Eagle Hill Exploration Consolidates 100% Ownership of Windfall Lake Gold Project, Enters into an Agreement to Purchase Additi...
2014年3月13日 - 8:28PM
Marketwired
Eagle Hill Exploration Consolidates 100% Ownership of Windfall Lake
Gold Project, Enters into an Agreement to Purchase Additional
Mining Claims
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 13, 2014) -
Eagle Hill Exploration Corporation (TSX-VENTURE:EAG)(OTCQX:EHECF)
("Eagle Hill" or the "Company") is pleased to announce that the
Company has entered into a claims purchase agreement with Murgor
Resources Inc. ("Murgor") (TSX-VENTURE:MGR) and Cliffs Chromite
Ontario Inc. ("Cliffs"), a wholly-owned subsidiary of Cliffs
Natural Resources Inc. (NYSE:CLF)(PARIS:CLF), to purchase the 29
Claims (2,342 acres) and the 184 Claims (20,238 acres) immediately
adjacent to the Windfall Lake Gold Project. Upon closing of the
agreement, which remains subject to regulatory approval and other
customary closing conditions, Eagle Hill will own 100% of the
entire 30,650 acre (12,400 hectare) Windfall Lake Property, located
in the Abitibi Gold Belt approximately 200 km northeast of Val
d'Or, Quebec (Figure 1).
In consideration for purchasing Murgor and Cliffs' ownership
interests in the 29 Claims and the 184 Claims, Eagle Hill will pay
$250,000 and issue 9.5 million common shares to each of Murgor and
Cliffs. In addition, Eagle Hill will grant a 0.5% net smelter
returns royalty ("NSR") for the 29 Claims and a 1% NSR for the 184
Claims to each of Murgor and Cliffs. Eagle Hill will retain the
right to buy back any of the NSRs at any time prior to first
commercial production by paying $500,000 to the holder of the
NSR.
"With this consolidation complete, Eagle Hill now owns 100% of a
high-grade gold property in one of the world's best mining
jurisdictions," said John Proust, Chairman and Interim Chief
Executive Officer of Eagle Hill. "We advanced the Windfall Lake
Gold Project significantly in 2013, upgrading and expanding the
mineral resource and confirming continuity of mineralization both
along strike and at depth. We will continue to focus on expanding
the main deposit in 2014, and look forward to initiating
exploration on the 29 Claims and the 184 Claims later in the
year."
Exploration Upside on the 29 Claims and the 184 Claims
Eagle Hill plans to undertake both surface exploration and
diamond drilling on the 29 Claims and the 184 Claims in 2014.
Exploration to date on the 29 Claims includes 155 drill holes
(22,665 metres). Of the existing Windfall Lake mineral resource,
47,000 ounces of the inferred resource (215,000 tonnes at 6.83 g/t
gold) is located in zones F17 and F51 on the 29 Claims. While zones
F17 and F51 are located approximately 400 metres north and 900
metres to the northeast of the Main Zone, respectively, Main Zone
gold mineralization plunges in the direction of the 29 Claims
property boundary. Eagle Hill plans to drill some deep holes in the
second half of 2014 to test for possible down-plunge extension of
Main Zone gold mineralization onto the 29 Claims.
Ownership of the 29 Claims also gives Eagle Hill access to the
5-metre by 5-metre ramp built by Noront Resources in 2008 at a cost
of approximately $14.2 million. The ramp, which extends 1,450
metres with a vertical depth of 100 metres, starts on the 29 Claims
and ends in the northeast section of the Main Zone and will provide
good access for a bulk sample and future exploration work.
The 184 Claims have had limited exploration to date, with only
37 drill holes (6,402 metres) located mostly in the southern part
of the property, yet historical drilling has yielded some
high-grade results along an ENE-trending lineament parallel to the
Main Zone. In addition, two significant gold-in-till anomalies in
multiple samples have been identified in the western and
northeastern parts of the property, confirming additional
exploration potential in the 184 Claims. Eagle Hill plans to
conduct follow-up till sampling and geophysical induced
polarization ("IP") surveys on the 184 Claims with the objective of
identifying drill targets.
To view Figure 1 - Windfall Lake Property, please visit the
following link:
http://media3.marketwire.com/docs/933098_FIGURE1.pdf.
On Behalf of the Board of Directors
John Proust, Chairman and Interim CEO
About the Windfall Lake Gold Project
The Windfall Lake gold deposit comprises a number of lenses of
pyritic stockwork and shear zones situated in the Archean
Urban-Barry Greenstone Belt, approximately 200 km northeast of Val
d'Or, Quebec. SRK Consulting (Canada) Inc. prepared a mineral
resource statement for Eagle Hill in compliance with National
Instrument 43-101 in February 2014 comprising 2,375,000 tonnes at
9.75 g/t gold (744,000 ounces) in the indicated category and
3,084,000 tonnes at 7.37 g/t gold (731,000 ounces) in the inferred
category. The bulk of the mineralization occurs in the Main Zone, a
southwest/northeast trending zone of stacked mineralized lenses,
measuring approximately 600 metres wide and at least 1,400 metres
long.
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral
exploration company focused on the exploration and development of
the high-grade Windfall Lake gold deposit, located between Val-d'Or
and Chibougamau in Quebec. In August 2013, Southern Arc Minerals
and Dundee Corporation invested an aggregate of $12 million to
purchase a controlling interest in Eagle Hill and fund an
aggressive exploration program. More information is available at
www.eaglehillexploration.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.
Qualified Person
The technical information in this document has 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.
Cautionary Note Regarding Forward-looking
Statements
This document contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
The use of any of the words "will", "retains the right", "look
forward", "initiating", "expanding" and similar expressions are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Such
forward-looking statements should not be unduly relied upon. This
document contains forward-looking statements and assumptions
pertaining to the following: uncertainty involving resource
estimates and the ability to extract those resources economically,
or at all; uncertainty involving drilling programs and the
Company's ability to expand and upgrade existing resource
estimates; the regulatory process and actions; the need to work
with local communities and authorities to advance the properties;
the need to work with Dundee and Southern Arc to advance the
property; technical issues; new legislation; competitive factors
and conditions; uncertainties resulting from potential delays or
changes in plans; the occurrence of unexpected events; and the
Company's ability 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, including uncertainty related to drill results and
the inclusion of drill results in future resource estimates for the
property. The Company believes the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct.
Eagle Hill Exploration CorporationRhylin BailieVice President,
Communications & Investor
Relations604-697-5791info@eaglehillexploration.comwww.eaglehillexploration.com
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