Hunter Bay Minerals Announces Completion of Five Drill Holes at Sela Creek
LONDON, UNITED KINGDOM -- (Marketwire) -- 05/16/12 -- Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE: HBY)(OTCQX: HTBNF) is pleased to announce that it has completed five diamond drill holes totaling 867.5 metres (Figure 1). Drilling is ongoing and Hunter Bay plans to drill a total of 5000 metres. Assay results from the completed holes are expected within two weeks.
The holes were collared in the northwestern part of the 1.6 km long Jons Pit prospect and targeted the near-surface down-dip extension of mineralization exposed by artisanal workers. All holes intercepted multiple zones of quartz-sulphide mineralization over down-hole lengths of up to 40 metres which collectively define a mineralized corridor with a true width of approximately 80 metres.
Mineralized bodies dip steeply northeast and have been drilled to a maximum vertical depth of 150 metres below surface. Mineralization is open along strike and down-dip.
Mineralization comprises variably silicified biotite-schist crosscut by sheeted quartz veins with disseminated and vein hosted pyrite with trace pyrrhotite-chalcopyrite-arsenopyrite. Quartz veins are composed of pale grey to grey, fine-grained, massive quartz, and individual veins are between 0.5 and 2 cm wide. Silicified zones display a pyrite-chlorite selvedge which can exceed 10 metres in width.
Upon completion of hole SKD006, Hunter Bay will move to the Jons Pit Central area where scout holes will be drilled across a series of mineralized structures defined by sub-parallel artisanal workings.
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 South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eight percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT and has a thirty percent (30%) interest in the net profits of the Fortuna Project located approximately 400 kilometers southeast of Quito, Ecuador.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/h515m.pdf
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 the results of Hunter Bay's planned drill program at 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 from 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.
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:
Hunter Bay Minerals plc
Christopher Wilson
CEO and President
(+44) 207-127-9125
