Au Gold Corp Provides Ponderosa Update and Displays Core and AME RoundUp Conference
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Au Gold Corp
NR1-2024
Au Gold Corp Provides Ponderosa Update and
Displays Core and AME RoundUp Conference
Vancouver, British Columbia – January 22, 2024 – Au Gold Corp (TSXV:AUGC) (“ AUGC ” or the
“Company ”) is pleased to provide an update on its Ponderosa Gold Project, located near Merritt, BC.
Highlights:
• 223 soils samples collected completing gaps in the grid as recommended by industry expert
Dr. Jeffery Hedenquist (https://augoldcorp.com/wp-
content/uploads/2024/01/Hedenquist_Report.pdf )
• New zones of gold anomalism coincident with Ponderosa Structural Corridor
• 2 km trend of moderately -to- strongly anomalous gold geochemistry
• Company to display 2022 drill core at AME Roundup Conference (Vancouver), January 24 &
25
2023 Field Work
During 2023, infill soil samples (223) were collect ed from the central part of the Ponderosa property to
fill in gaps between areas of previously defined an omalous gold and arsenic response. This sampling
returned anomalous gold values, mostly within the s tructural boundaries of the newly interpreted
Ponderosa Structural Corridor, with samples ranging in value from below detection to 390 ppb gold.
Despite favourable results from the recent soil sam pling program and the newly interpreted structural
model, the Company delayed plans to carry out further drilling at Ponderosa in 2023 due to the difficu lt
market conditions. It instead elected to adopt a c ash conservation strategy. The Company does
however plan to continue drill exploration when market conditions improve.
Ponderosa Structural Corridor
Completion of infill soil sampling in the central p art of the property provided the final information
defining the trace of the Ponderosa Structural Corr idor (PSC). The corridor consists of a series of
sinistrally offset en-echelon structural segments t hat trend due north through the central part of the
property. The PSC can be traced for approximately 2 km and features continuous and scattered
elevated gold and arsenic geochemistry with localized clusters of gold-bearing vein samples along much
of the trend (historical surface samples reported u p to 46.90 g/t Au and 110 g/t Ag). The PSC ties
together most of the known gold-bearing zones on th e property and will be the basis for future
exploration. ( https://augoldcorp.com/wp-content/uploads/2024/01/Structural_Layout_Final.pdf )
Axel Ridge, the initial showing upon which the Pond erosa property was staked, is situated at the cente r
of the Ponderosa Structural Corridor and is an enig matic occurrence that was drill tested by previous
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operators. Despite multi-gram gold samples up to 1 2.82 g/t gold at surface and favourable epithermal
textures, drilling was unable to trace the zone eve n to shallow depths. In conjunction with the
Ponderosa Structural Corridor, management now interprets Axel Ridge to be associated with lateral fluid
flow along the paleo gradient, rather than an upflo w or feeder zone. Management believes feeder
zones are located close by and likely at lower elevations along the Ponderosa Structural Corridor. Future
drilling at Ponderosa will focus on identifying the source of these gold-bearing fluids and following them
to depth.
Roundup Coreshack Exhibit
Au Gold Corp. has been selected by AMEBC to be an e xhibitor at the Coreshack during the annual
Roundup Convention in Vancouver, BC on January 24 a nd 25. The Company invites shareholders and
interested parties to view the core during the convention at booth 920.
Analytical Information
Soil samples collected during 2023 at Ponderosa were located using GPS coordinates and extracted from
below the vegetation layer. Samples were delivered to ALS Global in North Vancouver, Canada for
analysis. After drying, a Supertrace gold detection technique was selected (Au-ST44) with a 50 g sample
being analysed by aqua regia extraction with ICP-MS finish.
Qualified Person
All scientific and technical information in this pr ess release has been prepared by William
Wengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the Exploration
Manager for Au Gold Corp.
Ponderosa Gold Property
The Ponderosa Gold Property is located 16 km southwest of Merritt, BC, within the Spences Bridge Gold
Belt which forms a northwest trending belt roughly 180 km long and up to 24 km wide.
Exploration by AUGC and others, notably Westhaven G old Corp., has identified the potential for gold
associated with low-sulphidation epithermal mineral ization (quartz-adularia). Examples of this style of
mineralization include Hishikari (Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold).
Rocks of immediate interest in the belt and underly ing 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 approxima tely 20 km southeast of the Ponderosa Gold
Property. Geology across the Ponderosa Gold Proper ty claim group is broadly divided into two
Cretaceous age volcanic sequences comprising subaer ial 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 tre nches were excavated across these outcropping
exposures with highlights including 2.22 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 . Follow-up diamond drilling of seven holes at Axel Ridge
was unsuccessful in intersecting the surface mineralization at depth.
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The Ponderosa Gold Property is located within the u nceded traditional territory of the Nlaka’pamux
People.
Further information on the Property can be found on the Company’s website: https://augoldcorp.com.
Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.
For further information, please contact:
Au Gold Corp
Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer
Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250
Email: [email protected]
To learn more visit: https://augoldcorp.com
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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY
HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATI NG TO THE COMPANY'S FUTURE PLANS
AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FOR WARD-LOOKING STATEMENTS. FORWARD-
LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTION S AND ARE SUBJECT TO ALL OF THE
RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLOR ATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCR IBED IN THE FORWARD-LOOKING
STATEMENTS.