Hunter Bay Minerals Signs 5000 Metre Drill Contract for the Sela Creek Project
LONDON, UNITED KINGDOM -- (Marketwire) -- 02/17/12 -- Hunter Bay Minerals plc ('Hunter Bay') (TSX VENTURE: HBY) is pleased to announce that it has signed a 5000 metre diamond drill contract for the Sela Creek project, Suriname. Drilling is due to commence on or before 31st March and will use a man portable drill rig capable of drilling to downhole depths of 100 metres in HQ and 300 metres in NQ.
Drilling will initially target known mineralization at the Jons Pit, Cambior and Puma prospects. The aim is to define down dip and strike continuity of mineralization exposed at surface by artisanal workings. Drilling will target near surface mineralization to a maximum vertical depth of 200 metres.
2500 meters of drilling is planned for the Jons Pit prospect, where mineralization has been observed over a total strike length of 1.5 km. Mineralisation is hosted in sub-vertical quartz veins and limonite stained, silica-altered shear zones, which are up to 16 m wide.
1500 metres of drilling is planned for the Cambior prospect, a 1.1 km long north-northwest trending zone comprising the Cambior North and Cambior targets. Cambior North is a greater than 100 metre long sheeted vein zone which strikes under cover to the south and is open to the north. The sheeted vein zone is up to 9 metres wide, is hosted in foliated phyllite and visible gold has been observed in the quartz veins. Cambior is 300 metres south of Cambior North and comprises quartz vein zones and limonite staining in fold hinges spatially related to a shear zone. This zone is open to the south.
1000 metres of drilling is planned for the Puma prospect, which comprises a 2.3 km long west-northwest trending gold in soil anomaly. One artisanal open pit has exposed a sheeted vein zone up to 9 metres wide which is open along strike in both directions.
Andrew Tunningley, MAusIMM (CP), a director of Hunter Bay, is a Qualified Person as defined in National instrument 43-101 - Standards of Disclosure for Mineral Projects is responsible for the work program on the Sela Creek Project. Mr. Tunningley has supervised and approved all technical information contained in this news release.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in Canada and South America. Hunter Bay currently owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT, has an option to acquire up to an eighty percent (80%) interest in the Sela Creek Project located in Suriname and has an option to acquire a forty five percent (45%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.
Hunter Bay also has the right to operate the alluvial tailings within the Mazaruni and Puruni Permits (the 'Mazaruni and Puruni Operating Rights'). The operation of the alluvial tailings will be done under a 70/30 joint venture with the vendor of the Mazaruni and Puruni Operating Rights and will be subject to a 15% royalty payable to the owner of the Mazaruni and Puruni Permits.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete the proposed drill program on the Sela Creek Project, Hunter Bay's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Hunter Bay's properties. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/HBY-0217-figs.pdf
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Contacts:
Hunter Bay Minerals plc
Christopher Wilson
CEO and President
(+44) 207-127-9125
