(via TheNewswire)
The
Mineralization and alteration assemblages are characterized by varying degrees of silicification, brecciation (silica cementing strongly clay altered and oxidized volcanic clasts), quartz flooding (resembling sheeted veinlets and narrow veins) and massive silica exhibiting cryptocrystalline to weak crustiform banded textures. The Company interprets these textural characteristics as high-level epithermal indicators and is encouraged by the significant widths defining the zone.
The Tomahawk vein zone strikes north-northeast and dips moderately westward between 45 and 70 degrees. Interpreted dips suggest true widths are between 70 and 90 percent of the reported surface exposures. These orientations coincide with a number of other showings on the property that remain under explored.
Both channel and chip sampling methods were utilized among the four trenches sampled. Channel sampling was completed using a rock saw to cut two parallel lines approximately 5 cm apart to a depth of 8 to 10 cm along the bedrock exposure while anumber of highly friable sections were chip sampled by conventional means. One meter sample intervals were measured horizontally along the length of the exposures and stations were marked with interval and sample number on double sided aluminium tags. Material was extracted from sawn channels with the use of a wedge and mallet. Select vein and alteration material was photographed from each sample site before being placed in double poly bags, labeled and zap strapped.
“We are very pleased to have completed this late season sampling program which will help guide our future drill planning of this target” stated President and CEO,
Assay results will be released as they are received and interpreted.
Ponderosa Gold Property
The road accessible Ponderosa Gold Property is located 16 km southwest of
Exploration by AUGC and others, notably Westhaven Gold Corp., has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia) within the Spences
Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.’s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property. Geology across the Ponderosa Gold Property is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations.
Historical exploration at Ponderosa focused almost exclusively on an in-situ occurrence referred to as “Axel Ridge”, which is characterized by outcropping cryptocrystalline/saccharoidal to crustiform and colloform banded epithermal quartz. A series of trenches excavated across these outcropping exposures reported highlights including2.22 g/t gold over 11.7 m, 1.92 g/t gold over 14.0 m (with 3.03 g/t gold over 8.0 m) and 3.6 g/t gold over 7.0 m. It should be noted the true widths of the reported intervals are estimated to be 3 m or less given the unusual shallow dips at this locale. Follow-up diamond drilling of seven holes at
Work conducted in 2019 and 2020 significantly upgraded three historic showings and identified an entirely new showing. These showings in order of priority are referred to as the Tomahawk, Flat Iron, T-Bone and Rib Eye zones.
The Ponderosa Gold Property is located within the unceded traditional territory of the Nlaka’pamux People.
Further information on the Property can be found on the Company’s website:https://www.augoldcorp.com/ponderosa-property/.
Qualified Person
All scientific and technical information in this press release has been prepared by
For further information, please contact:
Phone: 1-604-687-3520 Ext. 250
Email:info@augoldcorp.com
To learn more visit: https://www.augoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
Click Image To View Full Size
Copyright (c) 2021 TheNewswire - All rights reserved.
Copyright (c) 2021 TheNewswire - All rights reserved., source