TORONTO, ONTARIO -- (MARKET WIRE) -- 11/11/10 --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF) ("Avion") is pleased to announce new drill results for the northern end of the Tabakoto pit where NW-trending mineralized structures have been identified and tested. This area hosts the NW1 and NW2 cross structures (see Figure 1) which have been traced for 50 to 125 metres along strike and to approximately 300 metres depth (see Figures 2 and 3). Intercept highlights of the NW1 and NW2 zones include the following:
-- 12.07 g/t Au over 12.5 metres
-- 3.58 g/t Au over 8.6 metres
-- 2.89 g/t Au over 6.9 metres
-- 5.33 g/t Au over 2.25 metres
The NW1 zone is exposed in the north end of the Tabakoto pit where a channel sample returned 12.4 g/t over 24.4 metres. Drill holes have defined several steep southeast plunging zones. Additional drilling is being carried out to better define the core of these mineralized systems now that the plunge of the zones is defined. A summary of drill hole intercepts is presented in a table at the end of this release.
In addition to the NW1 and NW2 zones, numerous other mineralized zones were intersected. Modeling work is in progress to put these other intercepts into context and develop a testable model. Highlights of these other intercepts are as follows:
-- 8.56 g/t Au over 7.5 metres
-- 67.71 g/t Au over 3.3 metres
-- 24.11 g/t Au over 3.8 metres
-- 275.35 g/t Au over 2.0 metres
-- 3.16 g/t Au over 12.0 metres
The NW1 and NW2 zones lie along a four kilometre long northerly trend that is cut by both northeast- and northwest-trending cross structures that often host high grade gold mineralization. These structures are the focus of Avion's Tabakoto pit area exploration program and underground mine development at Tabakoto. Exploration in 2010 has focused drilling on seven of these cross-structures, in the immediate Tabakoto pit area. This news release presents the results obtained on the final two structures that were tested. Additional drilling has commenced and will include testing of all seven zones/structures with a continued goal to better define these zones.
John Begeman, Avion's President and CEO, stated: "It is great to see additional high grade intercepts from the Tabakoto pit area. The strongest of these high grade structures will be the early focus of Avion's underground development. It is management's opinion that with the abundance of mineralized structures in the Tabakoto Pit area that more drilling will lead to the definition of more resources which could extend the life of the project."
In 2010, Avion has completed over 453 core and reverse circulation drill holes totaling approximately 58,160 metres of drilling at its Tabakoto and Hounde properties. This work has focused predominantly on the Dioulafoundou, Tabakoto, Djambaye II, Segala and Vindaloo areas. Drilling has recommenced on the Hounde property, Burkina Faso, which Avion acquired in October, 2010 (See News Releases dated July 5, 2010 and October 7, 2010) with approximately 4,000 metres of further drilling planned. In addition, drilling is planned for the Kofi property, Mali, which Avion is in the process of acquiring (See News Release dated March 31, 2010) and is expected to be finalized soon.
Assays presented in the attached table have been capped at 32 g/t Au as per the latest technical report on the Tabakoto deposit. Avion's procedures for handling core have been presented in previous news releases (See for e.g. Avion News Release dated May 13, 2010).
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 mining company focused in West Africa that 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. 2010 production is estimated to be between 75,000 and 85,000 ounces of gold. Production sustainability is supported and enhanced by an aggressive 2010 drill program over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure. Additionally, the 1,670 km2 Hounde exploration property in Burkina Faso is returning good results from an ongoing exploration program. These properties are the subject of an approximate US$ 12 million dollar, 60,000 metre plus, drill-focused exploration program in 2010, which management expects, based on results to date, to add new resources and future opportunities for Avion. Avion continues to progress towards its longer term goal of 200,000 ounces of gold per year and is preparing to mine underground at the Segala and Tabakoto deposits. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
The ability of Avion to increase production to 200,000 ounces of gold per year has not been the subject of a feasibility study and there is no certainty that the proposed expansion will be economically viable.
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 Tabakoto, Kofi and Hounde 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 those 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.
Avion 2010 Tabakoto NW1 and NW2 Area Intercepts
----------------------------------------------------------------------
----------------------------------------------------------------------
Core Length True Width Capped 32
Hole From (m) To(m) (m) (m)(i) Au g/t g/t Au Zone
----------------------------------------------------------------------
----------------------------------------------------------------------
T-10-44 56.0 70.5 14.5 1.90
T-10-44 92.2 94.2 2.0 2.70
T-10-44 144.0 147.5 3.5 1.65
T-10-44 195.0 195.1 0.1 0 NW1
T-10-45 96.5 101.0 4.5 5.56
T-10-45 135.5 144.6 9.1 2.31
T-10-45 270.0 271.1 0.1 0 NW2
T-10-45 317.0 317.1 0.1 0 NW1
T-10-46 212.8 215.2 2.4 1.44
T-10-46 224.5 225.6 1.1 3.32
T-10-46 233.1 234.6 1.5 1.94
T-10-46 291.6 294.3 2.7 1.82
T-10-46 336.9 344.4 7.5 8.56
T-10-46 377.0 378.5 1.5 1 2.76 NW2
T-10-46 389.0 390.5 1.5 2.27
T-10-49 0 3.0 3.0 5.18
T-10-46 15.2 16.4 1.2 2.18
T-10-46 74.0 76.0 2.0 10.76
T-10-46 134.6 135 0.4 16.55
T-10-46 173.8 175.2 1.4 13.15
T-10-46 245.9 247.7 1.8 1.2 1.31 NW1
T-10-46 301.0 304.0 3.0 8.77
T-10-46 326.4 327.0 0.6 2.28
T-10-49 245.9 247.7 1.8 1.2 1.31 NW1
T-10-49 276.0 276.1 0.1 0 NW2
T-10-50 17.5 20.5 3.0 2.2 1.06 NW1
T-10-50 66.0 66.1 0.1 0 NW2
T-10-51A 58.7 65.9 7.2 1.67
T-10-51A 70.2 71.1 0.9 6.18
T-10-51A 75.1 84.3 9.2 7.0 2.68 NW8
T-10-51A 95.1 101.1 6.0 1.18
T-10-51A 108.1 109.6 1.5 1.11
T-10-51A 122.4 129.3 6.9 5.0 2.89 NW1
T-10-51A 138.5 141.2 2.7 6.58
T-10-51A 150.9 155.7 4.8 1.23
T-10-51A 161.0 169.6 8.6 6.0 3.58 NW2
T-10-51A 177.7 179.2 1.5 1.05
T-10-51A 186.5 191.0 4.5 1.13
T-10-52A 25.7 28.7 3.0 1.40
T-10-52A 36.1 39.4 3.3 67.71 20.81
T-10-52A 45.5 47.0 1.5 13.18
T-10-52A 54.5 56.1 1.6 3.07
T-10-52A 78.4 79.3 0.9 2.37
T-10-52A 98.0 104.3 6.3 3.5 4.95 NW8
T-10-52A 153.5 159.5 6.0 1.86
T-10-52A 180.5 182.0 1.5 1.0 1.42 NW1
T-10-52A 228.0 228.1 0.1 0 NW2
T-10-54A 52.1 54.0 1.9 10.06
T-10-54A 79.6 80.3 0.7 34.38 32
T-10-54A 93.5 95.0 1.5 1.0 2.88 NW3
T-10-54A 115.6 119.4 3.8 24.11 11.49
T-10-54A 127.2 134.0 6.8 1.08
T-10-54A 182.5 197.0 14.5 9.0 2.72 NW8
T-10-54A 190.0 197.0 7.0 2.57
T-10-54A 199.8 202.7 2.9 2.16
T-10-54A 206.7 207.5 0.8 4.96
T-10-54A 239.0 241.0 2.0 1.5 5.18 NW1
T-10-54A 254.6 255.2 0.6 0.3 8.16 NW2
T-10-54A 276.1 283.9 7.8 0.82
T-10-54A 289.9 293.0 3.1 1.27
T-10-54A 296.5 304.0 7.5 2.20
T-10-54A 309.4 311.3 1.9 2.28
T-10-55 5.8 9.0 3.2 1.68
T-10-55 12.0 13.0 1.0 3.30
T-10-55 18.1 20.6 2.5 1.29
T-10-55 29.0 30.0 1.0 10.43
T-10-55 49.2 50.0 0.8 2.71
T-10-55 51.6 53.6 2.0 275.35 32
T-10-55 113.8 125.7 11.9 3.16
T-10-55 133.1 148.8 15.7 10.5 1.46 NW3
T-10-55 215.5 217.8 2.3 1.5 6.52 NW8
T-10-55 227.8 228.4 0.6 2.18
T-10-55 242.2 252.2 10.0 1.05
T-10-55 264.7 277.2 12.5 8.5 12.07 4.55 NW1
T-10-55 304.3 305.7 1.4 1.0 2.04 NW2
T-10-55 313.6 316.5 2.9 1.61
T-10-55 336.8 338.1 1.3 4.41
T-10-56 36.7 39.1 2.4 1.52
T-10-56 61.9 63.0 1.1 0.8 59.53 32 NW8
T-10-56 83.4 85.0 1.6 14.91 13.68
T-10-56 133.3 134.6 0.3 0.2 7.47 NW1
T-10-56 165.8 168.0 2.2 1.5 5.33 NW2
T-10-56 201.0 201.8 0.8 4.50
----------------------------------------------------------------------
----------------------------------------------------------------------
(i) True widths are presented when the intercept is interpreted.
To view the "Tabakoto NW Zone Plan Map", please visit the following link:
http://media3.marketwire.com/docs/Tabakoto_NW_Zone_Plan_Map_20101110.pdf
To view the "Long Section Tabakoto NW 1 Zone Map", please visit the following link:
http://media3.marketwire.com/docs/Tabakoto_NW1_Zone_NR_Long_Section_20101110.pdf
To view the "Long Section Tabakoto NW 2 Zone Map", please visit the following link:
http://media3.marketwire.com/docs/Tabakoto_NW2_Zone_NR_Long_Section_20101110.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
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
|