Eagle Hill Announces Positive Drill Results and Initiation of a
Preliminary Economic Assessment Study at the Windfall Lake Gold
Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 24, 2014) -
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 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 February 28, 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 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDH |
East- ing |
|
North- ing |
|
Eleva- tion |
From |
To |
Length |
Au g/t |
|
Comments |
|
|
EAG-14-531 |
451798 |
|
5434630 |
|
398 |
|
No significant results |
|
|
|
|
CentralLake |
EAG-14-532 |
451808 |
|
5434610 |
|
398 |
|
No significant results |
|
|
|
|
EAG-14-533 |
451818 |
|
5434590 |
|
398 |
106.8 |
108.0 |
1.2 |
8.36 |
|
Extends Zone 27 to West by 100 m |
|
EAG-14-534 |
451861 |
|
5434620 |
|
398 |
81.8 |
82.7 |
0.9 |
10.6 |
|
Extends Zone 27 to West by 30 m |
|
EAG-14-535 |
451863 |
|
5434616 |
|
398 |
|
Abandoned in overburden |
|
|
|
|
EAG-14-536 |
451863 |
|
5434616 |
|
398 |
|
No significant results |
|
|
|
|
EAG-14-537 |
452372 |
|
5434780 |
|
398.7 |
|
Abandoned in overburden |
|
|
|
|
East Lake |
EAG-14-538 |
452372 |
|
5434780 |
|
398.7 |
196.5 |
215.0 |
18.5 |
3.38 |
|
Expands Zone 27 slightly to the East |
|
incl. |
|
|
|
|
|
206.2 |
215.0 |
8.8 |
5.79 |
|
Expands Zone 27 slightly to the East |
|
|
|
|
|
|
|
208.8 |
215.0 |
6.2 |
7.04 |
|
Expands Zone 27 slightly to 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 |
|
|
|
|
|
|
|
|
|
226.4 |
229.0 |
2.6 |
20.45 |
|
Extends Zone 27 to the East by 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 |
|
|
|
EAG-15-544 |
452479 |
|
5434790 |
|
398.7 |
231.0 |
231.5 |
0.5 |
20.1 |
|
Extends Zone 27 to the East by 70 m |
|
|
|
|
|
|
|
242.6 |
243.9 |
1.3 |
3.15 |
|
|
|
|
|
|
|
|
|
264.0 |
265.0 |
1 |
5.52 |
|
|
|
EAG-15-545 |
452385 |
|
5434750 |
|
398.7 |
|
Abandoned in overburden |
|
|
|
|
EAG-15-546 |
452385 |
|
5434750 |
|
398.7 |
|
Abandoned in overburden |
|
|
|
|
EAG-15-547 |
451017 |
|
5434330 |
|
398.5 |
120.2 |
120.5 |
0.3 |
53.6 |
|
Northern contact of IP anomaly |
|
WestLake |
EAG-15-548 |
451046 |
|
5434277 |
|
398.5 |
48.5 |
49.3 |
0.8 |
4.43 |
|
South contact of IP anomaly |
|
|
|
|
|
|
|
62.7 |
66.8 |
4.1 |
4.78 |
|
On western Ip anomaly |
|
incl. |
|
|
|
|
|
65.7 |
66.8 |
1.1 |
10.85 |
|
|
|
|
|
|
|
|
|
219.0 |
220.0 |
1 |
12.55 |
|
|
|
EAG-15-549 |
451095 |
|
5434401 |
|
398.5 |
|
No significant results |
|
|
|
|
EAG-15-550 |
451125 |
|
5434347 |
|
398.5 |
|
Abandoned in overburden |
|
|
|
|
EAG-15-551 |
451125 |
|
5434347 |
|
398.5 |
128.0 |
128.4 |
0.4 |
9.57 |
|
Vertically below Intercept 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
Eagle Hill ContactRhylin BailieVice President, Communications
& Investor RelationsTelephone: 604-697-5791Email:
info@eaglehillexploration.com
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