Eagle Hill Releases Updated Mineral Resource Statement for Windfall
Lake Gold Project, Increases Indicated Mineral Resource by 38%
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 3, 2014) - Eagle
Hill Exploration Corporation (TSX-VENTURE:EAG)(OTCQX:EHECF) ("Eagle
Hill" or the "Company") is pleased to release an updated mineral
resource statement for the Windfall Lake Gold Project, located in
the Abitibi Gold Belt in Quebec, Canada. The mineral resource
statement was prepared by SRK Consulting (Canada) Inc. ("SRK") and
updates the previous resource statement prepared by SRK in July
2012. The revision is based on the results from a total database of
706 core boreholes (192,045 metres) of which 635 boreholes (179,641
metres) were used for mineral resource estimation purposes.
Resource Statement
Compared to the July 2012 mineral resource statement, the
indicated mineral resource tonnage and contained gold have
increased by 43% and 38%, respectively, resulting in contained gold
of 744,000 ounces grading 9.75 g/t gold. Indicated mineral
resources are defined only within the Main Zone, which is informed
by higher density of drilling data and better confidence in the
geological continuity of the gold mineralization. The inferred
mineral resource is estimated at 3,084,000 tonnes grading 7.37 g/t
gold for contained gold of 731,000 ounces.
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 inferred mineral resource includes 215,000 tonnes at 6.83
g/t gold for contained gold of 47,000 ounces in zones F17 and F51,
located on the Murgor-Cliffs claims immediately adjacent the Main
Zone of the Windfall Lake Project.
- The National Instrument 43-101 technical report for this
resource statement will be filed by Eagle Hill on SEDAR at
www.SEDAR.com by April 17, 2014.
Upside Potential
The Fall 2013 drilling program confirmed continuity of gold
mineralization below the Red Dog intrusion. The inferred mineral
resource in Table 1 includes 455,000 tonnes at a grade of 8.21 g/t
gold for 120,000 contained ounces of gold below the main Red Dog
dike, confirming the continuity of the gold mineralization below
that intrusion. This highlights the potential to significantly
increase the mineral resource below the Red Dog intrusion.
Hole-to-hole induced polarization ("IP") geophysical data confirm
the continuity of the pyrite stockwork hosting the Main Zone below
the Red Dog intrusion and have defined drilling targets. Deep
drilling and additional IP surveys are an exploration priority.
Recent drilling also identified a late phase of gold
mineralization within the Red Dog dike that was previously thought
to be barren. At the current wide-spaced drilling the new gold
mineralization style inside the Red Dog dike contributes only a
small tonnage to the inferred mineral resource (249,000 tonnes at
4.26 g/t gold for 34,000 ounces), but highlights the potential for
this intrusion to host further mineral resources.
Previously announced drilling in the area to the southwest of
the Main Zone confirmed gold mineralization in this area and
returned significant gold intercepts. Spacing of existing boreholes
is too sparse to confirm continuity between sampling points and
support mineral resource evaluation. Additional drilling in this
area has the potential to add to the mineral resource of the
project.
Eagle Hill is reviewing SRK's technical report for the project,
which will include SRK's recommendations for advancing the
property. Eagle Hill has commenced a 2,200-metre drilling program
to test for extensions of Zone 27 under shallow lakes (2 to 6
metres depth) that are currently frozen. Eagle Hill plans to drill
14 holes to a depth of 120 to 250 metres to test the lateral
extensions of Zone 27, where drilling has confirmed near-surface
high-grade intervals such as 14.8 g/t gold over 16.0 metres
(EAG-12-418). Additional drilling for 2014 will be planned once the
Company has reviewed the technical report and considered SRK's
recommendations. Eagle Hill will file the technical report on SEDAR
at www.sedar.com by April 17, 2014.
Mineral Resource Estimate Methodology
A database comprising 635 core boreholes (179,641 metres), which
represents drilling data acquired between 2004 and 2014 by Murgor
Resources Inc., Noront Resources Inc. and Eagle Hill, were used for
geological modelling and mineral resource estimation. The borehole
data include collar location, down-hole survey data, lithology
codes and 111,648 sample intervals assayed for gold.
The mineral resource model is based on a complete
re-interpretation of the geology of the project, providing a more
confident interpretation of the controls on the distribution of the
gold mineralization and better confidence in its continuity between
the sampling points. Fifteen resource domains were defined within a
broad pyrite stockwork zone forming the Main Zone. In addition, the
gold mineralization contained in geological domains was also
considered (pyrite stockwork and various generations of dikes).
Data were extracted from within these domains for geostatistical
analysis.
After review, a grade estimation strategy was defined to
populate a GEMS block model with gold grade informed from capped
composite data using a geostatistical block modelling approach.
Appropriate validations were undertaken to ensure that the block
model adequately represents the informing composite data. Block
estimates were classified into indicated and inferred categories
considering confidence in geological interpretation, confidence in
geostatistical continuity, estimation and the density of the
informing data.
Indicated mineral resources are defined only within the Main
Zone, which is informed by higher density of drilling data and
better confidence in the geological continuity of the gold
mineralization. The mineral resources in all other zones are
informed by more widely spaced drilling information or exhibit a
lower confidence in geological continuity and thus are
appropriately classified in the inferred category.
The mineral resource has been estimated in conformity with the
CIM Mineral Resources and Mineral Reserves Estimation Best
Practices Guidelines and are classified according to the CIM
Definition Standards for Mineral Resources and Mineral
Reserves (December 2010) guidelines. The mineral resource
statement is reported in accordance with Canadian Securities
Administrators' National Instrument 43-101.
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. This news release reports this mineral resource estimate.
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 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", "will be", "potential",
"increase" 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
(TSXV:EAG)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
(TSXV:EAG)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024