Eagle Hill Intersects 21.02 g/t Gold Over 4.8 Meters Showing Continued Strong Gold Results Near Surface
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Eagle Hill Exploration Corporation (TSX VENTURE: EAG) ("Eagle Hill" or the "Company") is pleased to announce additional assay results from its current drill program at the Windfall Lake Gold Deposit in Northwestern Quebec. These results are part of an ongoing drill program designed to expand the size of the mineral resource estimate released on July 25, 2012.
Near surface mineralization
Drilling on the Upper Extension of Zone 27 returned another significant gold interval assaying 21.02 g/t Au over 4.8 meters in drill hole EAG-12-430 at 105 meters below surface. This drill hole corresponds to infill drilling designed to confirm the local continuity of the near surface gold mineralization that is now known over a strike-length of more than 500 meters. This intersection consists of 2 to 20 percent pyrite in a typical sulphide stockwork containing tourmaline, and associated with a porphyry dyke. The Zone 27 - Upper extension represents the faulted off portion of Zone 27, and is located to the northwest of a narrow fault splitting Zone 27 into two zones near the surface. Drill hole EAG-12-430 also intersected Zone 27 on the south side of the fault that returned 4.23 g/t Au over 3.6 meters at 160 meters below surface.
"This new shallow drill hole demonstrates that the near surface gold mineralization is consistent and shows good lateral continuity," stated Brad Kitchen, President and Chief Executive Officer of Eagle Hill Exploration. "Eagle Hill is waiting for winter conditions to commence its permitted ice drilling on shallow lakes to the west and in the vicinity of section 2500 to expand the size of the near surface mineral resource of the Windfall Lake gold deposit. This mineralization should be easily accessed from the existing ramp."
Caribou Zone and Mink Zone
Additional drilling testing the eastern extension of the Caribou Zone returned an intercept of 8.62 g/t Au over 5.5 meters in drill hole EAG-12-427. This intercept is included in a broader interval assaying 3.42 g/t Au over 19.4 meters. Together, this intercept, and the intercept of 4.75 g/t Au over 3.4 meters published on November 6, 2012, confirms both an eastern and an at depth extension of the Caribou zone.
The same drill hole intersected several high grade intervals in the immediate hanging wall of the Mink zone with 37.0 g/t Au over 0.7 meters and 13.25 g/t Au over 0.9 m. The Mink zone itself assayed 9.68 g/t Au over 1.1 meters at about 535 meters below surface.
The gold mineralized zones defined to date at Windfall Lake cover a lateral extension of more than 725 meters and include, from South to North, the Caribou South zone, the Caribou zone, the Mink zone, Zone 27 South, Zone 27, the Mallard zone, and the Mallard North zone. All the zones are near vertical and vary in thickness between 2 meters and 35 meters. In addition to the near surface gold mineralization present at Windfall, recent drilling has demonstrated that mineralized zones that occur below the Red Dog intrusion continue to a depth of 770 meters below the surface with intercepts such as 8.9 g/t Au over 14.0 meters, 5.5 g/t Au over 15.0 meters, and 24.46 g/t Au over 7.4 meters (March 1, 2012 and November 6, 2012 press releases).
A map of the Windfall Lake property outlining the location of the gold zones, drill holes and areas of potential expansion, together with cross-sections, a longitudinal section and pictures of core showing the mineralization style have been posted on Eagle Hill's website, www.eaglehillexploration.com/sections.
The table shows the most significant assay results discussed in this press release.
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Hole
number From To Assay Comments
--------------------------------------------------------------------------
EAG-12-426 71.00 72.00 297 g/t Au over Between zones
1.0 m
--------------------------------------------------------------------------
589.60 609.00 3.42 g/t Au over
19.4 m
-------------------------------------------
incl. 598.50 604.00 8.62 g/t Au over
5.5 m
------------------------------------------- Caribou zone
incl. 599.30 600.10 36.3 g/t Au over
0.8 m
-------------------------------------------
incl. 601.30 601.70 12.3 g/t Au over
0.4 m
---------------------------------------------------------------
EAG12-427 616.50 617.00 7.49 g/t Au over Between zones
0.5 m
---------------------------------------------------------------
702.70 703.40 37.0 g/t Au over Hangingwall of
0.7 m Mink Zone
---------------------------------------------------------------
714.10 715.00 13.25 g/t Au over Hangingwall of
0.9 m Mink Zone
---------------------------------------------------------------
717.60 718.30 6.94 g/t Au over Hangingwall of
0.7 m Mink Zone
---------------------------------------------------------------
720.20 721.30 9.68 g/t Au over Mink Zone
1.1 m
--------------------------------------------------------------------------
125.00 126.00 5.31 g/t Au over Between zones
1.0 m
EAG-12-428 ---------------------------------------------------------------
144.90 145.20 152 g/t Au over Between zones
0.3 m
--------------------------------------------------------------------------
116.00 118.20 6.66 g/t Au over Fault
2.2 m
EAG-12-429 ---------------------------------------------------------------
347.90 348.20 15.65 g/t Au over In quartz vein
0.3 m
--------------------------------------------------------------------------
132.40 137.20 21.02 g/t Au over
4.8 m
------------------------------------------- Zone 27 - upper
incl. 133.10 134.10 79.8 g/t Au over extension
1.0 m (north of the
------------------------------------------- fault)
incl. 136.50 137.20 15.85 g/t Au over
0.7 m
EAG-12-430 ---------------------------------------------------------------
198.70 202.30 4.23 g/t Au over
3.6 m
------------------------------------------- Zone 27 - upper
incl. 198.70 199.60 10.9 g/t Au over extension
0.9 m (south of the
------------------------------------------- fault)
incl. 201.60 202.30 7.13 g/t Au over
0.7 m
--------------------------------------------------------------------------
153.00 154.60 8.14 g/t Au over Between zones
1.6 m
EAG-12-431 ---------------------------------------------------------------
461.00 462.00 4.91 g/t Au over Between zones
1.0 m
--------------------------------------------------------------------------
EAG-12-432 11.70 12.10 5.25 g/t Au over Between zones
0.4 m
--------------------------------------------------------------------------
The true widths are interpreted to be approximately 70 percent of reported
width. The other drill holes of this sequence not presented in this table
returned only anomalous gold values or have assay results pending.
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 tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Que. 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.
Jean-Philippe Desrochers, PhD, PGeo, is a qualified person registered in Quebec as defined by NI-43-101 and 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. During July 2012, the Company received its second mineral resource estimate, the results of which are displayed in the table below:
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Quantity Grade Gold Contained Gold
('000 tonnes) (g/t) (ounces)
------------------------------------------------------------------
Indicated 1,665 10.05 538,000
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Inferred 2,906 8.76 822,000
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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:
Progressive Investor Relations
Andrew Mugridge / Benjamin Curry
604.689.2881
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financières Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
