Eagle Hill Commences 25,000 Metre Drill Program and Appoints Daniel Racine to the Board of Directors
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 20 September 2013
Release date- 16092013 - Vancouver, BC - Eagle Hill Exploration Corporation (TSX.V: EAG, OTCQX: EHECF) is pleased to announce that the Company has commenced a 25,000-metre drill program.
Three diamond drill rigs started drilling on September 12 with the objective of expanding the existing mineral resource, estimated by SRK Consulting (Canada) Inc. in July 2012 at 538,000 ounces @ 10.05 grams per tonne ('g/t') gold in the indicated category and 822,000 ounces @ 8.76 g/t gold in the inferred category.1 Following completion of this program in December, Eagle Hill plans to release an updated resource estimate in early 2014.
The majority of the mineral resource is hosted in the Main Zone, comprising the 27, Caribou, Mink and Mallard Gold Lenses. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Eagle Hill plans to expand the resource by testing a large, sparsely drilled anomaly to the west of the Main Gold Zone, drilling lateral extension of known gold lenses, and testing the extension of mineralization at depth.
The first 4,300 metres of drilling will be focused to the west of the Main Zone, where geophysical characteristics and previous drilling identified mineralization similar to that hosted in the Main Zone. Drilling by Noront Resources intersected 11.2 g/t gold over 5.5 metres2, approximately 150 metres west of the Main Zone at a depth of 700 metres and on strike with Lense 27. Eagle Hill plans to drill eleven holes in this area to test the potential to extend the strike of the Main Gold Zone by another 500 metres to the west.
The next 17,000 metres of drilling will focus on expanding the strike length of the 27, Caribou, Mink and Mallard Gold Lenses. Lense 27 has more than 700 metres strike length of continuous gold mineralization, with highlight intersections including 23.8 g/t gold over 25.0 metres (hole EAG-12-318), 14.2 g/t gold over 52.0 metres (hole EAG-10-196) and 12.22 g/t gold over 21.0 metres (hole EAG-11-259).
The Company plans to drill 14 holes in Lense 27 to test lateral extensions of the higher grade and thicker gold shoots, along with limited infill drilling. Eagle Hill plans to drill an additional 32 holes in the Caribou, Mink and Mallard Gold Lenses to test their lateral strike extensions.
Additional drilling will be completed at depth below the Red Dog intrusion in the Main Zone. Previous drilling in this area identified 15.34 g/t gold over 11.0 metres at a depth of 870 metres.2 Down-hole geophysics and four deep drillholes will allow the Company to plan a comprehensive deep drilling program.
Eagle Hill will have more than 50,000 metres of new drilling to incorporate into the updated resource estimate in early 2014, with 106 holes totalling 29,208 metres drilled since the 2012 resource estimate and the addition of 25,000 metres in the current program.
As announced in an Eagle Hill press release dated July 25, 2012. Of the inferred resource, 54,000 ounces are located on the Murgor-Cliffs claims north of the Main Zone. Eagle Hill has the right to earn up to 100% of the Murgor-Cliffs claims.
All drill results have been previously disseminated by press release and are available on SEDAR and on Eagle Hill's website.
Appointment at Brigus Gold, Mr. Racine was Senior Vice President Mining of Agnico-Eagle Mines Limited where he was responsible for Agnico-Eagle's global mining operations. Mr. Racine joined Agnico-Eagle as a junior Mining Engineer in 1988 and took on progressively senior roles, including LaRonde Mine Manager, Vice-President Operations Manager, and Senior Vice President Operations.
During Mr. Racine's 24 years with Agnico-Eagle, the company grew from a market capitalization of $300 million with two small operating mines to a global mining leader with a market capitalization of $6.4 billion with five large mines in three countries. Mr. Racine's industry experience and technical insight as a mining engineer will be invaluable as Eagle Hill advances 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 the high-grade Windfall Lake Gold Deposit, located between Val-d'Or and Chibougamau in Quebec. Southern Arc Minerals and Dundee Corporation each hold a 26.14% interest in Eagle Hill and recently invested an aggregate of $12 million to consolidate ownership of the property and fund an aggressive exploration program.
More information is available at www.eaglehillexploration.com
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.
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