Eagle Hill Exploration Corporation (TSXV: EAG) continues to make good progress with its Windfall Lake Gold Project in Quebec. On March 3, 2014, the company released an updated mineral resource statement for the project. Its Indicated resource climbed 38% from the previous estimate in July 2012, resulting in 744,000 ounces of contained gold grading 9.75 grams per tonne (g/t).
As well, the Inferred resource estimate now stands at 731,000 ounces of contained gold grading 7.37 g/t. The updated statement uses a cut-off grade of 3.0 g/t gold along with a gold price of US$1,200 per ounce.
Eagle Hill’s Fall 2013 drilling program achieved its primary objectives, confirming continuity of mineralization below the Red Dog intrusion, confirming the extension of mineralization southwest of the Main Zone, and expanding both Zone 27 and the Mink Lens. In addition, a downhole IP survey showed additional potential below Red Dog.
Eagle Hill also announced on April 1, 2014, that it had purchased a total of 213 mining claims immediately adjacent to the Windfall Lake Project from Murgor Resources and Cliffs Chromite Ontario Inc. Eagle Hill now owns 100% of the entire 12,400 hectare Windfall Lake Property. According to Chairman and Interim CEO John Proust, Eagle Hill sees additional exploration potential on the newly-acquired claims. Eagle Hill paid $250,000 and issued 9.5 million common shares to each of Murgor and Cliffs. A 1.5% net smelter returns royalty will also be granted to both companies, although Eagle Hill retains the right to buy back the NSR before commercial production begins.
Eagle Hill is currently completing a 2,500-metre drilling program to test for extensions of Zone 27 under shallow lakes (2 to 6 metres depth) that are currently frozen. The company also plans to undertake additional drilling in 2014 with the objective of expanding the existing mineral resource.
On March 28, 2014, Eagle Hill announced a $3.5 million private placement with both hard dollars and flow-through financing that will be used to complete additional drilling on the Windfall Lake property in 2014. The company plans to test three major anomalies at depth below the main deposit, and will also infill drill to the southwest of the main deposit with the objective of expanding the existing mineral resource.
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About Eagle Hill Exploration:
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. In August 2013, Southern Arc Minerals and Dundee Corporation invested an aggregate of $12 million to purchase a controlling interest in Eagle Hill and fund an aggressive exploration program. More information is available at www.eaglehillexploration.com
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