Eagle Hill Identifies New Gold Zone Extension at Depth With 24.46 g/t of Gold Over 7.4 Meters Below the Red Dog Intrusion
November 07 2012 - 6:30AM
Marketwired Canada
Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX
VENTURE:EAG) is very pleased to announce additional assay results from the
Company's current drill program at the Windfall Lake Property, located in
Quebec. Drill Hole EAG-11-311 was extended to a total length of 1,037 meters to
test gold mineralization below the Red Dog intrusion and returned an intercept
of 24.46 g/t Au over 7.4 meters. Additional significant near surface gold
mineralization was discovered on section 2825 mE with 2.82 g/t Au over 14.0
meters at only 15 meters below surface.
Deep intercept
-- Drill hole EAG-11-311 was extended from its original depth of 452 meters
to 1,037 meters to test gold mineralization below the Red Dog intrusion.
This drill hole was successful at intersecting deep gold mineralization
with 24.46 g/t Au over 7.4 meters at a vertical depth of 785 meters.
This new intercept is interpreted as the western extension of a similar
zone that assayed 16.3 g/t Au over 2.5 meters in drill hole EAG-12-320,
located some 150 meters to the east (published on March 1, 2012). In
addition, this same drill hole also intersected the depth extension of
Zone 27 at 717.8 meters down the hole with 31.5 g/t Au over 0.4 meters.
Near surface gold mineralization
-- Eagle Hill continues to drill a series of shallow holes to test for near
surface gold mineralization. Drill hole EAG-12-423 intersected a thick
gold interval at only 15 meters below the surface with an interval of
2.82 g/t Au over 14.0 meters, including 10.49 g/t Au over 3.5 meters, in
the eastern portion of the deposit.
Caribou Zone
-- Drill hole EAG-12-424 tested the eastern extension of the Caribou Zone
at 310 meters below surface and intersected 4.75 g/t Au over 3.4 meters,
including 12.0 g/t Au over 1.0 meter. This intercept continues to
indicate that the gold mineralization extends to the east in the Caribou
Zone. The same drill hole also intersected 5.84 g/t Au over 2.2 meters
from the Caribou South Zone at 245 meters below surface.
"The Windfall Lake gold deposit is a large, high grade gold resource defined to
a depth of approximately 500 meters on a strike length of 750 meters. It is a
mesothermal type deposit and historically these deposits can extend to a depth
of 3 to 5 times the strike length. The new assay results represent high grade
extensions at depth of the defined, closer to surface gold zones. These results
provide evidence to the theory that the Windfall Lake deposit has potential to
continue to expand at depth," stated Brad Kitchen, President and Chief Executive
Officer of Eagle Hill Exploration.
Eagle Hill has completed 22,866 meters of the current 25,000 meter drill
program. A map of the Windfall Lake Property outlining the location of the gold
zones, drill holes and areas of potential expansion, together with
cross-sections, a longitudinal section, and pictures of core showing the
mineralization style have been posted on Eagle Hill's website at
www.eaglehillexploration.com/sections.
The following table shows the most material assay results presented in this
press release.
----------------------------------------------------------------------------
Hole number From To Assay Comments
----------------------------------------------------------------------------
EAG-11-311 717.80 718.20 31.5 g/t Au Zone 27 below Red Dog
extension over 0.4 m
----------------------------------------------------------------
903.00 910.40 24.46 g/t Au Below Red Dog. Extension
over 7.4 m of intercept in drillhole
------------------------------------- EAG-12-320 at 922 m (16.3
incl. 904.60 904.90 14.6 g/t Au g/t Au over 2.5 m)
over 0.3 m
-------------------------------------
incl. 909.40 910.40 167.0 g/t Au
over 1.0 m
----------------------------------------------------------------------------
EAG-12-417 235.10 235.90 5.28 g/t Au Between zones
over 0.8 m
----------------------------------------------------------------
503.50 504.80 5.81 g/t Au Zone 27 to the East
over 1.3 m
----------------------------------------------------------------
522.90 524.40 9.45 g/t Au Between zones
over 1.5 m
----------------------------------------------------------------------------
EAG-12-418 76.00 100.00 10.59 g/t Au Mineralized porphyry dyke
over 24.0 m (Result published
------------------------------------- September 27, 2012)
incl. 80.00 83.90 12.25 g/t Au
over 3.9 m
-------------------------------------
incl. 90.30 95.50 34.39 g/t Au
over 5.2 m
----------------------------------------------------------------------------
EAG-12-419 45.00 46.00 3.61 g/t Au Between zones
over 1.0 m
----------------------------------------------------------------
62.60 63.60 9.38 g/t Au Between zones
over 1.0 m
----------------------------------------------------------------------------
EAG-12-420 50.50 51.50 3.99 g/t Au Between zones
over 1.0 m
----------------------------------------------------------------
100.00 101.00 5.5 g/t Au Between zones
over 1.0 m
----------------------------------------------------------------------------
EAG-12-421 156.30 157.00 5.64 g/t Au Between zones
over 0.7 m
----------------------------------------------------------------------------
EAG-12-422 64.50 65.00 99.7 g/t Au Between zones, near
over 0.5 m surface
----------------------------------------------------------------------------
EAG-12-423 17.50 18.00 6.18 g/t Au Between zones, near
over 0.5 m surface
----------------------------------------------------------------
28.50 42.50 2.82 g/t Au Near surface zone
over 14.0 m
-------------------------------------
incl. 28.5 32.00 10.49 g/t Au
over 3.5 m
-------------------------------------
incl. 29.30 29.80 62.3 g/t Au
over 0.5 m
----------------------------------------------------------------
110.00 110.70 4.52 g/t Au Fault
over 0.7 m
----------------------------------------------------------------------------
EAG-12-424 288.30 299.00 1.96 g/t Au Caribou South
over 10.7 m
-------------------------------------
incl. 296.00 298.20 5.84 g/t Au
over 2.2 m
----------------------------------------------------------------
372.00 375.40 4.75 g/t Au Caribou Zone
over 3.4 m
-------------------------------------
incl. 373.00 374.00 12.0 g/t Au
over 1.0 m
----------------------------------------------------------------
433.00 433.60 5.01 g/t Au Between zones
over 0.6 m
----------------------------------------------------------------------------
EAG-12-425 No significant results
----------------------------------------------------------------------------
The true widths are approximately 60% of reported width.
Gold analyses reported in this release were performed by standard fire assay
using a 30 gram charge with atomic absorption finish and a gravimetric finish
for assays greater than 10 grams per ton. Assays returning results over 1 ounce
per ton of gold by atomic absorption are re-assayed using the metallic sieve
method. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or,
Quebec. Sampling and analytical procedures are subject to a comprehensive
quality assurance and quality control program. The QA-QC program includes
duplicate samples, blanks and analytical standards.
Jean-Philippe Desrochers, Ph.D., P.Geo., is a Qualified Person registered in
Quebec as defined by NI-43-101 and has reviewed the technical information that
this press release contains.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000
hectares) in the Abitibi mineralized belt of northern Quebec. This area between
Val-d'Or and Chibougamau is known for its gold and copper production and
excellent infrastructure for exploration and mining. Historically, the Windfall
Lake Property has had extensive grassroots exploration work. Along with its
independently acquired claims at the Windfall Lake Property, Eagle Hill has also
signed options with Murgor Resources Inc., Cliffs Natural Resources Inc.
(formerly, Freewest Resources Canada Inc.), and Noront Resources Inc. to acquire
the Windfall Lake Property. During July 2012, the Company received its second
mineral resource estimate, the results of which are displayed in the table
below:
----------------------------------------------------------------------------
Quantity Grade Gold Contained
('000 tonnes) (g/t) Gold (ounces)
----------------------------------------------------------------------------
Indicated 1,665 10.05 538,000
----------------------------------------------------------------------------
Inferred 2,906 8.76 822,000
----------------------------------------------------------------------------
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company
focused on the exploration and development of gold and precious metal prospects.
The Company is set to become an advanced stage gold exploration company with its
acquisition of the Windfall Lake high grade gold project, located in Urban
Township, Quebec, between Val-d'Or and Chibougamau. Eagle Hill seeks projects
that contain or have potential to have large resource potential. The Company's
website at www.eaglehillexploration.com and public filings at www.sedar.com
provide additional information on its properties and other information with
respect to its management and operations.
ON BEHALF OF THE BOARD,
P. Bradley Kitchen, President
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation, including predictions, projections
and forecasts. Forward-looking statements include, but are not limited to,
statements that address activities, events or developments that the Company
expects or anticipates will or may occur in the future, including such things as
future business strategy, competitive strengths, goals, expansion, growth of the
Company's businesses, operations, plans and with respect to exploration results,
the timing and success of exploration activities generally, permitting time
lines, government regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results of future
resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use
of words such as "plans", "planning", "planned", "expects" or "looking forward",
"does not expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate" or "belief" or
describes a "goal" or variation of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved.
Forward-looking statements are based on a number of material factors and
assumptions, including, the result of drilling and exploration activities, that
contracted parties provide goods and/or services on the agreed timeframes, that
equipment necessary for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are incurred, that
plant and equipment function as specified, that no unusual geological or
technical problems occur, and that laboratory and other related services are
available and perform as contracted. Forward-looking statements involve known
and unknown risks, future events, conditions, uncertainties and other factors
which may cause the actual results, performance or achievements to be materially
different from any future results, prediction, projection, forecast, performance
or achievements expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of gold; possible variations in grade or recovery rates;
failure of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Progressive Investor Relations
Andrew Mugridge
604.689.2881
Progressive Investor Relations
Benjamin Curry
604.689.2881
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
(TSXV:EAG)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:EAG)
Historical Stock Chart
From Jul 2023 to Jul 2024
