Eagle Hill Announces Positive Drill Results and Initiation of a Preliminary Economic Assessment Study at the Windfall Lake Go...
2014年6月24日 - 8:10PM
Marketwired Canada
Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill"
or the "Company") is pleased to announce that the Company is initiating a
Preliminary Economic Assessment Study ("PEA") for the Windfall Lake Gold Project
("Windfall Lake"). The Company is also pleased to announce the results of its
2014 Winter Drill Program, and its drilling plans for the remainder of 2014.
Preliminary Economic Assessment
Eagle Hill's Board of Directors is very encouraged with the drill results
obtained to date at Windfall Lake, including a 38% increase to the indicated
mineral resource as outlined in the March 2014 updated resource estimate
prepared by SRK Consulting (Canada) Inc. (Table 1). Eagle Hill's Board of
Directors has determined that completing the environmental, engineering and
economic studies associated with a PEA will provide further clarity on the
potential of advancing this promising, high-grade deposit to production.
The Board has appointed Eagle Hill's new director, Paul-Henri Girard, as the
lead director to manage the PEA process. Mr. Girard is a Mining Engineer with
extensive hands-on experience planning and operating Canadian mines. Mr. Girard
started his career with Falconbridge Copper as a mining engineer in 1980, and
moved to Agnico Eagle Mines in 1987 as Chief Engineer of LaRonde Mine in Quebec.
Mr. Girard held increasingly senior positions with Agnico Eagle over a 25-year
period, eventually retiring from the position of Vice President Canadian
Operations in 2012. Mr. Girard's engineering and mining experience will be
invaluable as Eagle Hill undertakes a PEA on the Windfall Lake Gold Project.
"Initiating a Preliminary Economic Assessment Study clearly indicates the
Board's intention to advance the Windfall Lake Gold Project," said John Proust,
Chairman and Chief Executive Officer of Eagle Hill. "We welcome Paul-Henri
Girard to the Board of Directors and look forward to his input as we advance
this high-grade gold deposit one step closer to production."
Results of 2014 Winter Drill Program
"The 2014 Winter Program drill results confirmed continuity of the gold
mineralization of Zone 27. This zone hosts the majority of the indicated mineral
resource, and the fact that it can be traced further laterally is encouraging,"
said Dr. Mike Andrews, Director and President of Eagle Hill.
The Winter 2014 diamond drill program had the objective of testing for gold
mineralization below shallow lakes. The Company drilled extensions of Zone 27 at
shallow depths, and also tested the western extension of the IP anomaly
associated with the Main Zone, some 800 metres to the southwest of the current
mineral resource.
A total of 3,333 metres in 16 drill holes was completed (Table 2, Figure 1).
Several drill intercepts demonstrated the presence of pyritic stockwork similar
to other lenses of the Main Zone. The results indicate that the upper portion of
Zone 27 continues for up to 100 metres to the ENE and WSW from the modelled
lenses. Highlight intersections include:
East Lake (expanding shallower portion of Zone 27 up to 100 m to the ENE)
EAG-14-538 18.5 g/t gold over 3.38 m from 196.5 m
incl. 7.04 g/t gold over 6.2 m from 208.8 m
EAG-14-542 20.45 g/t gold over 2.6 m from 226.4 m
EAG-14-543 41.8 g/t gold over 1.0 m from 193.7 m
EAG-14-544 20.1 g/t gold over 0.5 m from 231.0 m
Central Lake (expanding shallower portion of Zone 27 up to 100 m to the WSW)
EAG-14-533 8.36 g/t gold over 1.2 m from 106.8 m
EAG-14-534 10.6 g/t gold over 0.9 m from 81.8 m
West Lake (800 metres SW of Main Zone)
EAG-14-547 53.6 g/t gold over 0.3 m from 120.2 m
EAG-14-548 4.78 g/t gold over 4.1 m from 62.7 m
and 12.55 g/t gold over 1.0 m from 219.0 m
Drill Program for Remainder of 2014
Eagle Hill's Board of Directors has approved a 2,800-metre drill program
targeting the extension of Zone 27 to the northeast below Red Dog. Eagle Hill
plans to deepen six existing drill holes in a target zone that is currently
untested. The Board has also approved an additional hole-to-hole IP survey to
further define drill targets at depth.
Geological studies indicate that the gold mineralization hosted by Zone 27 and
the Caribou Zone may have been displaced as much as 600 metres below the Red Dog
dike, which coincides with the IP anomaly identified below Red Dog. The Fall
2013 drilling program confirmed continuity of gold mineralization below the Red
Dog intrusion and delineated an inferred mineral resource of 455,000 tonnes at a
grade of 8.21 g/t gold for 120,000 contained ounces of gold. This highlights the
potential to significantly increase the mineral resource below the Red Dog
intrusion.
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, Canada. The current
mineral resource comprises 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 (Technical Report for the Windfall Lake Gold Project,
Quebec prepared by SRK Consulting (Canada) Inc., dated March 3, 2014). These
grades make Windfall Lake one of the highest grade resource-stage gold projects
in the world. 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. The deposit
remains open at depth and along strike, with additional drilling and technical
work planned for 2014. 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. 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 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. 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", "plans",
"objective", "expand", "potential" 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.
Table 1 - Mineral Resource Statement, Windfall Lake Gold Project, Quebec SRK
Consulting (Canada) Inc., February 28, 2014
----------------------------------------------------------------------------
Resource Grade Contained Gold
Classification Tonnes (g/t) (ounces)
----------------------------------------------------------------------------
Indicated 2,375,000 9.75 744,000
----------------------------------------------------------------------------
Inferred 3,084,000 7.37 731,000
----------------------------------------------------------------------------
1. Prepared by SRK Consulting (Canada), Inc. with an effective date of
February 28, 2014.
2. 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.
3. All figures have been rounded to reflect the relative accuracy of the
estimates.
4. 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%.
5. The National Instrument 43-101 technical report for this resource
statement was filed by Eagle Hill on SEDAR at www.SEDAR.com on April 17,
2014.
Table 2 - Windfall Lake Gold Deposit Winter 2014 Drill Program -Summary Results
----------------------------------------------------------------------------
East- North- Eleva- Au
DDH ing ing tion From To Length g/t Comments
----------------------------------------------------------------------------
Central
EAG- Lake
14- No significant
531 451798 5434630 398 results
--------------------------------------------------------------------
EAG-
14- No significant
532 451808 5434610 398 results
--------------------------------------------------------------------
Extends
EAG- Zone 27 to
14- West by 100
533 451818 5434590 398 106.8 108.0 1.2 8.36 m
--------------------------------------------------------------------
Extends
EAG- Zone 27 to
14- West by 30
534 451861 5434620 398 81.8 82.7 0.9 10.6 m
--------------------------------------------------------------------
EAG-
14- Abandoned in
535 451863 5434616 398 overburden
--------------------------------------------------------------------
EAG-
14- No significant
536 451863 5434616 398 results
----------------------------------------------------------------------------
East
Lake
EAG-
14- Abandoned in
537 452372 5434780 398.7 overburden
--------------------------------------------------------------------
Expands
EAG- Zone 27
14- slightly to
538 452372 5434780 398.7 196.5 215.0 18.5 3.38 the East
--------------------------------------------------------------------
Expands
Zone 27
slightly to
incl. 206.2 215.0 8.8 5.79 the East
--------------------------------------------------------------------
Expands
Zone 27
slightly to
208.8 215.0 6.2 7.04 the East
--------------------------------------------------------------------
EAG-
14-
539 452394 5434840 398.7 25.0 26.0 1 3.57
--------------------------------------------------------------------
EAG-
14-
540 452413 5434810 398.7 48.2 49.3 1.1 4.51
--------------------------------------------------------------------
89.1 90.0 0.9 5.55
--------------------------------------------------------------------
289.8 290.8 1 3.1
--------------------------------------------------------------------
EAG-
14-
541 452472 5434910 398.7 171.2 174.0 2.8 3.58
--------------------------------------------------------------------
EAG-
14-
542 452492 5434870 398.7 129.7 130.1 0.4 18.85
Extends
Zone 27 to
the East by
226.4 229.0 2.6 20.45 100 m
--------------------------------------------------------------------
245.1 246.7 1.6 8.59
--------------------------------------------------------------------
EAG-
15-
543 452457 5434830 398.7 68.0 68.6 0.6 3.24
--------------------------------------------------------------------
123.8 124.6 0.8 3.52
--------------------------------------------------------------------
193.7 194.7 1 41.8
--------------------------------------------------------------------
Extends
EAG- Zone 27 to
15- the East by
544 452479 5434790 398.7 231.0 231.5 0.5 20.1 70 m
--------------------------------------------------------------------
242.6 243.9 1.3 3.15
--------------------------------------------------------------------
264.0 265.0 1 5.52
--------------------------------------------------------------------
EAG-
15- Abandoned in
545 452385 5434750 398.7 overburden
--------------------------------------------------------------------
EAG-
15- Abandoned in
546 452385 5434750 398.7 overburden
----------------------------------------------------------------------------
West
Lake
EAG- Northern
15- contact of
547 451017 5434330 398.5 120.2 120.5 0.3 53.6 IP anomaly
--------------------------------------------------------------------
EAG- South
15- contact of
548 451046 5434277 398.5 48.5 49.3 0.8 4.43 IP anomaly
--------------------------------------------------------------------
On western
62.7 66.8 4.1 4.78 Ip anomaly
--------------------------------------------------------------------
incl. 65.7 66.8 1.1 10.85
--------------------------------------------------------------------
219.0 220.0 1 12.55
--------------------------------------------------------------------
EAG-
15- No significant
549 451095 5434401 398.5 results
--------------------------------------------------------------------
EAG-
15- Abandoned in
550 451125 5434347 398.5 overburden
--------------------------------------------------------------------
Vertically
EAG- below
15- Intercept
551 451125 5434347 398.5 128.0 128.4 0.4 9.57 of hole 547
----------------------------------------------------------------------------
To view Figure 1 - Windfall Lake Gold Deposit Winter 2014 Drill Program, please
visit the following link:
http://media3.marketwire.com/docs/953773.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Eagle Hill Contact
Rhylin Bailie
Vice President, Communications & Investor Relations
Telephone: 604-697-5791
Email: info@eaglehillexploration.com
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