Southern Arc Files Technical Report for Windfall Lake Gold Project
January 17 2014 - 6:00AM
Marketwired
Southern Arc Files Technical Report for Windfall Lake Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 17, 2014) -
Southern Arc Minerals (TSX-VENTURE:SA)(OTCQX:SOACF) ("Southern Arc"
or "the Company") today filed a technical report related to the
Windfall Lake Gold Project ("Windfall Lake"). Southern Arc is
required to file a technical report for Windfall Lake since
Southern Arc holds a substantial interest in the project through
the Company's investment in Eagle Hill Exploration Corp., making
the Windfall Lake project material to Southern Arc pursuant to
National Instrument 43-101. The technical report outlines the work
completed at Windfall Lake up to the date of Southern Arc's
investment in the project, restating the July 25, 2012 mineral
resource estimate and documenting the exploration and development
activities completed on the property until April 25, 2013. The
technical report was completed by SRK Consulting (Canada) Inc.
("SRK") and has been filed on SEDAR at www.sedar.com and on
Southern Arc's website.
Windfall Lake is owned by Eagle Hill Exploration Corporation
("Eagle Hill"). In August 2013 Southern Arc invested $7,324,050 to
acquire 97,654,000 units of Eagle Hill by way of private placement
at a price of $0.075 per unit. Each unit comprised one common share
of Eagle Hill and one half share purchase warrant, with each whole
warrant entitling Southern Arc to acquire a further common share of
Eagle Hill at a price of $0.10 per share for a period of four
years. Southern Arc currently holds a 24.9% interest in Eagle
Hill.
About the Windfall Lake Gold Project
Windfall Lake is located 190 km northeast of Val d'Or, Quebec, a
highly favourable jurisdiction for exploration and mining. The
greenstone belts of the Abitibi region constitute one of the most
prolific gold-producing regions in the world, having produced over
170 million ounces of gold to date. The project is easily
accessible by paved highways and all-weather gravel roads.
A resource estimate completed for Windfall Lake in July 2012 by
SRK outlined a mineral resource of 538,000 ounces @ 10.05 g/t gold
in the indicated category and 822,000 ounces @ 8.76 g/t gold in the
inferred category (see Eagle Hill press release dated July 25,
2012). Eagle Hill owns 100% of the Main Zone, which hosts the
majority of the mineral resource, and has the right to earn up to
100% of the surrounding claims. With grades averaging 10.05 g/t
gold in the indicated category, Windfall Lake is one of the
highest-grade development-stage gold projects in the world.
On December 19, 2013, Eagle Hill announced that it had completed
its fall 2013 drill program, which commenced in September 2013 with
the objective of expanding the existing mineral resource. The drill
program was completed on time and on budget, with a total of
approximately 28,000 metres completed in 65 diamond drill holes.
Eagle Hill released results from the drill program on November 5
and December 19. Eagle Hill will release the remaining assay
results in January 2014, along with a detailed interpretation of
how the fall 2013 drill program has advanced its understanding of
the Windfall Lake gold deposit.
Eagle Hill will release an updated mineral resource estimate in
Q1-2014. Eagle Hill has more than 57,000 metres of new drilling to
incorporate into the updated resource estimate, with 28,000 metres
from the current drill program, and 106 holes totalling 29,208
metres that were drilled after the 2012 resource estimate and prior
to the current program.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Chairman & CEO, Director
About Southern Arc
Southern Arc Minerals Inc. is a Canadian mineral exploration
company focused on gold and copper-gold exploration. The Company's
key exploration property is its West Lombok project, with several
gold-rich copper porphyry and epithermal gold vein prospects.
Southern Arc is listed on the TSX Venture Exchange under the symbol
SA and on the OTCQX International under the symbol SOACF. More
information is available at www.southernarcminerals.com or by
emailing info@southernarcminerals.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking Statements
This news release contains forward-looking statements
relating to expected or anticipated future events and operations,
timing of projects and anticipated results that are forward-looking
in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, technical issues,
new legislation, competitive and general economic factors and
conditions, the uncertainties resulting from potential delays or
changes in plans, the occurrence of unexpected events, and the
company's capability to execute and implement future plans. Actual
results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and
other factors. There is no representation by the company that
actual results achieved during the forecast period will be the same
in whole or in part as that forecast.
Qualified Person
The technical information in this document has been reviewed
by Southern Arc's President & Chief Operating Officer, Dr. Mike
Andrews, PhD, FAusIMM, who has sufficient experience relevant to
the style of mineralization under consideration and qualifies as a
Qualified Person as defined by National Instrument 43-101. The
technical information in this document has also been reviewed by
Eagle Hill's Vice President Exploration, Jean-Philippe Desrochers,
PhD, PGeo, who has sufficient experience relevant to the style of
mineralization under consideration and qualifies as a Qualified
Person as defined by National Instrument 43-101. The drill program
and sampling protocol is managed by Eagle Hill under the
supervision of Jean-Philippe Desrochers. The diamond drill holes
are drilled at NQ sizes and core recovery to date has averaged
better than 95.0%. Half core is cut by rock saw and is generally
sampled using nominal 1-metre intervals; however, sample intervals
vary according to geological contacts and have ranged between 0.3
to 1.5 metres in length. Two quality control samples (one blank and
one certified reference material) are inserted into each batch of
20 samples. All assays were performed by ALS Chemex Laboratory
Group, in Val d'Or, Quebec. The half core samples are securely
transported from the project site to the ALS Chemex laboratory by
Eagle Hill personnel. Gold analyses reported in this release were
performed by standard fire assay using a 50-gram charge with atomic
absorption finish and a gravimetric finish for assays greater than
10 grams per tonne and by metallic sieve method for samples
containing significant amounts of pyrite or visible gold. In
addition, an Aqua regia digestion with ICP-AES finish is used to
analyse a full suite of elements including silver and base
metals.
Southern Arc Minerals Inc.Rhylin BailieVice President,
Communications & Investor
Relations604-676-5241info@southernarcminerals.comwww.southernarcminerals.com
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