Eagle Hill Exploration Corporation: Windfall Lake Gold Zones Expanded by Up to 125 Meters With High Grade Assay Results Including 17.3 g/t of Gold Over 5.0 Meters
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/12 -- (TSX VENTURE: EAG) Eagle Hill Exploration Corporation ('Eagle Hill' or the 'Company') is pleased to announce additional positive results from its current 25,000 meter drill program at the Windfall Lake Property (the 'Property'). The new results demonstrate that Eagle Hill continues to increase the size of the known gold zones in areas that were not drilled previously.
Drill hole EAG-11-305 intersected significant gold mineralization close to surface in the Mallard Zone with 17.3 g/t Au over 5.0 meters located only 40 meters below the surface, along a topographic high. This intersection is 25 meters to the east of other significant intersections in the Mallard zone such as 52.59 g/t Au over 1.0 meter (ATO-98-10r) and 25.65 g/t Au over 2.0 meters (EAG-10-248). Eagle Hill will further investigate the small ridge surrounding this drill hole to evaluate the possibility for additional gold mineralization at surface.
Zone 27 has been expanded by 125 meters along strike to the east-northeast at 450 meters below the surface by drill hole EAG-11-298. The intersection returned 12.21 g/t of gold over 5.0 meters in a zone characterized by up to 10% pyrite, quartz-tourmaline veining, and up to 1% chalcopyrite. Zone 27 remains open to the east-northeast and the only drill hole that has been drilled deeper than 200 meters below surface in this area is located 250 meters to the ENE of drill hole EAG-11-298.
'The new results demonstrate that the known gold zones have continuity but more importantly that they remain open laterally.' explained Brad Kitchen, President and Chief Executive Officer of Eagle Hill. 'The Company will continue to expand the gold mineral resource at the Windfall Lake Property with an aggressive 25,000 meter program using up to 3 diamond drill rigs. These results are not included in the recently filed NI 43-101 Report that includes the Company's initial resource calculation '
In addition, drill holes EAG-11-294 and EAG-11-298 intersected the Mink zone with intervals of 17.15 g/t Au over 1 meter and 8.58 g/t Au over 1.0 m in an interval assaying 2.1 g/t Au over 12.0 m. A splay of the Mink zone was also intersected in drill hole EAG-11-298 and returned 37.6 g/t Au over 1.0 meter. Finally, drill hole EAG-11-309 intersected a small shear zone at the contact between two units that returned 64.4 g/t Au over 0.9 meter and intersected the Caribou zone with an interval of 8.68 g/t Au over 1.0 meter.
Eagle Hill is still awaiting the assay results for several intervals of core for drill holes EAG-11-310 and EAG-11-311. All results will be released as soon as they become available. Eagle Hill has resumed its 25,000 meters drill program on January 4th, and will drill the remaining approximately 16,000 meters with up to three drill rigs during the next three months.
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 19 (nineteen) drill holes. A complete table of results will be shown in the near future on Eagle Hill's website.
TABLE OF BEST ASSAY RESULTS - WINDFALL LAKE PROPERTY (WINTER 2011/12)
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Drill hole From (m) To (m) Gold interval Comments
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1.02 g/t Au
EAG-11-289 440.3 469.0 over 28.7 m Zone 27 Pyrite stockwork
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6.4 g/t Au
incl. 457.0 458.0 over 1.0 m Zone 27 Pyrite stockwork
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EAG-11-292 No significant results
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9.96 g/t Au
EAG-11-293 385.0 386.0 over 1.0 m Isolated interval
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3.4 g/t Au Pyrite stringer zone
EAG-11-294 130.0 133.0 over 3.0 m above fault
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Mineralized block of
39.5 g/t Au Caribou south zone in
231.5 232.5 over 1.0 m fault zone
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17.15 g/t Au
453.0 454.0 over 1.0 m Mink zone
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Semi-massive pyrite vein
14.75 g/t Au in porphry dyke above
EAG-11-295 153.0 154.0 over 1.0 m fault
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9.6 g/t Au Caribou zone (published
270.7 274.0 over 3.3 m on Nov 17th)
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5.6 g/t Au Mink Zone above porphyry
413.0 423.6 over 10.55 m (published on Nov 17th)
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7.2 g/t Au Mink Zone below porphyry
430.0 432.0 over 2.0 m (published on Nov 17th)
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EAG-11-296 No significant results
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EAG-11-297 No significant results
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2.1 g/t Au
EAG-11-298 362.0 374.0 over 12.0 m Mink Zone
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8.58 g/t Au
incl. 370.0 371.0 over 1.0 m
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37.6 g/t Au
389.0 390.5 over 1 m Splay of Mink Zone
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6.6 g/t Au Isolated interval below
436.0 437.0 over 1.0 m Mink Zone
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14.4 g/t Au
566.3 570.5 over 4.2 m Zone 27
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EAG-11-299 No significant results
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12.3 g/t Au
EAG-11-300 94.4 94.9 over 0.5 m
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EAG-11-301 Abandoned due to excessive deviation
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EAG-11-302 No significant results
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EAG-11-303 No significant results
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6.7 g/t Au
EAG-11-304 68.0 69.0 over 1.0 m Isolated intercept
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17.3 g/t Au Mallard Zone, close to
EAG-11-305 44.0 49.0 over 5.0 m surface
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31 g/t Au over
Incl. 45.0 46.0 1 m
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43.1 g/t Au
Incl. 47.0 48.0 over 1.0 m
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8.36 g/t Au Isolated intercept above
EAG-11-306 144.8 146.0 over 1.2 m fault
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EAG-11-307 No significant results
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EAG-11-308 No significant results
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64.4 g/t Au Shear zone at contact
EAG-11-309 165.5 166.4 over 0.9 m between two units
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8.68 g/t Au
484.0 485.0 over 1.0 m Caribou Zone
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Financing Update
Further to the Company's press release dated January 11, 2012, the offering of the $0.165 Flow-Through private placement has been increased to gross proceeds of up to $7,200,000.
The financing will be subject to TSX Venture Exchange and regulatory approvals. Gross proceeds of the financing will be used primarily for further exploration and development of the Windfall Lake Property.
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 Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
