Eagle Hill Files Windfall Lake Technical Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 21, 2014) -
Eagle Hill Exploration Corporation (TSX-VENTURE:EAG)(OTCQX:EHECF)
("Eagle Hill" or the "Company") is pleased to report that on April
17 the Company filed a National Instrument 43-101 Technical Report
regarding the resource estimate for its Windfall Lake Gold Project,
located in the Abitibi Gold Belt approximately 200 km northeast of
Val d'Or, Quebec. The resource estimate and technical report were
completed by SRK Consulting (Canada) Inc. ("SRK"). The technical
report is available on SEDAR at www.sedar.com and on the Company's
website at www.eaglehillexploration.com.
As previously announced on March 3, 2014, SRK has estimated an
indicated mineral resource for the Windfall Lake Gold Project of
2,375,000 tonnes grading 9.75 g/t gold for contained gold of
744,000 ounces, with an additional inferred mineral resource
estimated at 3,084,000 tonnes grading 7.37 g/t gold for contained
gold of 731,000 ounces. Compared to the previous mineral resource
estimate completed in July 2012, the indicated mineral resource
tonnage and contained gold have increased by 43% and 38%,
respectively. The indicated grade of 9.75 g/t gold makes Windfall
Lake one of the highest-grade resource-stage gold projects in the
world, located in one of the world's best mining jurisdictions.
The following information in this section of the press release
is taken directly from the Windfall Lake technical report.
|
Mineral Resource Statement, Windfall Lake Gold Project,
Quebec |
SRK Consulting (Canada) Inc., March 3, 2014 |
|
Resource Classification |
Tonnes |
Grade (g/t) |
Contained Gold (ounces) |
Indicated |
2,375,000 |
9.75 |
744,000 |
Inferred |
3,084,000 |
7.37 |
731,000 |
- Prepared by SRK Consulting (Canada), Inc. with an effective
date of March 3, 2014.
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resources will be converted into mineral
reserves.
- All figures have been rounded to reflect the relative accuracy
of the estimates.
- Reported at a cut-off grade of 3.0 g/t gold, assuming an
underground extraction scenario, a gold price of US$1,200 per ounce
and metallurgical recovery of 91.7%.
The Windfall Lake property database contains 706 core boreholes,
drilled between 1986 and 2013. Of these, 635 boreholes (179,641
metres) were completed between 1996 and 2013 and were considered
for geological and mineral resource modelling. In reviewing the
results of the mineral resource modelling work, SRK drew the
following conclusions:
- Infill and step-out drilling, as well as re-logging archived
core and structural geology investigations, particularly in the
Main Zone, have vastly improved the confidence in the geological
and mineralization model and the confidence in the continuity of
the gold mineralization;
- There is good potential to expand the mineral resources along
strike to the southwest. The new geological model suggests that the
pyrite stockwork containing the bulk of the Main Zone continues in
this direction, and core boreholes from the Fall 2013 drill program
intersected gold mineralization in this area;
- There is also good potential to expand the mineral resources at
depth below the Red Dog dike. Drilling completed in 2013 confirms
that the pyrite stockwork extends below the Red Dog dike, where the
gold mineralization exhibits grade and thickness characteristics
similar to that found near surface. In addition, the Fall 2013 deep
hole-to-hole induced polarization survey identified two high
priority targets below the Red Dog dike, near the known
intercepts.
The mineral resources identified to date occupy only a small
footprint within the Windfall Lake property and the gold
mineralized zones are open at depth, to the northeast and southwest
along the main deformation corridor identified by Eagle Hill.
Exploration outside of the extents of the current modelled
mineralization should be considered.
SRK recommended a work program that includes:
- Drilling within the Main Zone targeting areas below the Red Dog
dike;
- Drilling to test the strike extension of the known gold
mineralization to the southwest;
- A hole-to-hole induced polarization survey using proposed deep
boreholes as survey platforms to maximize the investigation for
additional gold mineralization at depth; and
- Environmental baseline, permitting, metallurgical,
geotechnical, conceptual mining, and other engineering studies
required to evaluate the conceptual economic viability of a mining
project.
Windfall Lake 2014 Exploration Program
Eagle Hill recently completed a 3,333-metre drilling program in
the Main Zone to test for extensions of Zone 27 under shallow lakes
(2 to 6 metres depth) that were frozen. Eagle Hill drilled 21 holes
to a depth of 120 to 321 metres to test the lateral extensions of
Zone 27, where previous drilling had confirmed near‐surface
high-grade intervals such as 14.8 g/t over 16.0 metres
(EAG‐12‐418). All core has been delivered to the assay laboratory,
with results pending.
On April 8, 2014, the Company closed the "flow-through" portion
of a non-brokered private placement announced on March 28, 2014,
raising $1.0 million to be used for exploration at the Windfall
Lake Gold Project. The Board of Directors and Eagle Hill's Vice
President Exploration are currently finalizing plans for additional
drilling in 2014.
On Behalf of the Board of Directors
John Proust, Chairman and Interim CEO
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, and are working together to advance
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. 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. More
information is available on Eagle Hill's website 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 construction of the mineral resource model was a
collaborative effort between Eagle Hill and SRK personnel. The
resource estimation work was completed by Dr. Jean-François
Ravenelle PGeo (OGQ#1062), Dorota El-Rassi, PEng (APEO #100012348)
and Dominic Chartier, PGeo (OGQ#874) under the supervision of Glen
Cole, PGeo (APGO #1416). By virtue of their education, relevant
project experience, and affiliation to a recognized professional
association, Dr. Ravenelle, Ms. El-Rassi, Mr. Chartier and Mr.
Cole, are "qualified persons" independent from Eagle Hill for the
purposes of National Instrument 43-101. Mr. Cole has reviewed the
information contained in this news release.
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. 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.
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", "should be", "potential",
"pending", "finalizing plans" 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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