Dec 8 2010
Augyva Mining Resources Inc. (TSX VENTURE:AUV) and Canadian Century Iron Ore Corporation has announced that Phase II of the drilling program will begin shortly on the Duncan Lake Iron Ore Project located in the James Bay Region of Quebec.
A minimum of 8,000 metres of drilling is scheduled to commence in mid-December. The drilling program is designed to define additional tonnage in the extensions of deposits 4, 6 and mainly 3. Based on the NI 43-101 compliant technical report on the mineral resource estimate prepared by Met-Chem, the DLIOP deposits have been relatively well outlined by drilling and geophysical surveys completed to date. However, additional drilling is required in order to convert Inferred Resources into the Measured or Indicated Mineral Resource category.
Based on Met-Chem's report, the mineral resource estimates based on the 2008-2009 drilling program are in the Measured category at 5,7 million tonnes at 23,29% FeT, and in the Indicated category at 25,6 million tonnes at 23,48% FeT. In the Inferred mineral category, mineral resources are estimated at 821 million tonnes at 24.6% FeT.
Mr. Georges-Yvan Gagnon, President and CEO of Augyva commented "As announced in the Company's press release of November 11, 2010, Century has completed its funding of $6,000,000 to earn a 51% interest in the Duncan Lake property. Century now forms a joint venture with Augyva in the project. Augyva and Century are pleased to announce Phase II of the drilling program on the DLIOP, this reflects both companies' strong confidence in the development of the Property".
About the Duncan Lake Property
The Duncan Lake Property ("DLP") is located in the western part of the La Grande Greenstone Belt and hosts Algoma type iron deposits in a volcano-sedimentary sequence. The property, directly accessible by road, covers 5,848 hectares and consists of six (6) different blocks or deposits identified as Deposits 1 to 6. Further to the Phase I drilling program of 52 diamond drill holes totalling 10,456 meters, completed in May 2009, a National Instrument NI 43-101 ("NI 43-101") compliant technical report on the mineral resource estimate (the "Report"), was prepared by Met-Chem Canada Inc. of Montreal, and filed on SEDAR in March 2010.
An Opportunity Study is being completed by Met-Chem for internal use and a preliminary logistics study has been carried out to evaluate various logistics solutions. Roche Ltd of Montreal has been engaged to carry out an environmental scoping study (ESS) for the Project.
Source: Augyva Mining Resources Inc.