Eagle Hill continues to cut high grade gold near the surface: 14,55 g / t gold on 9,7 meters at Windfall Lake
Vancouver (British Columbia), 10. May 2012. Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") announces the final assay results from its now completed 25.000 Meter drill program at the Windfall Lake gold deposit in the Abitibi gold belt in northern Quebec. The new results once again confirm the high levels of near-surface gold mineralization and extend the size of the upper extension of Zone 27 to the east. These areas were not part of the mineral resource estimate published in November 2011.
Highlights of the press release
- The open pit potential in the upper extension of Zone 27 justifies future investigations. This scenario would be ideal given the numerous results that confirm near-surface durability, high-grade gold mineralization at 300 meters near-surface strike lengths, and horizontal powers of up to 36 meters.
- 27 Zone 14,55 survey results include 9,74 g / t gold on 6,6 meters and 2,2 g / t gold on 200 meters. The two holes are located approximately 12 meters east of EAG-318-22,85 (25,0 g / t gold on XNUMX meters).
- Additional near-surface sections parallel to the upper extension of Zone 27 include 5,2 g / t gold on 8,8 meters.
- The Caribou Zone continues to deliver good gold values at depth: 6,7 g / t gold at 7,8 meters in an area east of the mineral resource, which was defined as 2011 in November. With the new drilling results, the company could have increased the area of the Caribou Zone by 30%.
Zone 27 - near-surface gold mineralization
Eagle Hill extended the near-surface gold mineralization to the east. Hole EAG-12-368 returned 14,55 g / t gold at 9,74 meters - more than 200 meters east of EAG-12-318 (22,85 g / t gold on 25,0 meters) and EAG-12-351 (5,7 g / t gold) on 55,0 meters) at a depth of 100 meters. Other near-surface gold-mineralized zones parallel to 27 were intersected in EAG-12-368 well, yielding 1,5 g / t gold on 20,8 meters and 4,4 g / t gold on 2,0
Meters. Additionally, drill hole EAG-12-367 drilled in the upper extension of Zone 27, approximately 50 meters east of EAG-12-368, yielded a section of 5,2 g / t gold on 8,8 meters.
The updated longitudinal section of Zone 27 is available on the Company's website at www.eaglehillexploration.com/sections.
The gold mineralization of Zone 27 has a strike length of over 700 meters. It runs in the direction of the northeast of the north, falls steeply to the north, cuts through all the rock units and reaches a horizontal thickness of up to 36 meters. Gold mineralization is usually associated with pyrite stockwork and pyrite dissemination and occurs in zones associated with sericite and silica alteration. A systematic near surface drill program is planned for the summer 2012 to increase the size and durability of these
near-surface gold zone.
Gold Zone Caribou - depth extension
The additional drilling to test the eastern and deep extension of the Caribou gold zone has been highly successful, confirming the gold potential at depth in this zone. Drill hole EAG-12-348 intersected 6,7 g / t gold over 7,8 meters at a depth of 470 meters below surface in conjunction with a characteristic zone of pyrite mineralization. Drilling carried out under the 2012 winter program indicates that the Caribou Zone gold mineralization continues eastbound into an area that was not part of the November 2011
Mineral resource estimate was and the area of this zone could have increased by 30%. The updated longitudinal section of the Caribou Zone can be found on the Company's website at www.eaglehillexploration.com/sections.
The following table summarizes the best results of this press release.
Eagle Hill has now completed its 25.000 Meter drill program. Another drilling phase is planned for summer 2012 and will start in late May.
The gold analyzes reported in this news release were conducted by conventional fire assay with an 30 gram load with atomic absorption finish and gravimetric finish at values greater than 10 grams per tonne. Results that provided values greater than 1 ounce per ton of gold for atomic absorption are re-examined using the metal mesh method. All investigations were carried out by ALS Chemex Laboratory Group of Val d'Or (Quebec). The sampling and analysis procedures are carried out in accordance with a comprehensive quality assurance and quality control program. The QA / QC program includes double, empty and certified standard reference samples.
Eagle Hill Chief Geologist Jean-Philippe Desrocher (Ph.D., P.Geo.), As a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information contained in this news release.
Other matter
The Company is pleased to announce that it has entered into a Public Relations Agreement (the "Agreement") with Progressive IR Consultants Corp. ("Progressive"), a company from Vancouver, has signed.
Eagle Hill will pay Progressive 7.500 $ per month and issue up to 450.000 Bonus Stock Options (the "Options"): i) 150.000 Options will be issued upon receipt of regulatory approval of the Agreement at an exercise price of 0,165 $ per share; ii) 150.000 options are issued after three (3) months at the market price of the Company's common stock at that time; iii) 150.000 options will be issued after twelve (12) months at the market price of the Company's common stock at that time. The options may be exercised within two (2) years and in accordance with the terms of the TSX Venture Exchange, with 25% of options issued each quarter after a preliminary holding period of three (3) months.
The agreement is for a period of twelve (12) months, but can be terminated by both parties after three (3) months, subject to an 30-day period. This Agreement is subject to regulatory approval.
About the Windfall Lake Property
The Windfall Lake Property consists of 362-related claims (over 12.000 hectares) in the Abitibi mineral belt in northern Quebec. This area between Val d'Or and Chibougamau is known for its gold and copper production and excellent exploration and mining infrastructure. In the past, the Windfall Lake Property has undergone extensive early stage exploration. In addition to the independently acquired claims on the Windfall Lake property, Eagle Hill has also signed option agreements with Murgor Resources Inc., Cliffs Natural Resources Inc. (formerly Freewest Resources Canada Inc.) and Noront Resources Inc. to acquire the Windfall Lake property. In November 2011, the company received its first mineral resource estimate, the results of which are listed in the table below.
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metals concessions. The Company aims to become an advanced stage exploration company with the acquisition of the Windfall Lake high grade gold project in Urban Township, Quebec, between Val-D'Or and Chibougamau. Eagle Hill is primarily interested in projects that have, or could have, high resource potential. The Company’s website at www.eaglehillexploration.com and publications at www.sedar.com provide additional information on the property, as well as information on the Company’s management and operations.
Neither the TSX Venture Exchange nor its regulators (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
On behalf of the board,
"P. Bradley Kitchen "
Bradley Kitchen, President
For further information please contact:
David Matousek, Corporate Communications
Eagle Hill Exploration Corporation
Phone: + 1 604.697.5791
Email: ppgad@pucrs.br
Website: www.eaglehillexploration.com
Nathalie Dion
MI3 Communications Financieres Inc. (Montreal)
Phone: + 1 514.904.1333
Email: ppgad@pucrs.br
Website: www.mi3.ca
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not purely historical in nature are forward-looking statements within the meaning of applicable US and Canadian securities laws; this includes statements about beliefs, plans, expectations and intentions with respect to the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements contained herein. Such risks and uncertainties include, but are not limited to, the ability to obtain additional funding and title to properties, the ability to grow, the acquisition of technology, equipment or recruiting, the impact of business and business conditions, property, professionals to recruit and retain the risks inherent in exploration and factors beyond the company's control. These forward-looking statements were made as of the date of this press release. The Company does not undertake any obligation to update the forward-looking statements or the reasons why the actual results may differ from those that are intended in forward-looking statements. Although the Company believes that the views, plans, expectations and intentions in this news release are reasonable, there can be no assurance that those intentions, plans, expectations or intentions will prove to be correct. Investors should consider all information described herein and also refer to the risk factors disclosed in the company's most recent annual report available on SEDAR at www.sedar.com. This press release should not be construed as an offer to buy or sell securities.
No liability is assumed for the accuracy of the translation! Please note english original message!
The original English message can be found at:
http://www.irw-press.at/press_html.aspx?messageID=25073
