TORONTO, ONTARIO -- (MARKET WIRE) -- 05/13/10 --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF) ("Avion") is pleased to announce additional results from core drill holes that have tested the northwest-trending Dioulafoundou zone, located approximately 2 km south of the Tabakoto Pit (see figure 1). Drilling has identified two, closely spaced, zones of gold mineralization with new highlights including the following (complete 2008 to 2010 results are provided in the attached tables):
-- 13.42 g/t Au over 16.1 metres
-- 9.89 g/t Au over 9.1 metres
-- 5.87 g/t Au over 13.3 metres
-- 4.94 g/t Au over 5.5 metres
-- 16.92 g/t Au over 2.0 metres
-- 9.84 g/t Au over 6.0 metres
-- 9.66 g/t Au over 4.0 metres
Due to the encouraging exploration results from this area, Avion has initiated environmental permitting for an open pit.
The strongest of the two zones, Dioulafoundou NW zone ("DNW"), has been traced for approximately 400 metres along strike and to 170 metres depth (see figure 2). A second, parallel, zone of gold mineralization, DNW2, lies approximately 60 metres to the south and has been traced for approximately 190 metres along strike and to 115 metres depth (see figure 3). Both zones are steeply dipping and open down plunge.
Avion's work has extended the DNW and NW2 zones both along strike and to depth, relative to the defined and existing open pit inferred mineral resource for the Dioulafoundou zone (see Figures 2 and 3) of 349,300 tonnes grading 3.76 g/t Au totaling 42,000 ounces at a 1 g/t Au cut-off (Avion news release, May 19, 2009). In addition, the new drilling indicates significantly higher grades in the near-surface portions of the resource than were estimated and indicated by previous drilling.
Avion plans to update the mineral resources for these two mineralized zones by the end of the second quarter as part of a Tabakoto project resource update, with completion planned for fourth quarter, 2010. Avion has completed 90 holes totaling 7,702 metres over the Dioulafoundou area.
John Begeman, Avion's President and CEO, stated, "The Dioulafoundou zones display excellent continuity and good grades along strike and down plunge and as such I am confident that they will provide a near term source of open pittable and possibly underground mineral resources for Avion."
Avion's procedures for handling reverse circulation drill chips comprise initial splitting of the rock chips from one metre drill length samples into 2.0 kg samples, as well as description and logging into a database. These samples, and some of the recent core samples, are then delivered to the Company's mine site laboratory at Tabakoto. Assay standard samples are inserted every 25th sample and duplicate reverse circulation from every 20th sample are sent in as a separate sample to double check the assays from these intervals. This sampling procedure was initiated and periodically reviewed by Avion's Senior Vice President of Exploration, Don Dudek, P. Geo. The assay samples are then crushed to 3 mm and riffle split if required, to 1.5 kg and the entire sample milled in a LM2 mill to a nominal 95% passing 75 micrometres. All the preparation equipment is flushed with barren material prior to the commencement of the job and all sample bowls are scrapped clean with a scratch pad. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample weight. In order to ensure that local, exceptionally high grade assays are not overly represented in assay composites, Avion is also presenting assay composites, with high grade samples capped at 30.0 g/t Au. This capping level is deemed appropriate for the initial samples from the Dioulafoundou zone and is consistent with previous practice on the property.
Avion's results from the on-site laboratory have been of consistent high quality, with assay standards returning values well within accepted ranges.
To date, Avion's Tabakoto area exploration has completed over 224 holes totaling over 22,600 metres of core and reverse circulation drilling. This work has focused on the Dioulafoundou, DjambayeII and Tabakoto pit areas. Drilling is planned for the NW Segala, Far NW Segala, Dar Salam, Moralia and other structural targets throughout the property as part of a an approximate 60,000 metre 2010 drill program.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with just over 51,000 ounces produced in 2009. Avion's 2010 production goal is estimated at 75,000 to 85,000 ounces of gold. The longer term goal of the Company is to ramp production to 200,000 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the drilling results on the Company; statements with respect to the development potential and timetable of the Mali projects; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; ability to successfully integrate the purchased properties; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SUMMARY OF AVION'S DIOULAFOUNDOU NW ZONE ASSAY RESULTS
----------------------------------------------------------------------------
HOLE # FROM TO LENGTH TRUE Au CAPPED(ii)
WIDTH (m) g/t ASSAY
----------------------------------------------------------------------------
D-08-03(i) 153.0 160.5 7.5 3.5 8.93 8.93
D-09-03(i) 139.7 155.0 15.4 12 3.67 3.67
D-10-13 53.0 59.6 6.6 5.5 5.79 5.79
D-10-14 55.4 60.9 5.5 2.8 4.94 4.94
D-10-15(i) 64.0 81.2 17.2 12 6.51 6.51
D-10-16(i) 34.0 49.5 15.5 9.5 4.91 4.91
D-10-17(i) 39.9 50.4 10.5 6.5 7.65 7.30
D-10-18 73.6 79.7 6.08 4 1.26 1.26
D-10-19 21.0 24.5 3.5 2 2.34 2.34
D-10-20 56.3 59.0 2.7 1.5 4.04 4.04
D-10-21 0 0 0 0
D-10-28(i) 61.1 64.4 3.37 2.8 2.33 2.33
D-10-29 0 0 0 0
D-10-30A 59.4 72.7 16.6 9 5.46 5.46
D-10-31 105.4 121.5 16.1 10.5 13.42 6.80
D-10-32 0 0 0 0
D-10-33(i) 84.5 100.4 15.9 10 14.86 8.75
D-10-42 34.5 37.5 3.0 2 5.85 5.85
D-10-43 6.0 7.5 1.5 1.2 3.46 3.46
D-10-43 21.0 24.0 3.0 2.5 5.17 5.17
D-10-43 37.5 42.4 4.9 3.5 5.90 5.90
D-10-44 0.0 0 0 0
D-10-45 59.0 62.0 3.0 1.8 3.46 3.46
D-10-46 21.0 25.5 4.5 2.5 4.18 4.18
D-10-47 16.9 24.0 7.1 1.8 3.58 3.58
D-10-48 0 0 0 0
D-10-49 0 0 0 0
D-10-50 29.3 31.5 2.2 1.5 1.29 1.29
D-10-51 0 0 0 0
DRC-10-24 0 0 0 0
DRC-10-25 0 0 0 0
DRC-10-26(i) 52.0 58.0 6 4 1.18 1.18
DRC-10-27 22.0 23.0 1 0.7 3.12 3.12
DRC-10-27(i) 39.0 50.0 11.0 9.0 17.12 10.1
DRC-10-28 34.0 43.0 9.0 6.2 2.39 2.39
DRC-10-28(i) 48.0 58.0 10.0 6.5 4.39 4.39
DRC-10-28 67.0 72.0 6.0 4.0 2.32 2.32
DRC-10-29(i) 17.0 22.0 5.0 4.0 2.06 2.06
DRC-10-29 26.0 38.0 12.0 10.0 9.91 9.23
DRC-10-30(i) 23.0 29.0 6.0 3.0 17.97 17.97
DRC-10-31(i) 21.0 30.0 9.0 4.5 7.42 7.42
DRC-10-32(i) 33.0 36.0 3.0 3.0 11.67 11.67
DRC-10-33(i) 56.0 76.0 20.0 9.5 4.98 4.98
DRC-10-34(i) 24.0 45.0 21.0 10.5 28.57 11.23
DRC-10-35(i) 12.0 14.0 2.0 2.0 1.47 1.47
DRC-10-36(i) 0 0 0 0.00
DRC-10-37(i) 0 0 0 0.00
DRC-10-49(i) 88.0 90.0 2.0 1.5 16.97 16.97
----------------------------------------------------------------------------
(i) Previously reported drill hole intercept
(ii)Individual assays above 30 g/t Au are cut to 30 g/t
SUMMARY OF AVION'S DNW2 ZONE ASSAY RESULTS
----------------------------------------------------------------------------
HOLE # FROM TO LENGTH TRUE Au g/t Capped(ii)
WIDTH (m) Assay
----------------------------------------------------------------------------
D-10-06 53 60.5 7.5 4 6.01 6.01
D-10-07 51.9 63.7 11.8 5 2.62 2.62
D-10-22 61 64 3 2 1.87 1.87
D-10-34 45 49 4 2.8 9.66 9.66
D-10-35 27 33 6 3.5 9.84 9.84
D-10-36 18 22.5 4.5 3.2 0.67 0.67
D-10-37 0 0 0 0
D-10-38 51 54 3 2 1.6 1.6
D-10-39 15 21 6 4 2.97 2.97
D-10-40 64 82 18 11 1.35 1.35
DRC-10-03 19 32 13 6 6.33 6.33
DRC-10-10 11 26 15 5 2.64 2.64
DRC-10-41(i) 19 35 16 11 2.63 2.63
DRC-10-43(i) 16 44 28 16 3.71 3.71
DRC-10-45(i) 25 32 7 4.2 1.78 1.78
----------------------------------------------------------------------------
(i) Previously reported drill hole intercept
(ii)Individual assays above 30 g/t Au are cut to 30 g/t
To view the figures associated with this press release, please visit the following links:
http://media3.marketwire.com/docs/AVRFigure1.pdf
http://media3.marketwire.com/docs/AVRFigure2.pdf
http://media3.marketwire.com/docs/AVRFigure3.pdf
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts:
Avion Gold Corporation
Don Dudek
Senior Vice President Exploration
(416) 861-2261
don@aviongoldcorp.com
|