Mr. John Proust reports
EAGLE HILL FILES WINDFALL LAKE TECHNICAL REPORT
Eagle Hill Exploration Corp. filed a National Instrument 43-101 technical report on April 17 regarding the resource estimate for its Windfall Lake gold project, located in the Abitibi gold belt, approximately 200 kilometres northeast of Val d'Or, Que. The resource estimate and technical report were completed by SRK Consulting (Canada) Inc. The technical report is available on SEDAR and on the company's website.
As previously announced on March 3, 2014, SRK has estimated an indicated mineral resource for the Windfall Lake gold project of 2,375,000 tonnes grading 9.75 grams per tonne gold for contained gold of 744,000 ounces, with an additional inferred mineral resource estimated at 3,084,000 tonnes grading 7.37 grams per tonne gold for contained gold of 731,000 ounces. Compared with the previous mineral resource estimate completed in July 2012, the indicated mineral resource tonnage and contained gold have increased by 43 per cent and 38 per cent, respectively. The indicated grade of 9.75 grams per tonne gold makes Windfall Lake one of the highest-grade resource-stage gold projects in the world, located in one of the world's best mining jurisdictions.
MINERAL RESOURCE STATEMENT, WINDFALL LAKE GOLD PROJECT, QUEBEC --
SRK CONSULTING, MARCH 3, 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
The Windfall Lake property database contains 706 core boreholes, drilled between 1986 and 2013. Of these, 635 boreholes (179,641 metres) were completed between 1996 and 2013 and were considered for geological and mineral resource modelling. In reviewing the results of the mineral resource modelling work, SRK drew the following conclusions:
- Infill drilling and step-out drilling, as well as relogging archived core and
structural geology investigations, particularly in the Main zone, have
vastly improved the confidence in the geological and mineralization
model and the confidence in the continuity of the gold mineralization.
- There is good potential to expand the mineral resources along strike to
the southwest. The new geological model suggests that the pyrite
stockwork containing the bulk of the Main zone continues in this
direction, and core boreholes from the fall 2013 drill program
intersected gold mineralization in this area.
- There is also good potential to expand the mineral resources at depth
below the Red Dog dike. Drilling completed in 2013 confirms that the
pyrite stockwork extends below the Red Dog dike, where the gold
mineralization exhibits grade and thickness characteristics similar to
that found near surface. In addition, the fall 2013 deep hole-to-hole
induced polarization survey identified two high-priority targets below
the Red Dog dike, near the known intercepts.
The mineral resources identified to date occupy only a small footprint within the Windfall Lake property and the gold mineralized zones are open at depth, to the northeast and southwest, along the main deformation corridor identified by Eagle Hill. Exploration outside of the extents of the current modelled mineralization should be considered.
SRK recommended a work program that includes:
- Drilling within the Main zone targeting areas below the Red Dog dike;
- Drilling to test the strike extension of the known gold mineralization
to the southwest;
- A hole-to-hole induced polarization survey using proposed deep boreholes
as survey platforms to maximize the investigation for additional gold
mineralization at depth;
- Environmental baseline, permitting, metallurgical, geotechnical,
conceptual mining and other engineering studies required to evaluate
the conceptual economic viability of a mining project.
Windfall Lake 2014 exploration program
Eagle Hill recently completed a 3,333-metre drilling program in the Main zone to test for extensions of zone 27 under shallow lakes (two to six metres depth) that were frozen. Eagle Hill drilled 21 holes to a depth of 120 to 321 metres to test the lateral extensions of zone 27, where previous drilling had confirmed near-surface high-grade intervals such as 14.8 grams per tonne over 16.0 metres (EAG-12-418). All core has been delivered to the assay laboratory, with results pending.
On April 8, 2014, the company closed the flow-through portion of a non-brokered private placement announced on March 28, 2014, raising $1.0-million to be used for exploration at the Windfall Lake gold project. The board of directors and Eagle Hill's vice-president, exploration, are currently finalizing plans for additional drilling in 2014.
Qualified person
The construction of the mineral resource model was a collaborative effort between Eagle Hill and SRK employees. The resource estimation work was completed by Dr. Jean-Francois Ravenelle, PGeo (OGQ No. 1062), Dorota El-Rassi, PEng (APEO No. 100012348), and Dominic Chartier, PGeo (OGQ No. 874), under the supervision of Glen Cole, PGeo (APGO No. 1416). By virtue of their education, relevant project experience and affiliations to recognized professional associations, Dr. Ravenelle, Ms. El-Rassi, Mr. Chartier and Mr. Cole are qualified persons independent from Eagle Hill for the purposes of National Instrument 43-101. Mr. Cole has reviewed the information contained in this news release.
The technical information in this document has been reviewed by Eagle Hill's vice-president exploration, Dr. Jean-Philippe Desrochers, PhD, PGeo, who has sufficient experience relevant to the style of mineralization under consideration and qualifies as a qualified person as defined by National Instrument 43-101. The drill program and sampling protocol are managed by Eagle Hill under the supervision of Dr. Desrochers. The diamond drill holes are drilled at NQ sizes, and core recovery to date has averaged better than 95.0 per cent. Half core is cut by rock saw and is generally sampled using nominal one-metre intervals; however, sample intervals vary according to geological contacts and have ranged between 0.3 to 1.5 metres in length. Two quality control samples (one blank and one certified reference material) are inserted into each batch of 20 samples. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Que. The half core samples are securely transported from the project site to the ALS Chemex laboratory by Eagle Hill employees. Gold analyses reported in this release were performed by standard fire assay using a 50-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. In addition, an aqua regia digestion with ICP-AES finish is used to analyze a full suite of elements including silver and base metals.
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