|By Marketwired .||
|December 6, 2012 02:18 PM EST||
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
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.
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