Hunter Bay Minerals Identifies Gold Mineralization in Soil Anomalies at the Sela Creek Project
LONDON, UNITED KINGDOM -- (Marketwire) -- 01/09/12 -- Hunter Bay Minerals plc ('Hunter Bay') (TSX VENTURE: HBY) is pleased to announce the final results of the 2011 soil sampling program. A total of 1072 samples were collected from two grids. On each grid sample spacing was at 100 m intervals along lines spaced 200 m apart. One grid was completed at Eastern Anomaly totaling 167 samples over 3 square kilometers, with the majority from the central grid totaling 905 samples over 20 square kilometres (Figure 1).
The soil program was designed to target strike extensions of known mineralization along the Jons Pit-Texas-Cambior trend; the source of gold in alluvial systems draining to the north and south of the Central Ridge Prospect; and the surficial geochemical signature of geophysical anomalies identified at Eastern Anomaly, Central Ridge and Panther. Samples were taken from the top meter of soil in the B and C horizons where anomalies were expected to be most diffuse and thus most useful as fist pass vectors to mineralization, but also of a low tenor. The program successfully identified gold and arsenic anomalies at Central Ridge, a significant gold anomaly at the Puma Prospect (southeastern strike extension of Jons Pit), and gold anomalies at Cambior (Figure 2).
Follow-up soil sampling of Central Ridge, Puma and Cambior is planned for 2012. Samples will be taken at depths of between 2 to 3 meters at 50 meter intervals along lines spaced 100 meters apart in order to provide better definition of the anomalies identified in the 2011 program. In addition reconnaissance soil grids are planned for the Panther and Paaston Prospects which are yet to be sampled.
Puma Prospect: A 2.3 km long northwest-southeast trending gold in soil anomaly was defined at the Puma Prospect immediately adjacent to a 2.5 km long northwest-southeast trending magnetic low (Figures 2 and 3). The anomaly is between 100 to 300 meters wide and occurs coincident with a subdued northwest-southeast trending ridge where artisanal miners have excavated a small (ca 30 meter wide and 60 meter long) open pit which has exposed quartz veins in saprolite. Previously reported channel samples taken by Hunter Bay across the vein zones include 9 meters at 2.66 g/t gold (CH027) and 6 meters at 3.93 g/t gold (CH036). Assay results for arsenic in soil samples are pending.
The gold anomaly at the Puma Prospect is considered highly significant in that it occurs within an area of extensive alluvial workings and represents a potential hard-rock source area of alluvial gold. Moreover, the northwest-southeast trend of the anomaly is consistent with other known mineralized zones within the Jons Pit-Texas-Cambior trend, a structural orientation that appears to exert a fundamental control on mineralization.
Central Ridge: A 500 metre long northwest-southeast trending gold in soil anomaly that is up to 100 meters wide is present at Central Ridge. The anomaly was detected on the last three lines of the soil grid and is open to the northwest where prominent drainages have been extensively mined for alluvial gold. The source of gold in these drainages is yet to be discovered, which in conjunction with the open gold anomaly identified to date, indicates that the western portion of the Central Ridge Prospect is a high priority target for follow-up mapping and detailed soil sampling (Figures 2 and 3).
An arsenic in soil anomaly that is over 1.3 km long and up to 300 meters wide occurs immediately to the northeast of the gold anomaly. Both anomalies occur on the southern flank of an ovoid magnetic low and marginal magnetic high which is interpreted to represent an intrusive centre or magnetite destructive shear zone. The gold-arsenic association, in conjunction with the geophysical signature, is considered highly significant, as similar geochemical-geophysical signatures are associated with other known greenstone deposits in Suriname. Moreover, the gold and arsenic anomalies at Central Ridge show a similar orientation to known mineralization at Jons Pit Prospect.
Jons Pit-Texas-Cambior trend: The soil samples taken along the Johns Pit-Texas-Cambior trend define a broadly northwest-southeast trending gold in soil anomaly that is over 7 kilometers long and up to 1 kilometer wide (Figure 2). In detail, the distribution and tenor of gold assay within this zone define spotty and localized anomalies.
The Jons Pit-Texas-Cambior trend has been extensively mined by artisanal miners and shallow open pits occur regularly along the 7 kilometer long trend (Figure 2). As such, the area is characterized by flooded pits, exposed bedrock, reworked saprolite and areas of tailings. This made representative sampling extremely difficult and it is likely that the spotty anomalism is an artifact of surficial disruption due to artisanal mining.
Two broadly coherent northwest-southeast trending gold in soil anomalies define strike extensions of the Cambior and Texas Pits. Deeper infill soil grids are planned for 2012 to better define these anomalies. A 300 meter wide gold anomaly was also identified on the most eastern soil line immediately along strike from the Jons Pit Prospect. This anomaly is open to the southeast and an extension to the soil grid is planned for 2012.
2012 Drill Program. Subject to drill rig availability, Hunter Bay is planning to commence a scout diamond drill program of approximately 5,000 meters in Q1 2012.
Assay Procedure
Sample preparation and gold fire assay was carried out by The Assay Office (Suriname), Paramaribo, Suriname. The laboratory is not certified. The Assay Office includes routine Canadian Certified Reference Materials (CCRM), in-house standards and blank samples with each sample submission. Multi-element ICP analysis was carried out by SGS, Lima, Peru. The laboratory is certified to ISO standards. Hunter Bay inserts its own routine QAQC samples, including gold certified reference material and blank material which are routinely checked. Hunter Bay ensures that chain-of-custody is maintained at all time from point of collection to delivery to the assay laboratory.
Andrew Tunningley, MAusIMM (CP), a director of Hunter Bay, is a Qualified Person as defined in National instrument 43-101 - Standards of Disclosure for Mineral Projects is responsible for the work program on the Sela Creek Project. Mr. Tunningley has supervised and approved all technical information contained in this news release.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eighty percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT and has a thirty percent (30%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.
Hunter Bay also has the right to operate the alluvial tailings within the Mazaruni and Puruni Permits (the 'Mazaruni and Puruni Operating Rights'). The operation of the alluvial tailings will be done under a 70/30 joint venture with the vendor of the Mazaruni and Puruni Operating Rights and will be subject to a 15% royalty payable to the owner of the Mazaruni and Puruni Permits.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete the proposed soil sampling program on the Sela Creek Project, Hunter Bay's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Hunter Bay's properties. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
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Contacts:
Hunter Bay Minerals plc
Christopher Wilson
CEO and President
(+44) 207-127-9125