Hunt Gold Corporation (PINKSHEETS: HGLC) announces the assay
results from the first five drill holes of its first recently
completed drill campaign at the Company's "Mockingbird" Gold
Project in Arizona. The assay work was done by Jacobs Assay of
Tucson, Arizona.
- All of the first five drill holes encountered Gold
Mineralization.
- Management considers these Assay initial results to be solid
and positive but is of the opinion that the Assay Results from the
remaining three drill holes to be of a far higher grade and Jacobs
Assay has elected to place the assays for the other 3 drill holes
in "EXCEPT" meaning that 3 or 4 intervals in the "ore zone" are
listed as "pending." Management is of the opinion that Jacobs
Assays has higher gold values for these intervals, and to that end,
they are re-running the tests to ensure that these higher grade
Assay Results are as expected by your Management Team. These
additional Assay Results will be announced shortly.
- Based upon proven historical geological and drilling and Assay
Results and data supported by the current ongoing exploration work
at the Company's "Mockingbird" Gold Property, Management is of the
opinion the new extensive drilling and exploration campaign will
yield considerably higher grades than detailed in this announcement
and considers this substantial investment to be justified.
- Initial Assay Results clearly prove that Management's decision
to embark upon the Company's new "Non Stop" Drilling Campaign at
considerable expense is justified based upon the initial phase of
drilling and the subsequent Assay results announced today.
Management considers its decision to authorize the US$10 million in
Convertible Bonds to be sound and sensible given the proven Gold
Mineralization of its small initial drilling campaign; now allowing
for a massive drilling program to commence without delay.
- New Drilling Contracts to be announced this week and to
commence without delay. Bids for 5,000 feet of reverse circulation
(RC) drilling have been solicited from the final two preferred
drilling companies. The Company is currently in the second round of
this bidding. This RC drilling will be at a dramatically lower cost
per foot than the core drilling done for the first drill
campaign.
- An additional 320 acres of mining claims have been staked this
week, bringing the Company's "Mockingbird" Gold Project claims to
almost 3,000 acres.
All five drill holes encountered gold mineralization. Two holes
at the Company's "Great West Gold Mine" on the "Mockingbird" Gold
property encountered especially encouraging gold intervals:
GW-08-1, 110 feet to 115 feet, .070 ounces of gold per ton and
GW-08-04, 105 feet to 110 feet, .041 ounces of gold per ton. Open
pit gold mines in the Arizona / California / Nevada region have
profitably mined gold that assayed as low as .02 ounces per ton,
although establishment of the cutoff grade for mining at
Mockingbird will need to await preparation of the feasibility
study, which will require several more rounds of drilling.
Hunt Gold Corporation's CEO, Michael G Saner stated that "We are
very pleased that the initial drill results confirm the Company's
view that its 'Mockingbird' Gold Property is a gold bearing system.
Furthermore, the potential gold ore is in the zones predicted by
the Company's geologists, which means that we are gaining an
understanding of the gold mineralization at what is at present our
flagship Gold Property." Mike Saner added that "I am proud of all
of the extensive, intensive and methodical work being done by the
entire team to prepare for this second and hugely extensive
drilling campaign. This is a big property, with dozens of
mineralized outcrops, and we intend to drill in all of the right
places for all of the right reasons."
As previously announced, the Company is well underway in
establishing a geochemical control grid at the property. Over 50
rock chip samples have been taken so far from numerous historic
workings throughout the 4+ square mile property. Upon completion of
this work, the anomalous values for gold, silver and copper (a
pathfinder element at the Company's "Mockingbird" Gold Property)
will be mapped, contoured and used to select drill sites for the
next drill campaign.
The main targets for the next round of drilling will be in the
vicinity of the low-angle Mockingbird Detachment Fault, which is a
sub-horizontal interface between the older Precambrian rocks and
the younger overlying upper plate Tertiary volcanic rocks. This
zone was mined at the Mockingbird Mine itself and hosted a majority
of the Mockingbird District's historic production of 15,000 ounces
of gold.
The assay results for gold and silver for the first five holes
are:
Hole Number Interval (feet) Gold (ounces / ton) Silver (ounces / ton)
---------------- --------------- ------------------- ---------------------
Great West Mine
GW-08-1 70 - 95 < .001 < .05
95 - 100 < .001 .05
100 - 105 .002 .05
105 - 110 .005 .05
110 - 115 .070 .10
115 ? 120 .001 < .05
GW?08-2 80 ? 85 < .001 .05
85 - 90 .001 .05
90 ? 100 < .001 .05
100 ? 105 < .001 .10
105 ? 115 < .001 .05
115 ? 120 .001 .10
GW-08-03 37 ? 40 .002 .05
40 ? 45 < .001 .10
45 ? 50 .003 .15
50 ? 55 .003 .05
70 ? 75 .004 .05
75 ? 80 .006 .25
80 ? 85 < .001 .05
85 ? 90 .002 .05
90 ? 95 .001 .05
95 ? 100 < .001 .05
100 ? 105 < .001 .10
105 - 110 < .001 .15
110 ? 115 .001 .05
115 ? 120 < .001 .15
GW-08-04 45 ? 55 < .001 < .05
55 ? 65 < .001 .05
65 ? 70 < .001 .10
70 ? 75 < .001 .05
75 ? 80 < .001 .10
80 ? 90 < .001 < .05
90 ? 95 < .001 .15
95 - 100 .002 .10
100 - 105 .001 .15
105 ? 110 .041 .15
110 ? 120 < .001 .05
140 ? 150 .001 .15
150 ? 155 < .001 .20
Pocahontas Mine
P-08-1
107 - 110.5 < .001 < .05
110.5 - 115 .003 < .05
115 - 120 .001 < .05
120 - 125 .006 < .05
125 - 130 .003 < .05
130 - 135 .001 .10
Hunt Gold Corporation provides an additional update on its
aggressive exploration program at the Company's "Mockingbird" Gold
Project in Arizona.
Over the past two weeks, the Company's Head Project Geologist,
Ed Huskinson and his team have sampled existing mine workings
throughout the project's 4 square mile area. Approximately 40 of
these samples were shipped out yesterday to an independent assay
office; that being Skyline Labs of Tucson, Arizona. Workings with
encouraging gold values in the samples will be considered for
inclusion in the next round of drilling.
Some of these historic mine workings were located outside the
Company's claim block. As a result, an additional 320 acres of
mining claims have been staked this week, bringing the Mockingbird
Project total claims to almost 3,000 acres.
Project management is in the process of preparing a new Notice
of Intent to file with the BLM for the second round of drilling.
The Company has completed reclamation of the minor surface
disturbance from the first phase of drilling, so it will be able to
transfer the BLM bond from the first phase of drilling to the
second program.
In order to drill in Section 22 (where the historic Mockingbird
Mine is located), the Company will need a special use permit from
the State of Arizona. The State is requiring an archaeological
survey prior to issuance of the permit. The Company is in the
process of arranging for the archaeological survey, which is a
routine requirement for operations on State of Arizona lands. As a
result, the Company may start the second round of drilling with
drill sites located on BLM ground, and drill in Section 22 later in
the campaign once the State permit is obtained.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company
focused on the development and exploration of its Gold properties,
namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone
Lookout," "Lady Alde," "Williamson," "Blue Copper Mine,"
"Starlight," "American Flag," "Venezia," "Stormcloud," \"Cherry,"
"Buffalo Limecap," "Red Cloud" and "Federal." The Company has
completed the sale of its "American Molygold" interests and will be
distributing the entire sale proceeds through a Stock Dividend to
its stockholders. The Company has disposed of its "Lookout" Silver
Projects and will be retaining an amount of US$65 million in quoted
stock from that disposal.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report on Form 10-K or 10-KSB and
other filings made by such company with the SEC.
For further information contact: MDM Worldwide Solutions, Inc.
(Investor Relations Enquiries) E Mail: Email Contact Telephone:
(646) 961-4458 Contact: Richard Hausig Hunt Gold Corporation
(Corporate Enquiries) E Mail: Email Contact Telephone: (954)
840-6956 Contact: Mr. Michael G Saner
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