish. No information about quality control measures and sample security is available.

2007 Samples

Details about the sample preparation, analyses and security of core samples from the 2007 drilling program were described by in the NI 43-101 Resource Estimate by WGM(2). The core was cut in half using a core saw; one half was returned to the core box, the other half was put in a sample bag and sent to Accurassay Laboratories ("Accurassay") in Thunder Bay, Ontario. Accurassay is accredited for gold under the ISO/IEC 17025 guideline. At Accurassay, the samples were dried, crushed, split and pulverized. A 30 g aliquot was used for fire assay analysis with an atomic absorption spectroscopy finish. Accurassay is independent of the property owner.

Ronacher McKenzie Geoscience Retained to Update Current Resource

As part of the process for a planned merger of Augustine and Red Pine, Augustine is required to provide to its shareholders an updated NI 43-101 report on the Wawa Gold Project. Ronacher McKenzie will update the May 26, 2015 Report(1) with the following information completed since its issuance:

1. Geophysical investigations:

- Max-min Survey
- Ground Magnetic Survey

2. Drilling of 13 diamond drill holes

- HS-15-27 to 31
- SM-15-32 to 39

3. Trenching

4. Prospecting

5. Staking

Qualified Person

Quentin Yarie, PGeo., is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

(1) NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 gramsper tonne (g/t) using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources (overall cut-off grade of 0.5 g/t), contained in 19.82 million tonnes open along strike and at depth. The Cut-off grades are based on a gold price of US$1,250 per once and a gold recovery of 95 percent (Mineral Resource Statement*, Surluga-JubileeGoldDeposit, WawaGoldProject,Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)). The report is available on www.SEDAR.com under Red Pine's profile.

(2) Amended NI43-101 inferred resource of 1,072,000 ounces of gold at a 1.49 grams per tonne (g/t) using a 0.50 g/t gold cut-off grade contained in 22.36 million tonnes open along strike and at depth, WGM Report by Cliff Duke, October 23, 2012. The report is available on www.SEDAR.com under Augustine's profile.

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the CSE under the symbol "WAW".

Augustine has a 30% interest in the Wawa Gold Project and has entered into a Joint Venture Agreement ("JVA") with Citabar LLP and Red Pine Exploration Inc. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. Under the terms of the JVA, Red Pine is the Operating Manager and will continue to explore and advance the current gold resource on the property. Augustine and Red Pine are currently expediting negotiations to consolidate ownership of the Wawa Gold Project.

For additional information contact:

Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528
Cell: (905) 599-2025
Email: [email protected]

This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate," "believe," "plan," may"," "could," "would," "might" or "will," "estimates," "expect," "intend," "budget," "scheduled," "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

SOURCE: Augustine Ventures Inc.