Eagle Hill Confirms New Gold Bearing Zone With 7.47 g/t Gold Over 14 Meters With a Strike-Extension Potential of Over 7 Kilometers
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/24/11 -- Eagle Hill Exploration Corporation ('Eagle Hill' or the 'Company') (TSX VENTURE: EAG) is pleased to announce the final assay results from the 16,400 meters diamond drilling program that started in December of 2010 on the Windfall Lake Property (the 'Windfall Lake Property' or the 'Property').
Highlights of the new results include:
-- Confirmation of a new gold zone with a potential strike length extension
of over 7 kilometers located just to the south of Windfall Lake's known
gold zones;
-- The drill program intersected several ENE-trending gold zones over a
strike-length of 1.2 kilometers;
-- Hole EAG-11-283 intersected the up-dip extension of Zone 27 with 20.8
g/t gold over 1.0 meters and intersected the Mink Zone with 1.9 g/t gold
over 9.0 meters;
-- Hole EAG-11-284 intersected 2.80 g/t Au over 16 meters in the Caribou
Zone; and
-- Hole EAG-11-288 intersected 7.47 g/t gold over 14.20 meters in the new
gold-bearing shear zone.
All the results from the drilling completed to date by Eagle Hill, together with all historical drilling done on the property, will be included in the NI 43-101 compliant gold resource calculation in the early fall of 2011.
'The Company is thrilled with the assay values that will be incorporated in Windfall Lake's first NI 43-101 compliant gold resource calculation but is even more excited with the discovery of gold along a 7.5 kilometer shear zone,' commented Brad Kitchen, President and C.E.O. of Eagle Hill. 'The resource calculation should define a strong inferred value for the Windfall Lake asset and the discovery of a new strike extension of potentially 7.5 kilometers will provide significant exploration upside, and add further value to the Property as new gold mineralization is proven out.'
The following details specific results of the new assays;
-- Hole EAG-11-283 expanded the Zone 27 to within 100 meters of surface
with 20.80 g/t gold over a 1 meter interval. The hole also intersected
the Mink Zone and returned 1.90 g/t gold over 9.0 meters.
-- EAG-11-284 tested the Caribou Zone below an intersection of 1.75 g/t
gold over 17.35 meters in a gap of 100 meters. It returned 2.80 g/t gold
over 16.0 meters. The hole further intersected the Mink Zone with a 16.0
meter interval assaying 1.03 g/t gold and Zone 27 with 1.40 g/t Au over
25.70 meters.
-- Hole EAG-11-288 intersected 7.47 g/t gold over 14.20 meters in a typical
Abitibi-style gold-bearing shear zone, located to the south of the known
gold zones. Hole EAG-11-286 intersected the same shear zone, some 125
meters further to the east and hole ATO-99-19, drilled another 25 meters
east of EAG-11-286, intersected 62.52 g/t gold over 0.6 meters in a
mineralized gabbro injected in the shear zone. Historical drilling by
Murgor Resources Inc., some 1.25 kilometers to the ENE, had intersected
visible gold along the same structure.
Eagle Hill has now completed its scheduled 16,400 meter drill program that was designed to better define the gold zones and to test their extensions within the first 400 meters from surface and over a 1275 meter strike extent of the Windfall Lake gold mineralized system. A new drill program will start on the property in October to;
-- test the 7.5 kilometers long gold-bearing shear zone intersected in hole
EAG-11-288;
-- expand the known gold zones; and
-- explore the potential for gold below the intrusion.
The map of the Windfall Lake Property outlining the location of the gold zones, drill holes and areas of potential expansion has been posted on Eagle Hill's website at www.eaglehillexploration.com/windfall_lake_property/maps/.
The following table shows the most material assay results from the final drill holes. A complete table of results will be available on Eagle Hill's website in the near future.
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Hole From To Length Au
Number (m) (m) (m) (g/t) Comments
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EAG-11-280 340.00 340.80 0.80 16.35 Small zone parallel
to Mink Zone
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EAG-11-282 185.06 187.00 1.90 3.20 Potential new zone -
needs drilling
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EAG-11-283 146.00 147.00 1.00 20.80 Up-dip extension of
Zone 27
------------------------------------------------------------
249.00 258.00 9.00 1.90 Mink Zone
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EAG-11-284 65.00 66.00 1.00 6.99 Isolated pyrite
zone
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188.00 189.00 1.00 4.55 Hanging wall of
Caribou Zone
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198.00 214.00 16.00 2.80 Caribou Zone
------------------------------------------------------------
incl. 198.00 203.00 5.00 8.00 Idem
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281.00 297.00 16.00 1.03 Mink Zone
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430.30 456.00 25.70 1.40 Zone 27 (pending
QA-QC)
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EAG-11-285 160.00 161.25 1.25 4.37 Shear zone, 10-20%
pyrite
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EAG-11-288 80.80 95.00 14.20 7.47 Shear zone with
visible gold
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incl. 80.80 82.00 1.20 67.30 Idem
------------------------------------------------------------
191.00 192.00 1.00 8.30 Pyrite stockwork
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The true widths are approximately 60% of reported width.
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 ton. Assays returning results over 1 ounce per ton of gold by atomic absorption are re-assayed using the metallic sieve method. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Quebec. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QA-QC program includes duplicate samples, blanks and analytical standards.
Jean-Philippe Desrochers, Ph.D., P.Geo. is a Qualified Person registered in Quebec as defined by NI-43-101 and has reviewed the technical information that this press release contains.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val-d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive historic grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property. Eagle Hill has signed options with Murgor Resources Inc., Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.), and Noront Resources Inc. to acquire the Windfall Lake Property.
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 metal prospects. The Company is set to become an advanced stage gold exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val-d'Or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.
ON BEHALF OF THE BOARD,
P. Bradley Kitchen, President
FORWARD LOOKING STATEMENTS
This release contains 'forward-looking statements' within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'planning', 'planned', 'expects' or 'looking forward', 'does not expect', 'continues', 'scheduled', 'estimates', 'forecasts', 'intends', 'potential', 'anticipates', 'does not anticipate', or 'belief', or describes a 'goal', or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although both companies have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Eagle Hill Exploration Corporation
David Matousek
Corporate Communications
604.697.5791
604.697.0790 (FAX)
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financières Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca