Mr. Michael McAllister reports
AVION'S KOFI C ZONE RETURNS 7.52 G/T AU OVER 40.8 METRES AND 11.61 G/T AU OVER 21.6 METRES, MALI, WEST AFRICA
Avion Gold Corp. has released the results from the final 94 drill holes totalling 13,936 metres completed over the Kofi project in 2011. Drilling was focused in and proximal to the Kofi C zone which contains a historic National Instrument 43-101-estimated indicated mineral resource of 873,000 tonnes grading 3.6 grams per tonne (g/t) gold (Au) totalling 99,000 ounces of gold and an inferred mineral resource of 913,000 tonnes at 3.7 g/t Au totalling 109,000 ounces gold (Roberts (1), 2008, NI 43-101-compliant resource report, available under the SEDAR profile of Axmin Inc.). Note that a qualified person has not carried out the work required to classify the historic estimate as current mineral resources for Avion and therefore Avion is not treating the historic estimate as current mineral resources. Avion intends to update the mineral resources for the Kofi project in late fourth quarter 2011.
Significant results include the following:
Kofi C zone
- 7.52 g/t Au over 40.8 metres;
-
4.85 g/t Au over 5.7 metres;
- 8.37 g/t Au over 14.0 metres;
- 11.61 g/t Au over 21.3 metres;
- 12.92 g/t Au over six metres;
- 22.84 g/t Au over two metres;
- 10.03 g/t Au over three metres;
- 6.42 g/t Au over 15.0 metres.
Bassindi zone
-
4.60 g/t Au over 12.0 metres.
Holes in the Kofi C zone area continue to return excellent grades and widths. Hole C-11-18 extended the near-surface portion of the Kofi C zone approximately 25 metres to the north with an intercept of 7.52 g/t Au over 40.5 metres; this high-grade zone is open to the north. Additionally, the current holes have traced the Kofi C West zone (2010 intercept of 3.58 g/t Au over 83.7 metres) for 125 metres along strike with intercepts in holes C-11-18 of 4.85 g/t Au over 5.1 metres, C-11-20 of 8.37 g/t Au over 14.0 metres, C-11-21 of 7.57 g/t Au over two metres and 11.61 g/t Au over 19.2 metres. This zone is also open to the north.
In addition to the core drilling, Avion also embarked on a detailed infill reverse circulation drill program at the south end of the Kofi C zone comprising 35 holes totalling 890 metres. This program was designed to add confidence to zone interpretations and to collect sufficient data with which to design and model a shallow open pit in an area that had been subjected to artisanal activity, prior to an updated mineral resource estimation. It is estimated that artisanal mining has impacted the upper 15 to 20 metres of the southern part of the Kofi C zone where there is no laterite cover. There is no evident artisanal activity over the bulk of the Kofi C zone.
The drill-tested portion of the Kofi C zone exhibits excellent correlation with IP conductivity data which are provided as a base for the current assay results. These data indicate that the geophysical anomalies extend both north and south of the currently defined gold mineralization. As a result, Avion's management believes that additional drilling will trace the zones farther along strike.
Significant gold mineralization was also intersected at the Bassindi zone with a near-surface intercept of 4.60 g/t Au over 12.0 metres. This zone is located approximately 5.3 kilometres northeast of the Kofi C zone and represents a new target area for Avion.
Don Dudek, Avion's senior vice-president, exploration, stated: "Management believes that results from the Kofi C zone area demonstrate excellent potential for Avion to define a near-surface, high-grade minable gold deposit and a real opportunity to continue to grow the zone along strike, especially to the north. As well, the discovery of another near-surface area of gold mineralization at Bassindi re-emphasizes the prospectivity of the Kofi property. We are looking forward to updating the mineral resource estimate by year-end as well as the restart of drilling in early 2012."
The Kofi C zone lies within a north-northeast-trending structural corridor that is at least 40 kilometres long by five kilometres wide. This corridor contains at least 19 deposits and zones that have been discovered, 15 of which are on the adjacent Randgold property. A clear break, defined by the airborne geophysical conductivity data, suggests that this trend continues onto the Kofi property for at least 19 kilometres.
Avion's 2011 Kofi C zone drill program was designed to better define mineralization continuity and to test for extensions of the known zones. Avion has completed 94 holes totalling approximately 13,936 metres at the Kofi C zone and expects to restart drill testing the Kofi project in early 2012. Drilling at the Kofi C zone area has defined 10 mineralized zones over a 700-metre-by-200-metre area to a maximum depth of 275 metres. This area has been subject to intense alteration, dike emplacement and faulting, which complicates geological interpretation. A summary of current intercepts can be found in the associated table. A map that presents the approximate location of the drill intercepts, relative to a surface plan of the colour-contoured induced polarization, is presented in an image on the company's website.
The Kofi property is a large, approximately 470-square-kilometre 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 (historic measured and indicated mineral resources of 62.69 million tonnes grading 4.55 g/t Au).
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 a 93.75-per-cent interest with 6.25 per cent held by Societe Financiere d'Exploration d'Or au Mali. These interests are prior to a carried interest of up to 20 per cent due to the government of Mali upon commencement of production. Therefore, indicated mineral resources of 274,687 ounces and inferred mineral resources of 345,000 ounces are currently credited to Avion. Total estimated indicated mineral resources are approximately 3.24 million tonnes grading 2.55 g/t Au totalling 293,000 ounces Au (Roberts (1), 2008, NI 43-101-compliant report). In addition, the Kofi property hosts total inferred mineral resources of approximately 5.26 million tonnes grading 2.18 g/t Au totalling 368,000 ounces of gold (Dec. 11, 2007, Axmin news release, Roberts (1), 2008, NI 43-101-compliant report). Note that a qualified person has not carried out the work required to classify the historic estimate as current mineral resources for Avion and therefore Avion is not treating the historic estimate as current mineral resources. Avion intends to update the resources for the Kofi project in late fourth quarter 2011. Most of the zones are open along strike and to depth with zones only tested from 60 to 275 metres below surface. All of the zones are within 15 to 38 kilometres of Tabakoto's mine infrastructure, potentially placing these zones, including the estimated mineral resources, within trucking distance to the Tabakoto mill.
Avion's procedures for handling core have been presented in previous news releases (see for instance Avion's news release dated May 13, 2010). Assays presented in the associated table have been capped at 25 g/t to 40 g/t Au.
Avion's 2011 $16-million (U.S.) exploration program is almost complete with 563 core and reverse circulation (RC) holes totalling approximately 83,200 metres of drilling completed. Drilling completed to date consists of approximately 49,600 metres on Avion's Mali projects (Tabakoto and Kofi) and 33,550 metres on Avion's Burkina Faso property (Hounde) with a core drill rig active on the Hounde property. Three core drill rigs and an RC rig are now active at the Tabakoto property. The core rigs are focusing on upgrading inferred mineral resources to measured and indicated mineral resources and the testing of new targets east and west of the Segala Main deposit and north of the Tabakoto deposit. The RC rig will focus on the conversion of open-pit inferred mineral resources to open-pit measured and indicated mineral resources at Avion's Djambaye II zone, which will be subject to open-pit mine development later in 2011.
Don Dudek, PGeo, the senior vice-president, exploration, of the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
KOFI PROJECT SIGNIFICANT INTERCEPTS (i)
Estimated Grade Capped
(i) (ii) (iii)
From To Width true Au grade
Hole ID (m) (m) (m) width (g/t) (g/t)
C-11-17 57.0 58.2 1.2 1.1 1.86 1.86
C-11-17 132.4 134.0 1.6 1.4 1.62 1.62
C-11-17 225.8 227.3 1.5 1.3 1.40 1.40
C-11-17 249.5 251.0 1.5 1.3 1.20 1.20
C-11-18 68.8 109.3 40.5 36.5 7.52 7.52
Including 75.5 91.3 15.8 14.2 13.22 13.22
C-11-18 127.2 128.4 1.2 1.1 2.65 2.65
C-11-18 165.8 166.8 1.0 0.9 1.19 1.19
C-11-18 175.0 176.4 1.4 1.3 1.06 1.06
C-11-18 185.3 186.7 1.4 1.3 10.82 10.82
C-11-18 195.0 196.5 1.5 1.3 2.71 2.71
C-11-18 204.8 210.9 6.1 5.5 2.45 2.45
C-11-18 217.0 218.5 1.5 1.3 81.10 40
C-11-18 231.0 232.5 1.5 1.3 84.65 40
C-11-18 236.7 237.7 1.0 0.9 2.50 2.50
C-11-18 243.9 245.2 1.3 1.2 4.89 4.89
C-11-18 234.9 259.2 15.3 13.8 1.82 1.82
C-11-18 278.5 279.9 1.4 1.3 1.45 1.45
C-11-18 288.3 294.0 5.7 5.1 4.85 4.85
C-11-19 141.3 142.6 1.3 1.2 1.04 1.04
C-11-20 127.0 132.0 5.0 4.5 2.36 2.36
C-11-20 140.3 155.3 14.0 13.5 8.37 8.37
C-11-20 157.3 158.8 1.5 1.3 2.53 2.53
C-11-21 146.0 147.4 1.4 1.3 3.45 3.45
C-11-21 156.0 157.5 1.5 1.3 3.56 3.56
C-11-21 254.5 256.5 2.0 1.8 7.57 7.57
C-11-21 270.3 271.7 1.4 1.3 1.09 1.09
C-11-21 282.6 283.7 1.1 1.0 1.54 1.54
C-11-22 9.0 10.5 1.5 1.4 1.58 1.58
C-11-22 210.6 231.9 21.3 19.2 11.61 11.61
Including 218.1 231.9 13.8 12.4 17.26 17.26
C-11-22 246.2 247.5 1.3 1.2 1.21 1.21
C-11-23 215.7 217.6 1.9 1.7 2.40 2.40
C-11-23 273.7 274.7 1.0 0.9 1.23 1.23
C-11-23 280.3 287.8 7.5 6.8 1.21 1.21
C-11-24 NSV
CRC-11-34 0.0 1.0 1.0 1.36 1.36
CRC-11-35 1.0 2.0 1.0 0.9 17.07 17.07
CRC-11-35 7.0 9.0 2.0
CRC-11-36 0.0 2.0 2.0
CRC-11-36 8.0 10.0 2.0 1.8 6.45 6.45
CRC-11-36 17.0 19.0 2.0 1.8 5.46 5.46
CRC-11-38A 8.0 9.0 1.0
CRC-11-39 0.0 1.0 1.0 1.05 1.05
CRC-11-40 14.0 16.0 2.0 1.53 1.53
CRC-11-40 19.0 25.0 6.0 5.4 12.92 11.68
CRC-11-40 27.0 29.0 2.0 1.52 1.52
CRC-11-42 14.0 15.0 1.0 1.71 1.71
CRC-11-42 19.0 20.0 1.0 0.9 31.29 31.29
CRC-11-43 0.0 3.0 3.0
CRC-11-43 6.0 7.0 1.0 1.16 1.16
CRC-11-43 15.0 17.0 2.0
CRC-11-44 12.0 14.0 2.0
CRC-11-44 15.0 17.0 2.0
CRC-11-44 17.0 18.0 1.0 1.08 1.08
CRC-11-47 0.0 4.0 4.0
CRC-11-47 4.0 6.0 2.0 1.18 1.18
CRC-11-47 7.0 9.0 2.0
CRC-11-47A 0.0 2.0 2.0
CRC-11-47A 3.0 10.0 7.0 6.5 3.25 3.25
CRC-11-47A 15.0 19.0 4.0
CRC-11-48 8.0 10.0 2.0 1.25 1.25
CRC-11-48 13.0 14.0 1.0 0.9 35.61 35.61
CRC-11-49 0.0 1.0 1.0 1.19 1.19
CRC-11-49 12.0 13.0 1.0 2.04 2.04
CRC-11-51 3.0 4.0 1.0 2.06 2.06
CRC-11-51 15.0 17.0 2.0 1.26 1.26
CRC-11-52 3.0 7.0 4.0 3.6 2.30 2.30
CRC-11-53 7.0 8.0 1.0 1.54 1.54
CRC-11-53 14.0 21.0 7.0 6.3 3.36 3.36
CRC-11-54 0.0 1.0 1.0 1.01 1.01
CRC-11-55 3.0 4.0 1.0 1.01 1.01
CRC-11-55 4.0 6.0 2.0
CRC-11-55 9.0 10.0 1.0
CRC-11-55 13.0 15.0 2.0 1.8 22.84 22.84
CRC-11-55 20.0 21.0 1.0
CRC-11-55 26.0 29.0 3.0 2.7 7.06 7.06
CRC-11-55 44.0 45.0 1.0 0.9 2.27 2.27
CRC-11-56 13.0 15.0 2.0 1.38 1.38
CRC-11-56 15.0 21.0 6.0
CRC-11-56 21.0 24.0 3.0 2.7 10.05 10.05
CRC-11-56 34.0 35.0 1.0 1.92 1.92
CRC-11-57 0.0 4.0 4.0
CRC-11-57 4.0 6.0 2.0 1.8 3.96 3.96
CRC-11-57 6.0 7.0 1.0
CRC-11-57 7.0 10.0 3.0 2.7 4.19 4.19
CRC-11-57 10.0 13.0 3.0
CRC-11-57 13.0 14.0 1.0 0.9 7.46 7.46
CRC-11-57 14.0 20.0 6.0
CRC-11-57 20.0 21.0 1.0 1.26 1.26
CRC-11-57 25.0 31.0 6.0 5.4 3.83 3.83
CRC-11-57 34.0 38.0 4.0 3.6 6.40 6.40
CRC-11-57 39.0 40.0 1.0 1.57 1.57
CRC-11-57 49.0 50.0 1.0 1.26 1.26
CRC-11-58 5.0 6.0 1.0
CRC-11-58 12.0 13.0 1.0 2.28 2.28
CRC-11-58 15.0 18.0 3.0 5.46 5.46
CRC-11-59 0.0 3.0 3.0
CRC-11-59 7.0 10.0 3.0 1.42 1.42
CRC-11-59 10.0 11.0 1.0
CRC-11-59 11.0 12.0 1.0 3.26 3.26
CRC-11-60 7.0 22.0 15.0 13.5 6.42 6.42
CRC-11-60 22.0 23.0 1.0
CRC-11-60 23.0 26.0 3.0 2.7 2.38 2.38
CRC-11-62 23.0 24.0 1.0 0.9 3.94 3.94
CRC-11-62 26.0 27.0 1.0 1.21 1.21
CRC-11-63 13.0 14.0 1.0 2.03 2.03
CRC-11-63 21.0 22.0 1.0
CRC-11-63 22.0 23.0 1.0 1.12 1.12
CRC-11-64 4.0 5.0 1.0 1.22 1.22
CRC-11-64 15.0 16.0 1.0 1.06 1.06
CRC-11-65 1.0 2.0 1.0 1.03 1.03
CRC-11-65 5.0 6.0 1.0 1.60 1.60
CRC-11-66 7.0 8.0 1.0 1.16 1.16
CRC-11-66 11.0 19.0 8.0 7.2 2.38 2.38
CRC-11-66 26.0 30.0 4.0 3.6 1.24 1.24
CRC-11-66 32.0 35.0 3.0 1.56 1.56
CRC-11-67 0.0 2.0 2.0 1.55 1.55
CRC-11-67 5.0 11.0 6.0 5.4 2.82 2.82
CRC-11-67 14.0 18.0 4.0 3.6 2.38 2.38
BSRC-11-01 38.0 50.0 12.0 10.8 4.6 4.6
Including 38.0 46.0 8.0 7.2 6.34 6.34
BSRC-11-01 57.0 60.0 3.0 2.7 2.69 2.69
BSRC-11-01 65.0 67.0 2.0 1.8 7.15 7.15
BSRC-11-01 86.0 87.0 1.0 0.9 1.86 1.86
BSRC-11-02 NV
BSRC-11-02 NV
Notes
(i) True width estimated where there is sufficient information.
(ii) NSV -- assays less than one g/t Au.
(iii) Kofi C zone assays capped at 40 g/t Au.
We seek Safe Harbor.
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