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Avion Gold Reports Drilling Results from Kofi Project in Mali

Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) has announced the results from 22 drill holes totaling 4,458 metres completed over the Kofi Project in Q4, 2010.

Drilling was focused in and around the Kofi C zone which has Indicated resources of 873,000 tonnes grading 3.6 g/t Au totaling 99,000 ounces of gold and Inferred resources of 913,000 tonnes at 3.7 g/t Au totaling 109,000 ounces gold (Roberts, 2008, NI43-101 compliant resource report, available under the SEDAR profile of AXMIN Inc.).

Significant results include the following:

  • 6.05 g/t Au over 27.0 metres
  • 3.83 g/t Au over 52.0 metres
  • 6.05 g/t Au over 21.0 metres
  • 7.34 g/t Au over 7.9 metres
  • 4.86 g/t Au over 14.1 metres
  • 9.14 g/t Au over 14.7 metres
  • 4.96 g/t Au over 15.9 metres
  • 3.19 g/t Au over 16.2 metres
  • 50.99 g/t Au over 4.5 metres
  • 8.26 g/t Au over 9.1 metres
  • 13.44 g/t Au over 11.2 metres
  • 6.05 g/t Au over 11.2 metres

The Kofi C zone lies within a north-northeast trending corridor of deposits, approximately 30 kilometres long and 5 kilometres wide where at least nineteen deposits and zones have been discovered, fifteen of which are on the adjacent Randgold property. A clear break, defined by the magnetic data, suggests that this trend continues onto the Kofi property for at least 15 kilometres.

Avion's 2010 drill program tested a number of model-driven-conceptual, mineralization step-out and verification targets in the Kofi zone area. This program succeeded by extending known zones, verifying mineralization and grades within the historically defined zones, and in the discovery of new mineralized zones.

Don Dudek, Avion's Senior Vice President, Exploration stated: "These initial drill results strongly demonstrate the potential for mineable grades and widths on the Kofi property in a setting that has already produced gold resources of more than 24 million ounces. Avion has the advantage of learning from all of the previous work done in the region to further leverage its exploration efforts on this relatively, under-explored, property."

The Kofi C zone has been traced for about 350 metres along strike and to approximately 200 metres depth, with the bulk of the reported resources located within 100 m from surface. The gold mineralization is predominantly hosted by an altered package of greywackes, calcareous siltstones, silty limestone and argillites. In detail, gold grades are returned from carbonate-, silica-, sulphide- (pyrite, arsenopyrite and pyrrhotite) and sericite-altered syn-genetic polymicitic breccias to carbonate-dominant, secondary, sedimentary breccias. Tourmaline- and talc-altered greywackes occur proximal to the mineralization but are not mineralized.

The Kofi property is a large, 476 sq. km (approximately 333 sq. km. after concession renewals), property package situated, at its nearest point, within approximately five kilometres to the northwest of Avion's Tabakoto Project. The Kofi property wraps around the north side of Randgold's Loulo Mine concessions.

The Kofi property contains nine mineralized zones with identified mineral resources. All of the estimated mineral resources lie in the Kofi Nord concession of which Avion's holds an 81.25% interest with 12.5% held by African Mining Selection Corporation and 6.25% held by Société Financière d'Exploration d'Or au Mali. These interests are prior to a carried interest of up to 20% due to the Government of Mali upon commencement of production. Therefore, Indicated mineral resources of 238,000 ounces and Inferred mineral resources of 299,000 ounces are credited to Avion. Total estimated Indicated Mineral Resources are approximately 3.24 million tonnes grading 2.55 g/t Au totaling 293,000 ounces Au (Roberts, 2008, NI43-101 compliant report). In addition, the Kofi property hosts total Inferred Mineral Resources of approximately 5.26 million tonnes grading 2.18 g/t Au totaling 368,000 ounces gold (Dec. 11, 2007 AXMIN news release, Roberts, 2008 NI43-101 compliant report) . Most of the zones are open along strike and to depth with zones only tested from 60 to 200 metres below surface. All of the zones are within 15 to 38 kilometers of Tabakoto's mine infrastructure, potentially placing these zones, including the estimated mineral resources, within trucking distance to the Tabakoto mill.

Avion continues to compile the project data and develop target models and drill targets in preparation for an aggressive drill program of approximately 22,000 metres in 2011. A VTEM survey is planned to cover the concessions in early January 2011.

Avion's procedures for handling core have been presented in previous news releases (See 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.

Source: Avion Gold Corporation

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