Eagle Hill's Gold Resource Expands With the First Assay Results From Its New Drill Program Including 9.6 g/t of Gold Over 3.3 Meters and 5.6 g/t of Gold Over 10.6 Meters at Windfall Lake
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/17/11 -- Eagle Hill Exploration Corporation ('Eagle Hill' or the 'Company') (TSX VENTURE: EAG) is pleased to announce that the first assay results from its new 25,000 meter drill program at the Windfall Lake Property (the 'Property') will add ounces to its recently announced gold resource calculation of 1,144,000 tonnes at 9.1 g/t of gold (335,000 ounces of gold) in the indicated category and 1,690,000 tonnes at 6.7 g/t of gold (364,000 ounces of gold) in the inferred category (using a cut-off grade of 3.0 g/t).
Drillhole EAG-11-295 expanded the Caribou and Mink Zones 75 meters to the east of the area geologically modeled for the resource estimate announced on November 4, 2011. Significant pyrite stockwork was intersected in both zones and returned results of 9.6 g/t of gold over 3.30 m and 5.6 g/t of gold over 10.55 m.
'These drill results confirm that the number of ounces of gold at the Property will expand in the near future. The new results of drill hole EAG-11-295 demonstrate that more gold can be found in the extension of the zones included in the Company's initial mineral resource estimation. These results represent only the first 1,620 meters or only 6.5% of the current 25,000 meter drill program specifically targeted to increase the size of the gold mineral resource,' explained Brad Kitchen, President and Chief Executive Officer of Eagle Hill. 'Further, widths of up to 25 horizontal meters in the modeled gold zones are consistent with Eagle Hill's potential bulk tonnage hypothesis. Better understanding of the mining methodology related to the Windfall Lake deposit may lead to a reduced cut-off grade. Sensitivity analysis on the Company's gold resource calculation would, at a cut-off grade of 1.4 g/t, result in the deposit having 998,000 ounces of gold with a grade of 4.17 g/t.'
In addition, drillholes EAG-11-290 and EAG-11-291 tested extension of the gold-bearing East-West shear zone that had been by drillhole EAG-11-288 (14.0 m at 7.47 g/t of gold). These holes intersected 2.5 g/t of gold over 2.6 meters and 2.5 g/t of gold over 1.7 meters, respectively. These results confirm that the shear zone is gold-bearing. Additional drillholes will be completed with the intention to identify high grade gold mineralization along this 7.5 kilometer-long shear zone.
Eagle Hill is still awaiting the assay results for several intervals of core for drillholes EAG-11-289 to EAG-11-295. All results will be released as soon as they become available. Eagle Hill has completed over 5,00 meters of drilling of its current drill program.
A map of the Windfall Lake Property outlining the location of the gold zones, drill holes and areas of potential expansion has been posted on Eagle Hill's website at www.eaglehillexploration.com.
The following table shows the most material assay results from the four drill holes. A complete table of results will be shown in the near future on Eagle Hill's website.
--------------------------------------------------------------------------
Hole Number From To Length Gold Comments
(m) (m) (m) (g/t)
--------------------------------------------------------------------------
345.0 347.2 2.2 2.1 Small isolated zone north
of Zone 27 North
EAG-11-289 -----------------------------------------------------------
424.0 529.0 - Assays pending, including
Zone 27
--------------------------------------------------------------------------
--------------------------------------------------------------------------
EAG-11-290 139.5 142.1 2.6 2.5 Extension of the shear in
DDH EAG-11-288
--------------------------------------------------------------------------
--------------------------------------------------------------------------
EAG-11-291 154.3 156.0 1.7 2.6 Extension of the shear in
DDH EAG-11-288
--------------------------------------------------------------------------
--------------------------------------------------------------------------
EAG-11-292 - Assays pending
--------------------------------------------------------------------------
EAG-11-293 - Assays pending
--------------------------------------------------------------------------
EAG-11-294 - Assays pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
270.7 274.0 3.3 9.6 Caribou Zone
-----------------------------------------------------------
413.0 423.6 10.6 5.6 Mink Zone (above
EAG-11-295 porphyry)
-----------------------------------------------------------
430.0 432.0 2.0 7.2 Mink Zone (below
porphyry)
--------------------------------------------------------------------------
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 ton. Assays returning results over 1 ounce per ton of gold by atomic absorption are re-assayed using the metallic sieve method. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Quebec. 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.
Eagle Hill's Chief Geologist is Jean-Philippe Desrochers, Ph.D., P.Geo., a Qualified Person registered as defined by National Instrument 43-101who 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.
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
This release contains 'forward-looking statements' within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'planning', 'planned', 'expects' or 'looking forward', 'does not expect', 'continues', 'scheduled', 'estimates', 'forecasts', 'intends', 'potential', 'anticipates', 'does not anticipate' or 'belief' or describes a 'goal' or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Eagle Hill Exploration Corporation
David Matousek
Corporate Communications
604.697.5791
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financières Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
