Hunt Mining Corp. Announces Precious Metals Grades at La Valenciana
SPOKANE, WASHINGTON -- (Marketwire) -- 02/21/13 -- Hunt Mining Corp. (the "Corporation") (TSX VENTURE: HMX) is pleased to announce exploration results from its recently acquired La Valenciana Gold-Silver project located in Santa Cruz Province, Argentina. The La Valenciana gold-silver project is located on the central-north area of the Santa Cruz Province, Argentina and is located 25 km to the west of the Corporation's main Piedra Labrada base camp. The project encompasses an area of 29,600 hectares, and is contiguous to the Joaquin project to the south, the Las Mellizas project to the south-east and the Corporation's La Josefina project to the east. Several historical exploration programs have taken place to date at La Valenciana, with the most recent exploration being conducted by Cerro Cazador S.A. ("CCSA"), the Corporation's 100% owned subsidiary.
"We are very excited to have finally secured the La Valenciana agreement for exploration and development" stated Hunt Mining President Matt Hughes. "A drill-ready project, like La Valenciana, surrounded by other rapidly advancing projects, can only enhance the Corporation's regional foothold and discovery potential. This represents a major development for the Corporation's continued success."
Exploration to date has focused on three main targets at La Valenciana: Veta Principal, La Florentina and Estancia.
Veta Principal
Veta Principal represents a large, precious metal bearing, epithermal vein system with a strike length of at least 2,000 meters. The vein trends generally north-south and ranges in width from 0.5 to 3.0 meters, swelling locally to a width of 10 meters. The host rock consists of Jurassic age crystal tuffs. Mineralization occurs in episodically banded quartz veins and hydrothermal breccias associated with small amounts of iron, copper and lead sulfide minerals. Several locations along this vein system were historically explored with ten shallow drill holes averaging less than 65 m in length and 53 trenches averaging 23 m in length. Results of this work were inconclusive. CCSA collected 217 total samples from trenches and other outcrops along a 1000 meter segment of the Veta Principal trend. A total of 165 channel samples were collected from 11 of the historical trenches. Channels 3 to 4 cm wide and deep and up to 21 m long were sawed along the walls of the trenches and sampled over continuous intervals of 0.4 to 1.9 m in length. The weighted average gold content of all samples was 0.88 g/t Au, with 22 percent of the samples containing at least 1.0 g/t up to 11.58 g/t Au. Significant mineralization encountered in this sampling is summarized in the following table:
Veta Principal Trench Sampling
Length From To Width Width Gold Silver
Trench (m) (m) (m) (m) (ft) (g/t) (g/t)
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SVP-T09-001 15.55 0.80 3.75 2.95 9.68 3.89 5
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SVP-T09-002 13.60 0.00 4.10 4.10 13.45 5.36 16
-------- -------- --------
including: 1.00 3.28 10.84 14
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SVP-T09-003 15.56 0.00 1.00 1.00 3.28 1.02 1
-------- -------- --------
9.31 9.71 0.40 1.31 2.14 1
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SVP-T09-004 11.05 6.80 8.80 2.00 6.56 0.90 1
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SVP-T09-005 9.70 0.00 8.80 8.80 28.87 3.52 4
-------- -------- --------
including: 1.00 3.28 8.05 13
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SVP-T09-006 20.70 20.00 20.70 0.70 2.30 1.01 2
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SVP-T09-007 16.57 0.90 2.50 1.60 5.25 3.80 5
-------- -------- --------
4.90 7.00 2.10 6.89 3.52 4
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SVP-T09-008 23.78 3.50 4.50 1.00 3.28 1.11 2
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SVP-T09-009 13.75 0.00 2.85 2.85 9.35 1.56 56
-------- -------- --------
10.85 12.45 1.60 5.25 1.14 10
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no
mineralization
greater than
SVP-T09-010 4.00 0.5 g/t Au
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SVP-T09-011 8.80 1.10 3.20 2.10 6.89 0.67 10
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Note: The widths reported above are horizontal widths across the vein, not necessarily the true width of mineralization. Because the vein is, however, very steeply dipping, approaching sub-vertical in places, the reported widths probably represent 90-100% of the true widths. Trenches SVP-T09-001 to -003 are spaced 25-65 m apart along a 100 m segment of the vein in the southern portion of the known Veta Principal system. Trenches SVP-T09-004 to -007 start 210 m farther north, are spaced 90-180 m apart and examine a 420 m segment of the vein system. Trenches SVP-T09-008 to -011 start another 190 m farther north, are spaced 10 to 60 m apart and focus on a 105 m segment of the vein system.
La Florentina
The La Florentina target, about 5.5 km east-northeast of Veta Principal, encompasses a 2.5 square km area of a broad N-S trending stockwork system consisting of small quartz veins and hydrothermal breccias. CCSA's recent exploration in the La Florentina stockwork system collected 256 sawed continuous channels cut along the walls of 6 old historical trenches and other outcrops in the target area. The samples returned values ranging from less than detection to 4.10 g/t gold and 2,521 g/t silver. The trench sampling is summarized in the following table:
La Florentina Trench Sampling
Length From To Width Width Gold Silver
Trench (m) (m) (m) (m) (ft) (g/t) (g/t)
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no
mineralization
greater than
SVP-T09-012 14.03 0.5 g/t Au
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SVP-T09-013 8.55 4.10 5.40 1.30 4.26 1.14 206
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no
mineralization
greater than
SVP-T09-014 15.56 0.5 g/t Au
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SVP-T09-015 4.17 1.30 3.62 2.22 7.28 1.72 647
-------- -------- --------
including: 0.45 1.48 4.10 2521
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no
mineralization
greater than
SVP-T09-016 11.80 0.5 g/t Au
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SVP-T09-017 11.10 0.4 0.80 0.40 1.31 0.59 46
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SVP-T09-018 7.90 0.60 1.00 0.40 1.31 1.01 8
-------- -------- --------
5.55 6.45 0.90 2.95 2.21 4
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Estancia
The Estancia target area, approximately 5 km west of Veta Principal, is a 5 sq. km area consisting of a series of brecciated subparallel quartz veins and stockworks which are intermittently exposed along NW and NE cross-trending structural zones from 400 to 700 m in length. A primary target is the NW-trending Rosario vein, exposed over a 250 m strike length. A total of 169 outcrop grab samples and 20 discontinuous chip samples have been collected from the Estancia target area. Of these, 25 contain more than 0.50 g/t Au with 15 having from 1.0 g/t Au up to 15.20 g/t Au and up to 4,634 g/t Ag, as shown in the table below.
Estancia Outcrop Grab Samples greater than 0.50 g/t Au
Au Ag Cu Pb
Sample # (g/t) (g/t) (ppm (ppm)
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CCSA50051 15.20 51 161 586
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CCSA50050 14.00 60 260 724
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CCSA50049 13.50 51 58 258
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CCSA03021 7.90 37 835 8,343
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CCSA50048 6.00 32 35 300
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CCSA02843 5.11 324 128 578
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CCSA02806 4.72 138 343 4,561
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CCSA02876 3.81 564 261 801
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CCSA02807 3.68 16 384 5,315
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CCSA02801 3.19 69 17 149
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CCSA02805 2.07 107 1,514 14,300
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CCSA02846 1.68 833 108 894
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CCSA03000 1.48 760 1,026 973
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CCSA02844 1.42 438 155 442
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CCSA02874 1.20 4,634 173 1,238
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CCSA02997 0.92 1,072 93 5,110
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CCSA50042 0.90 1 20 223
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CCSA02808 0.79 8 252 1,206
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CCSA02875 0.78 146 49 651
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CCSA02841 0.72 35 27 369
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CCSA02810 0.69 666 146 961
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CCSA02845 0.52 155 268 504
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CCSA02803 0.52 16 59 1,008
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CCSA02850 0.51 775 188 11,137
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A total of 692 samples were collected from the 3 main target areas and a few outlying areas at the La Valenciana Project. The great majority of these are continuous samples taken from channels sawed along the walls of existing historical trenches and across other outcrops in the target areas. A table with all La Valenciana results can be viewed at www.huntmining.com.
Notes:
-- All samples have been collected and handled in accordance with standard
industry practices.
-- All samples were prepared and assayed by Alex Stewart Laboratories.
Mel Klohn, Senior Technical Advisor for the Corporation, is the Qualified Person under National Instrument 43-101 who has approved the technical content of this new release.
About Hunt Mining
Hunt Mining Corp. has been an active and aggressive explorer in Santa Cruz since 2006. Since that time, the Corporation's wholly owned subsidiary, Cerro Cazador S.A., has completed a large amount of exploration activity including approximately 57,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 15,000 surface channel, chip, and trench samples. Historical results and additional information can be viewed at www.huntmining.com.
FORWARD-LOOKING INFORMATION
This announcement contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws, relating, but not limited to the Corporation's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by the use of words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes or other expectations including that La Valenciana Gold-Silver Project is drill-ready, the rapid advancement of the Corporation's projects adjacent to La Valenciana Gold-Silver Project, the Corporation's continued success, the potential mineralization at La Valenciana Gold-Silver Project. Such forward looking-information is based on assumptions and current expectations that involve a number of known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, failure to establish estimated resources, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, uncertainties relating to the interpretation of the geology and sampling, unanticipated operational or technical difficulties and other risks and uncertainties set out in the Corporation's annual and quarterly management discussion and analysis which are available at www.sedar.com. Such forward-looking information is based on a number of assumptions, including but not limited to, the availability of financing, no significant decline in existing general business and economic conditions, the level and volatility of the price of gold and silver, the accuracy of the Corporation's sampling and the interpretation thereof. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on such forward-looking information. Readers are further cautioned that the forgoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The Corporation does not assume the obligation to revise or update the forward-looking information after the date of this announcement or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Dean Stuart
Investor Relations
(403) 517 2270
dstuart@huntmining.com
