Eagle Hill Intersects 14.74 g/t Gold Over 17.9 Meters in Near Surface Mineralization at Windfall Lake
January 16 2013 - 8:00AM
Marketwired Canada
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.
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Depth of
intercept
From To (meters
Drill hole (m) (m) Assays below surface)
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EAG-12-440 53.70 57.60 35.6 g/t Au over 3.9 m 47
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EAG-12-441 33.40 43.20 4.76 g/t Au over 9.8 m 28
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113.00 128.80 5.53 g/t Au over 15.8 m 96
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EAG-12-442 55.00 58.00 12.84 g/t Au over 3.0 m 52
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92.00 102.00 3.52 g/t Au over 10.0 m 88
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EAG-12-443 29.00 46.90 14.74 g/t Au over 17.9 m 29
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EAG-12-444 52.80 57.00 15.12 g/t Au over 4.2 m 44
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EAG-12-446 120.50 129.10 3.51 g/t Au over 8.6 m 107
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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.
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From To Au Length
Drill Hole (m) (m) (g/t) (m) Comment
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EAG-12-433 157.7 158.2 14.7 0.5 Shear zone
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317.4 318.1 49.4 0.7 Isolated intercept
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380.8 381.6 49.00 0.8 Isolated intercept with VG
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446.3 446.6 801.00 0.3 Isolated intercept with VG
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Eag-12-434 to EAG-12-437 : no significant results
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EAG-12-438 58.8 78.8 1.41 20.0 Shallow gold mineralization
-----------------------------------
Incl. 58.8 63.2 3.31 4.4
-----------------------------------
Incl. 61.2 61.8 6.86 0.6
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101.0 102.0 9.40 1.0 Isolated intercept
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EAG-12-439 107.6 118.0 2.63 10.4 Shallow gold mineralization
-----------------------------------
Incl. 107.6 108.5 22.20 0.9
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EAG-12-440 53.7 57.6 35.58 3.9 Shallow gold mineralization
-----------------------------------
Incl. 54.5 55.4 55.1 0.9
-----------------------------------
Incl. 55.4 56.0 55.6 0.6
-----------------------------------
Incl. 56.0 56.5 27.1 0.5
-----------------------------------
Incl. 56.5 57.1 61.1 0.6
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94.2 94.8 9.32 0.6 Shallow gold mineralization
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EAG-12-441 33.4 43.2 4.76 9.8 Shallow gold mineralization
-----------------------------------
Incl. 42.7 43.2 49.10 0.5
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113.0 128.8 5.53 15.8 Shallow gold mineralization
-----------------------------------
Incl. 118.0 119.0 47.70 1.0
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EAG-12-442 40.0 45.0 2.85 5.0 Shallow gold mineralization
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55.0 58.0 12.84 3.0 Shallow gold mineralization
-----------------------------------
Incl. 56.0 57.0 30.00 1.0
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77.0 102.0 2.12 25.0 Shallow gold mineralization
-----------------------------------
Incl. 92.0 102.0 3.52 10.0
-----------------------------------
Incl. 99.4 100.2 31.20 0.8
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EAG-12-443 29 46.9 14.74 17.9 Shallow gold mineralization
-----------------------------------
Incl. 41.0 43.9 49.51 2.9
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76.0 110.9 2.24 34.9 Shallow gold mineralization
-----------------------------------
Incl. 96.8 99.0 18.33 2.2
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EAG-12-444 52.8 57.0 15.12 4.2 Shallow gold mineralization
-----------------------------------
Incl. 55.4 57.0 32.20 1.6
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104.3 105.2 32.20 0.9 Shallow gold mineralization
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120.8 125.2 3.51 4.4 Shallow gold mineralization
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223.7 224.3 14.80 0.6 Isolated intercept
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EAG-12-445 No significant results
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EAG-12-446 74.7 79.1 3.01 4.4 Shallow gold mineralization
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120.5 129.1 3.51 8.6 Shallow gold mineralization
-----------------------------------
Incl. 121.8 125.2 7.47 3.4
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EAG-12-447 No significant results
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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:
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Quantity Grade Gold Contained Gold
('000 tonnes) (g/t) (ounces)
----------------------------------------------------------------------------
Indicated 1,665 10.05 538,000
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Inferred 2,906 8.76 822,000
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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:
Network IR (Vancouver)
Andrew Mugridge / Benjamin Curry
604.559.5573/Cellular: 604.764.6847
andrew@networkir.com
www.networkir.com
MI3 Communications Financières Inc. (Montréal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca