Eagle Hill increases Windfall NI 43-101 ind. resource
2014-03-03 07:21 ET - News Release
Mr. John Proust reports
EAGLE HILL RELEASES UPDATED MINERAL RESOURCE STATEMENT FOR WINDFALL LAKE GOLD PROJECT, INCREASES INDICATED MINERAL RESOURCE BY 38%
Eagle Hill Exploration Corp. has released an updated mineral resource statement for the Windfall Lake gold project, located in the Abitibi gold belt in Quebec. The mineral resource statement was prepared by SRK Consulting (Canada) Inc. and updates the previous resource statement prepared by SRK in July, 2012. The revision is based on the results from a total database of 706 core boreholes (192,045 metres) of which 635 boreholes (179,641 metres) were used for mineral resource estimation purposes.
Resource statement
Compared with the July, 2012, mineral resource statement, the indicated mineral resource tonnage and contained gold have increased by 43 per cent and 38 per cent, respectively, resulting in contained gold of 744,000 ounces grading 9.75 grams per tonne gold. Indicated mineral resources are defined only within the Main zone, which is informed by higher density of drilling data and better confidence in the geological continuity of the gold mineralization. The inferred mineral resource is estimated at 3,084,000 tonnes grading 7.37 grams per tonne gold for contained gold of 731,000 ounces.
MINERAL RESOURCE STATEMENT, WINDFALL LAKE GOLD PROJECT, QUEBEC, SRK CONSULTING, FEB. 28, 2014 Grade Contained gold Resource classification Tonnes (g/t) (ounces) Indicated 2,375,000 9.75 744,000 Inferred 3,084,000 7.37 731,000
Upside potential
The fall 2013 drilling program confirmed continuity of gold mineralization below the Red Dog intrusion. The inferred mineral resource includes 455,000 tonnes at a grade of 8.21 grams per tonne gold for 120,000 contained ounces of gold below the main Red Dog dike, confirming the continuity of the gold mineralization below that intrusion. This highlights the potential to significantly increase the mineral resource below the Red Dog intrusion. Hole-to-hole induced polarization geophysical data confirm the continuity of the pyrite stockwork hosting the Main zone below the Red Dog intrusion and have defined drilling targets. Deep drilling and additional IP surveys are an exploration priority.
Recent drilling also identified a late phase of gold mineralization within the Red Dog dike that was previously thought to be barren. At the current wide-spaced drilling the new gold mineralization style inside the Red Dog dike contributes only a small tonnage to the inferred mineral resource (249,000 tonnes at 4.26 grams per tonne gold for 34,000 ounces), but highlights the potential for this intrusion to host further mineral resources.
Previously announced drilling in the area to the southwest of the Main zone confirmed gold mineralization in this area and returned significant gold intercepts. Spacing of existing boreholes is too sparse to confirm continuity between sampling points and support mineral resource evaluation. Additional drilling in this area has the potential to add to the mineral resource of the project