Eagle Hill
Exploration Corporation (TSXV:
EAG) on June 24, 2014, announced the results of its 2014 Winter Drill
Program at the Windfall Lake Gold Project in Quebec, as well as its drilling
plans for the remainder of 2014.
A total of 3,333 metres in 16
drill holes were completed. Results included 18.5 grams per tonne (g/t) gold
over 3.38 metres and confirmed the continuity of the gold mineralization of
Zone 27, which hosts the majority of Windfall Lake’s Indicated mineral resource. In fact, these results
indicate that theupper portion
of Zone 27 continues for up to 100 metres.
“The
Board is very encouraged with the drill results that we’ve seen to date. The
Fall 2013 program increased the mineral resource and demonstrated that we have
significant expansion potential at depth and also along strike,” Rhylin Bailie,
Eagle Hill’s Vice President of Communications & Investor Relations, told
SmallCapPower.com.
“The
Winter 2014 drill program confirmed continuity of mineralization within the
Main Zone. We know that we’ve got a high-grade gold deposit with expansion
potential, located in very accessible, mining-friendly territory in a fantastic
jurisdiction,” she added.
Ms.
Bailie further explained that the Winter 2014 drill program had the objective
of testing for gold mineralization below shallow lakes. The fact that the
mineralization in Zone 27 can be traced further laterally is “encouraging,”
according to her.
Eagle Hill’s Board of
Directors also approved a 2,800-metre drill program targeting the extension of
Zone 27 to the northeast below Red Dog, with the intention of deepening six
existing drill holes in a target zone that is currently untested.
Geological
studies indicate that the gold mineralization hosted by Zone 27 and the Caribou
Zone may have been displaced as much as 600 metres below the Red Dog dike.
Thus, the potential exists to significantly increase the mineral resource below
the Red Dog intrusion.
As
well, Eagle Hill reported that it would initiate a Preliminary Economic
Assessment (PEA) Study on the project, which involves completing
environmental, engineering and economic studies, in order to provide further
clarity on the potential of advancing the deposit to production. The PEA follows
the company’s updated resource estimate released in March of this year that
showed a 38% increase in Windfall Lake’s Indicated mineral resource.
The Windfall Lake gold deposit is currently
estimated to contain 744,000 Indicated gold ounces at 9.75 g/t, in addition to
731,000 Inferred gold ounces at 7.37 g/t.
Eagle
Hill Exploration further increased the appeal of Windfall Lake with the recent
purchase of 213 mining claims immediately adjacent to the Project from Murgor
Resources and Cliffs Chromite Ontario, giving Eagle Hill 100% ownership of the
entire 12,400 hectare property. The company, in a separate transaction, also
acquired three 2% Net Smelter Return Royalties (NSRs) on the Project.
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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, Canada. The current mineral
resource comprises 2,375,000 tonnes at 9.75 g/t gold (744,000 ounces) in the Indicated
category and 3,084,000 tonnes at 7.37 g/t gold (731,000 ounces) in the Inferred
category (Technical Report for the Windfall Lake Gold Project, Quebec prepared
by SRK Consulting (Canada) Inc., dated March 3, 2014). These grades make
Windfall Lake one of the highest grade resource-stage gold projects in the
world. The bulk of the mineralization occurs in the Main Zone, a
southwest/northeast trending zone of stacked mineralized lenses, measuring
approximately 600 metres wide and at least 1,400 metres long. The deposit
remains open at depth and along strike, with additional drilling and technical
work planned for 2014. More information is available at www.eaglehillexploration.com.
Disclosure
Ubika Research has received
compensation from Eagle Hill Exploration to provide analyst research coverage.
Except for the historical
information presented herein, matters discussed in this document contain
forward-looking statements that are subject to certain risks and uncertainties
that could cause actual results to differ materially from any future results,
performance or achievements expressed or implied by such statements.
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