Eagle Hill Intersects 14.74 g/t Gold Over 17.9 Meters in Near Surface Mineralization at Windfall Lake
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 16, 2013) – Eagle Hill Exploration Corporation (TSX VENTURE:EAG) (“Eagle Hill” or the “Company”) is pleased to announce assay results from its 2012 drill program at the Windfall Lake Gold Deposit in Northwestern Quebec. The new results include wide intercepts of high grade gold mineralization occurring near surface as a series of parallel lenses. These results are part of a drill program designed to expand the size of the mineral resource estimation released on July 25, 2012 that already includes 1,665,000 tonnes at 10.05 g/t gold (538,000 ounces) in the indicated category and 2,906,000 tonnes at 8.76 g/t gold (822,000 ounces) as an inferred resource.
Near surface mineralization
Eagle Hill’s Exploration Team has done a very good job of modeling the gold mineralization at Windfall Lake. One specific achievement from this modeling has been to follow the faulted offset of the most prolific gold zone, Zone 27, from depth to surface. With further drilling, the Company has been able to discover other near surface parallel lenses of relatively high grade, gold mineralization. So far, Eagle Hill has defined the shallow gold mineralization over a strike length of more than 600 meters. These new findings suggest that part of the gold mineralization at Windfall Lake could be extracted by an open pit mining operation.
With respect to the new findings, the Company completed several shallow diamond drill holes in the upper Extension of Zone 27 and was able to define its lateral continuity over more than 300 meters. The Zone 27 upper extension consists of a gold-rich lens plunging shallowly to the east and extending for more than 50 meters vertically with widths of up to 31 meters. Some of the best results for this zone include 5.53 g/t Au over 15.8 meters in drillhole EAG-12-441. In addition to their intersections in Zone 27, several of the shallow drill holes returned other significant intersections from parallel mineralized lenses in the first one hundred meters below the surface. The best results for the additional lenses include 14.74 g/t Au over 17.9 meters and 15.12 g/t Au over 4.2 meters as listed in the table below.
“These new results that expand the size of the near surface gold deposit in multiple lenses showing a consistent gold distribution. The broadening of the gold mineralization at such a shallow depth strengthens the case for a potential open pit operation for this part of the Windfall deposit. The grades for the near surface gold zones at Windfall Lake are much higher than that of traditional open pit operations,” stated Brad Kitchen, President and Chief Executive Officer of Eagle Hill Exploration. “The feasibility for an open pit operation will need to be investigated in more detail but further validates management’s decision to commitment to cause the commencement of commercial production.”
The table below shows the best assay results from the near surface gold zones together with the depth of the intercepts below the surface.
|EAG-12-440||53.70||57.60||35.6 g/t Au over 3.9 m||47|
|EAG-12-441||33.40||43.20||4.76 g/t Au over 9.8 m||28|
|113.00||128.80||5.53 g/t Au over 15.8 m||96|
|EAG-12-442||55.00||58.00||12.84 g/t Au over 3.0 m||52|
|92.00||102.00||3.52 g/t Au over 10.0 m||88|
|EAG-12-443||29.00||46.90||14.74 g/t Au over 17.9 m||29|
|EAG-12-444||52.80||57.00||15.12 g/t Au over 4.2 m||44|
|EAG-12-446||120.50||129.10||3.51 g/t Au over 8.6 m||107|
The gold mineralized zones defined to date at Windfall Lake cover a strike extent of more than 750 meters and include, from South to North, the Caribou South zone, the Caribou zone, the Mink zone, Zone 27 South, Zone 27, the Mallard zone, and the Mallard North zone. Mineralization is contained within near-vertical zones of pyrite stockwork and vary in thickness between 2 meters and 35 meters.
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,www.eaglehillexploration.com/sections.
The table shows the most significant assay results from the series of drill holes discussed in this press release.
|380.8||381.6||49.00||0.8||Isolated intercept with VG|
|446.3||446.6||801.00||0.3||Isolated intercept with VG|
|Eag-12-434 to EAG-12-437 : no significant results|
|EAG-12-438||58.8||78.8||1.41||20.0||Shallow gold mineralization|
|EAG-12-439||107.6||118.0||2.63||10.4||Shallow gold mineralization|
|EAG-12-440||53.7||57.6||35.58||3.9||Shallow gold mineralization|
|94.2||94.8||9.32||0.6||Shallow gold mineralization|
|EAG-12-441||33.4||43.2||4.76||9.8||Shallow gold mineralization|
|113.0||128.8||5.53||15.8||Shallow gold mineralization|
|EAG-12-442||40.0||45.0||2.85||5.0||Shallow gold mineralization|
|55.0||58.0||12.84||3.0||Shallow gold mineralization|
|77.0||102.0||2.12||25.0||Shallow gold mineralization|
|EAG-12-443||29||46.9||14.74||17.9||Shallow gold mineralization|
|76.0||110.9||2.24||34.9||Shallow gold mineralization|
|EAG-12-444||52.8||57.0||15.12||4.2||Shallow gold mineralization|
|104.3||105.2||32.20||0.9||Shallow gold mineralization|
|120.8||125.2||3.51||4.4||Shallow gold mineralization|
|EAG-12-445||No significant results|
|EAG-12-446||74.7||79.1||3.01||4.4||Shallow gold mineralization|
|120.5||129.1||3.51||8.6||Shallow gold mineralization|
|EAG-12-447||No significant results|
|The true widths are interpreted to be approximately 70 percent 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 tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. All assays were performed by ALS Chemex Laboratory Group, in Val d’Or, Que. 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, PhD, PGeo, 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 Ltd. 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:
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.comprovide additional information on its properties and other information with respect to its management and operations.
ON BEHALF OF THE BOARD,
P. Bradley Kitchen, President
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.
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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.
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