TORONTO, ONTARIO -- (MARKET WIRE) -- 03/22/10 --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF) ("Avion") is pleased to announce the results from the initial reverse circulation drill holes that tested the north end of the Djambaye II zone located on the recently acquired Kenieba property (see Avion News Releases dated December 21, 2009 and January 8, 2010). The Kenieba Property lies adjacent to the south and southwestern boundary of Avion's Tabakoto Property (see attached figure) approximately 6.5 kilometres southwest of the Tabakoto Mine and hosts the Djambaye II deposit (324,000 ounces of gold, in 2,574,000 tonnes grading 3.92 grams per tonne gold).
Highlights of this drilling, which tested the near-surface, potentially open pit mineable portion of the deposit comprise the following:
-- 10.66 g/t Au over 5.0 metres in drill hole GRC-10-11
-- 11.34 g/t Au over 5.0 metres in drill hole GRC-10-13
-- 3.64 g/t Au over 7.0 metres in drill hole GRC-10-18
-- 7.53 g/t Au over 20.0 metres in drill hole GRC-10-19
-- 21.24 g/t Au over 3.0 metres in drill hole GRC-10-27
-- 18.97 g/t Au over 5.0 metres in drill hole GRC-10-31
-- 14.2 g/t Au over 7.0 metres in drill hole GRC-10-46
To date Avion has received results for 31 reverse circulation and 13 diamond drill holes. Results for the reverse circulation holes are presented in this news release. Mineralized zones returning grades greater than 1 g/t Au were intersected in 27 of the 31 reverse circulation holes. A table listing the assay composites and an estimate of true widths is included at the end of this release. Results for the initial core holes will be presented once all re-assay results have been received and evaluated.
Avion's drilling to date has focused on a 700 metre section of the Djambaye II zones where grades and widths were expected to be stronger and where several parallel zones of gold mineralization where previously identified. The northern end of the Djambaye II zone is located approximately nine kilometres southwest from the Tabakoto mine site (see figure). Drilling to date has met with Avion's expectations with locally high grades and multiple intercepts (see figure). The Djambaye II mineralized structure/zone dips at -70 degrees to the east and has now been traced by drilling for approximately 4,400 metres and is still open to the north, south and to depth; assays are pending for the holes that tested the north and south strike extension of the Djambaye II zone. Infill drill holes have been emplaced every 25 metres along the northern portion of the zone and were targeted at 25 and 50 metre depths in order to define an initial, potentially near surface, mineable zone and further develop Avion's understanding of the zone in order to support an envisioned longer term underground mineable resource. The current drilling is expected to provide enough information to support an updated and upgraded resource statement.
Avion's drilling has also tested the mineralized Djambaye II trend further along strike to the north for 700 metres and to the south for 900 metres. All but one of the drill holes, which intersected a mafic intrusion, have intersected sulphide-bearing mineralized felsic intrusion as well as mineralized meta-sediments that are similar in character to that of the known Djambaye II zone. Assay results for these holes are pending.
John Begeman, Avion's President and CEO, stated, "Avion's initial drill results support the Company's acquisition of the Kenieba Property and we believe provides significant potential for further increasing the resources of this zone. This mineralization will be targeted for the development of an alternative open pit resource that could supplement 2011 mine production while underground development is occurring at Tabakoto."
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, description and logging into a Microsoft Access database. The 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 with a riffle split if required, to 1.5 kg, 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, which is the capping level deemed appropriate for the initial samples from the Djambaye II zone and 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.
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, Segala and Kenieba gold projects in Mali. Gold production at these projects has commenced, with approximately 100,000 ounces of production forecast for 2010. The Company 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.
----------------------------------------------------------------------------
Djambaye II zone Reverse Circulation Intercepts
----------------------------------------------------------------------------
Hole ID FROM TO LENGTH Avg_Au True width Comment
----------------------------------------------------------------------------
GRC-10-02 26.0 32.0 6.0 1.32 5.2
GRC-10-02 37.0 38.0 1.0 2.08 0.9
GRC-10-02 46.0 47.0 1.0 1.68 0.9
-----------------------------------------------------------------
GRC-10-04 11.0 12.0 1.0 1.60 0.9
GRC-10-04 25.0 30.0 5.0 2.41 4.3
-----------------------------------------------------------------
GRC-10-05 7.0 9.0 2.0 2.71 1.2
-----------------------------------------------------------------
GRC-10-07 0.0 2.0 2.0 6.69 1.8
GRC-10-07 8.0 9.0 1.0 5.56 0.9 Artisanal cavity(i)
GRC-10-07 36.0 39.0 3.0 1.83 2.6
-----------------------------------------------------------------
GRC-10-09 24.0 25.0 1.0 8.08 0.9 hole cut short
-----------------------------------------------------------------
GRC-10-11 0.0 1.0 1.0 1.30 0.9
GRC-10-11 20.0 25.0 5.0 10.66 4.3 8.56 capped
-----------------------------------------------------------------
GRC-10-12 0.0 1.0 1.0 1.01 0.9
-----------------------------------------------------------------
GRC-10-13 2.0 5.0 3.0 10.84 approx. 2.0 Artisanal cavity(i)
GRC-10-13 16.0 19.0 3.0 1.61 1.8 Artisanal cavity(i)
GRC-10-13 25.0 30.0 5.0 11.34 2.4
GRC-10-13 37.0 39.0 2.0 1.30 1.0
-----------------------------------------------------------------
GRC-10-14 6.0 7.0 1.0 1.07 0.9
-----------------------------------------------------------------
GRC-10-16 1.0 2.0 1.0 2.53 0.9 3 m Artisanal cavity(i)
GRC-10-16 6.0 10.0 4.0 1.81 3.5
GRC-10-16 19.0 20.0 1.0 2.36 0.9
-----------------------------------------------------------------
GRC-10-18 9.0 16.0 7.0 3.64 6.1 Artisanal cavity(i)
GRC-10-18 30.0 31.0 1.0 3.79 0.9
GRC-10-18 47.0 48.0 1.0 2.37 0.9
-----------------------------------------------------------------
GRC-10-19 7.0 27.0 20.0 7.53 5.0 7.30 capped
-----------------------------------------------------------------
GRC-10-21 7.0 11.0 4.0 1.29 3.5 Artisanal cavity(i)
-----------------------------------------------------------------
GRC-10-22 6.0 8.0 2.0 4.56 1.8
GRC-10-22 11.0 12.0 1.0 3.17 0.9
-----------------------------------------------------------------
GRC-10-27 35.0 38.0 3.0 21.24 2.9 11.91 capped
-----------------------------------------------------------------
GRC-10-28 13.0 16.0 3.0 6.96 2.6 Artisanal cavity(i)
-----------------------------------------------------------------
GRC-10-30 23.0 34.0 11.0 3.70 6.0
GRC-10-30 30.0 34.0 4.0 2.37 3.5
-----------------------------------------------------------------
GRC-10-31 44.0 49.0 5.0 18.97 4.3 14.07 capped
GRC-10-31 54.0 55.0 1.0 1.01 0.9
-----------------------------------------------------------------
GRC-10-33 49.0 50.0 1.0 1.05 0.9
-----------------------------------------------------------------
GRC-10-34 7.0 12.0 5.0 2.54 4.3
-----------------------------------------------------------------
GRC-10-35 3.0 4.0 1.0 1.68 0.9
GRC-10-35 11.0 12.0 1.0 1.55 0.9
-----------------------------------------------------------------
GRC-10-37 44.0 52.0 8.0 1.79 6.9
-----------------------------------------------------------------
GRC-10-41 51.0 57.0 6.0 3.03 4.4
GRC-10-41 74.0 82.0 8.0 3.04 3.1
-----------------------------------------------------------------
GRC-10-46 27.0 29.0 2.0 2.86 1.0
GRC-10-46 33.0 42.0 9.0 2.69 3.5
GRC-10-46 49.0 56.0 7.0 14.20 3.3 12.62 capped
GRC-10-46 59.0 63.0 4.0 2.70 1.5
----------------------------------------------------------------------------
(i) Artisanal cavities indicate areas where local miners removed likely
high grade gold-bearing mineralization
----------------------------------------------------------------------------
To view a map of the Great Quest Property Djambaye II Zone Select 2010 Drill Results, please visit the following link: http://media3.marketwire.com/docs/avr_0322_Djambaye_II_Zone.pdf
To view a map of the Tabakoto Project, please visit the following link: http://media3.marketwire.com/docs/avr_0322_Tabakoto_Project.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
Rene Bharti
Vice President Business Development
(416) 861-5913
rene@aviongoldcorp.com
|