Welcome!

News Feed Item

Homestake Extends Ag/Pb/Zn Mineralization and Identifies Parallel Cu/Au Zone at Kinskuch Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/12 -- Homestake Resource Corporation (TSX VENTURE:HSR)(FRANKFURT:B6IH) ("Homestake") reported today that surface soil and rock sampling on the Kinskuch project has extended Ag-Pb-Zn mineralization south of Homestake's 2011 drilling by an additional 750 metres and expanding the overall Illiance River trend to more than 4.5 kilometres of strike length. In addition, a second sub-parallel trend of elevated Cu and Au anomalies has been identified to the west of the main trend, along a prominent geophysical conductivity anomaly. The geologic setting is believed to be similar to the historic Dolly Varden VMS mine, the largest historic silver producer in the region. The Illiance River trend is the first of several high-priority areas identified by Homestake on this large 63,200ha property located in British Columbia, adjacent to the Company's Homestake Ridge project.

Homestake's VP of Exploration, Rob Macdonald, explains, "Some of the best VMS deposits in the world occur within Jurassic-age Hazelton rocks, and include the past-producing Eskay Creek and nearby Dolly Varden deposits. Our drilling demonstrated that Ag-Pb-Zn mineralization occurs at very attractive grades, similar to grades at the Dolly Varden deposits. Our rock and soil geochemical results, combined with our EM geophysical data, demonstrate that we have an extensive VMS horizon at Illiance River that could host several significant mineral deposits. We will initially offset our successful prior drill holes because we feel there is a very good likelihood of developing an attractive resource there, but VMS deposits typically form in clusters so other deposits probably exist in this under-explored region."

High-grade precious and base metal assays were reported in samples from several locations along the mineralized trend and extending south of the 2011 drilling, with noteworthy samples including:


--  massive sulphide float assaying 3321g/t Ag, 1.9g/t Au, 0.8% Cu, 40.1% Pb
    and 22.4% Zn (4341g/t AgEq)(1) from in the vicinity of previously drill
    holes HR11-003 and HR11-004; 
--  strongly elevated silver mineralization in a series of three select chip
    samples ranging from 14.5g/t Ag to 61.9g/t Ag, located 350 metres to the
    south of the 2011 drilling; and 
--  989g/t Ag, 1.1% Cu, 0.4% Pb and 20.3% Zn (1621g/t AgEq) assay from chip
    sampling of outcrop located an additional 400 metres to the south. 

These surface results are similar to those from initial 2011 sampling where subsequent drilling identified a series of sub-vertical mineralized VMS horizons along a 500m strike length of the trend. Results from 2011 included a 2.8 metre interval averaging 318g/t Ag, 0.4g/t Au, 2.2% Pb and 6.5% Zn (552g/t AgEq) from drill hole KN11-02; and a 3.9 metre interval averaging 268g/t Ag, 0.2g/t Au, 1.3% Pb and 6.5% Zn (462g/t AgEq) from drill hole KN11-03 (see NR-04-12).

In addition, anomalous Cu-Au values in rock and soil samples were identified west of the Ag-Pb-Zn VMS horizons within a large 1.5km x 0.5km EM geophysical anomaly, part of the company's 2011 airborne geophysical survey. This mineralization may be more analogous to mineralization discovered by the company at its Homestake Ridge deposits.

Results from the 2012 sampling include:


--  a select-chip sample of heavily disseminated sulphides in outcrop
    grading 6.4% Cu; 
--  a series of select-chip samples along the new trend ranging from 0.1% Cu
    to 0.5% Cu; and 
--  a series of anomalous Au (10 to 115ppb) and Cu (60 to 277ppm) values in
    soil samples along the trend.

Mineralization along the entire 4.5 km Illiance River trend remains open in all directions.

To view accompanying figure, visit the following link: http://media3.marketwire.com/docs/IllianceRiverTrend.jpg

About Homestake

Homestake owns a 100 percent interest in the Homestake Ridge project, which is located in a prolific mineral belt in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation with a current NI43-101 compliant Indicated Resource, at a 3.0g/t AuEq cut-off, of 191,000oz gold and 1,350,000oz silver (215,500oz AuEq) plus an Inferred Resource of 530,000oz gold and 13,470,000oz silver (775,900oz AuEq)(2). Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011. Multiple exploration targets remain to be tested on the large 2585 hectare property. Agnico-Eagle has an option to fund exploration and development costs of $25.3 million over a 5-year period to earn a 65% interest in the property. Homestake also holds an option to acquire a 100% interest in the 623-square-kilometre Kinskuch project located adjacent to, and to the southeast of, Homestake's Homestake Ridge project. Homestake holds a 10.19 percent interest in Bravada Gold Corporation (TSX VENTURE:BVA), which is exploring and developing numerous gold/silver projects in Nevada.

Robert Macdonald (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Homestake Ridge project and has reviewed and approved the technical contents of this release.

ON BEHALF OF THE BOARD

Joseph A. Kizis, Jr., President and Director

(1) AgEq - is calculated using the approximate three-year trailing average for the precious and base metals. Ag-$23, Au-$1350,-Cu-$3.50, Pb-$0.95 and Zn-$0.85. The AgEq calculation does not account for relative metal recoveries, which are unknown at this time.

(2) The current estimate was prepared by Roscoe Postle Associates Inc. (RPA). Mineral Resources on the Main Homestake deposit were estimated previously in 2010 using a block model constrained by 3D wireframes of the mineralized zones. Mineral Resources on the Homestake Silver deposit were estimated in 2011 using a block model constrained by pierce points projected to 2D surfaces. The Main Homestake block model comprised an array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, and Cu interpolated using ID3 weighting. The Homestake Silver block model comprised an array of blocks measuring 10m x 10m. At a 3.0g/t AuEq. cut-off, the models identified an indicated resource of 888,000 tonnes averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and a cumulative inferred resource of 4,060,000 tonnes averaging 4.3g/t Au, 158g/t Ag.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Homestake Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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:
Homestake Resource Corporation
Liana Shahinian
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.homestakeresource.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even ...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...