VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) is pleased to announce the release of new assay results from its current drill program targeting the eastern extension of Zone 27 at the Windfall Lake Gold Deposit in Northwestern Quebec. These results are part of an ongoing drill program designed to expand the size of the mineral resource estimate published in November 2011.
The first results of the systematic drilling in the eastern extension of gold Zone 27 demonstrate that this zone continues to deliver solid gold results at depth. Drill hole EAG-12-399 returned an interval of 15.24 g/t gold over 2.9 meters and drill hole EAG-12-400 assayed 12.1 g/t gold over 3.7 meters. Furthermore, the zone remains open for expansion to the east. The systematic drilling closer to surface, above both drill holes, on sections 2700 and 2750, intersected additional pyrite mineralization. The assay results for those drill holes will be released as they become available. The area covered by the drilling was not included in the mineral resource estimate released on November 2011. Eagle Hill will start drilling on section 2800 to expand the zone even further to the east.
In addition to the results obtained to the East, we are also pleased to report additional results in the upper extension of Zone 27, close to surface. Drill hole EAG-12-392 returned an interval of 5.5 g/t gold over 2.1 meters and other assay results are pending from drill hole EAG-12-409 where visible gold was observed in a wide mineralized zone containing up to 15 percent pyrite. A series of drill holes have been completed to test the near surface gold mineralization over a 400 meter strike-length from section 2125m to section 2525m East. The ultimate objective of this targeted drill program is to define a gold mineral resource, close to surface, that could be mined through an early stage open pit operation centred on or around the Upper Extension of Zone 27.
The drill program initiated in late May 2012 is focusing on three main objectives:
- Detailed definition drilling of the near surface gold mineralization with an objective to prove out a gold mineral resource that could be mined by an open pit operation;
- Expansion of the known gold zones to the east through a systematic drill pattern - the expansion of this gold mineralization to a depth of up to 450 meters could be mined through the existing ramp infrastructure at the Windfall Lake Property; and
- Discovery of additional continuous gold mineralization below the Red Dog intrusion where significant gold mineralization has been discovered by our recent drilling. Eagle Hill believes that more gold mineralization can be found at greater depths since Archean gold deposits generally have a much greater vertical extent then their strike length. The gold mineralization at Windfall Lake has a current horizontal strike length of 650 meters and is still open to both the East and West.
In addition to gold mineralization near surface and Eastern expansion of Zone 27, the drilling below the Red Dog has intersected significant pyrite mineralization in association with visible gold. Assays are still pending for the other drillholes completed to the East and below the Red Dog intrusion.
The gold mineralized zones defined to date at Windfall Lake cover a lateral extension of more than 650 meters and include, from South to North, the Caribou South zone, the Caribou zone, the Mink zone, Zone 27 South, Zone 27, the Mallard zone, and the Mallard North zone. All the zones are near vertical and vary in thickness between 2 meters and 35 meters. In addition to the near surface gold mineralization present at Windfall, recent drilling has demonstrated that mineralized zones continue to a depth of 770 meters below the surface with intercepts such as 8.9 g/t gold over 14.0 meters and 5.5 g/t gold over 15.0 meters below the Red Dog intrusion (March 1, 2012 press release).
A map of the Windfall Lake property outlining the location of the gold zones, drill holes and areas of potential expansion, together with cross-sections, a longitudinal section and pictures of core showing the mineralization style have been posted on Eagle Hill's website, www.eaglehillexploration.com/sections.
The table shows the most significant assay results discussed in this press release.
||5.5 g/t Au over 2.1 m
||Zone 27 - upper extension
||10.7 g/t Au over 1.1 m
||Near surface intercept
||3.0 g/t Au over 5.2 m
||Zone parallel to Mink
||21.5 g/t Au over 1.2 m
||5.45 g/t Au over 10.1 m
||Zone 27 - Eastern extension
||15.24 g/t Au over 2.9 m
||8.15 g/t Au over 1.0 m
||37.6 g/t Au over 0.9 m
||3.5 g/t Au over 18.2 m
||Zone 27 - Eastern extension
||12.1 g/t Au over 3.7 m
||7.7 g/t Au over 1.6 m
||Parallel to Zone 27
The true widths are interpreted to be approximately 60 per cent of reported width. The other drill holes of this sequence not presented in this table returned only anomalous gold values or have assay results pending.
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 tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Que. 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, PhD, PGeo, 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 grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property, Eagle Hill has also 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. During November 2011, the Company received its initial mineral resource estimate, the results of which are displayed 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 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
Statements in this news release, which are not purely historical, are forward-looking statements within the meaning of applicable United States and Canadian securities laws, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the ability to obtain additional financing, title to mineral properties, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel, the risks inherent in exploration and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's most recent Annual Information Form filed on SEDAR which is available at www.sedar.com. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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