Welcome!

News Feed Item

Eagle Hill Exploration Consolidates 100% Ownership of Windfall Lake Gold Project, Enters into an Agreement to Purchase Additional Mining Claims

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/13/14 -- Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill" or the "Company") is pleased to announce that the Company has entered into a claims purchase agreement with Murgor Resources Inc. ("Murgor") (TSX VENTURE:MGR) and Cliffs Chromite Ontario Inc. ("Cliffs"), a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF), to purchase the 29 Claims (2,342 acres) and the 184 Claims (20,238 acres) immediately adjacent to the Windfall Lake Gold Project. Upon closing of the agreement, which remains subject to regulatory approval and other customary closing conditions, Eagle Hill will own 100% of the entire 30,650 acre (12,400 hectare) Windfall Lake Property, located in the Abitibi Gold Belt approximately 200 km northeast of Val d'Or, Quebec (Figure 1).

In consideration for purchasing Murgor and Cliffs' ownership interests in the 29 Claims and the 184 Claims, Eagle Hill will pay $250,000 and issue 9.5 million common shares to each of Murgor and Cliffs. In addition, Eagle Hill will grant a 0.5% net smelter returns royalty ("NSR") for the 29 Claims and a 1% NSR for the 184 Claims to each of Murgor and Cliffs. Eagle Hill will retain the right to buy back any of the NSRs at any time prior to first commercial production by paying $500,000 to the holder of the NSR.

"With this consolidation complete, Eagle Hill now owns 100% of a high-grade gold property in one of the world's best mining jurisdictions," said John Proust, Chairman and Interim Chief Executive Officer of Eagle Hill. "We advanced the Windfall Lake Gold Project significantly in 2013, upgrading and expanding the mineral resource and confirming continuity of mineralization both along strike and at depth. We will continue to focus on expanding the main deposit in 2014, and look forward to initiating exploration on the 29 Claims and the 184 Claims later in the year."

Exploration Upside on the 29 Claims and the 184 Claims

Eagle Hill plans to undertake both surface exploration and diamond drilling on the 29 Claims and the 184 Claims in 2014. Exploration to date on the 29 Claims includes 155 drill holes (22,665 metres). Of the existing Windfall Lake mineral resource, 47,000 ounces of the inferred resource (215,000 tonnes at 6.83 g/t gold) is located in zones F17 and F51 on the 29 Claims. While zones F17 and F51 are located approximately 400 metres north and 900 metres to the northeast of the Main Zone, respectively, Main Zone gold mineralization plunges in the direction of the 29 Claims property boundary. Eagle Hill plans to drill some deep holes in the second half of 2014 to test for possible down-plunge extension of Main Zone gold mineralization onto the 29 Claims.

Ownership of the 29 Claims also gives Eagle Hill access to the 5-metre by 5-metre ramp built by Noront Resources in 2008 at a cost of approximately $14.2 million. The ramp, which extends 1,450 metres with a vertical depth of 100 metres, starts on the 29 Claims and ends in the northeast section of the Main Zone and will provide good access for a bulk sample and future exploration work.

The 184 Claims have had limited exploration to date, with only 37 drill holes (6,402 metres) located mostly in the southern part of the property, yet historical drilling has yielded some high-grade results along an ENE-trending lineament parallel to the Main Zone. In addition, two significant gold-in-till anomalies in multiple samples have been identified in the western and northeastern parts of the property, confirming additional exploration potential in the 184 Claims. Eagle Hill plans to conduct follow-up till sampling and geophysical induced polarization ("IP") surveys on the 184 Claims with the objective of identifying drill targets.

To view Figure 1 - Windfall Lake Property, please visit the following link: http://media3.marketwire.com/docs/933098_FIGURE1.pdf.

On Behalf of the Board of Directors

John Proust, Chairman and Interim CEO

About the Windfall Lake Gold Project

The Windfall Lake gold deposit comprises a number of lenses of pyritic stockwork and shear zones situated in the Archean Urban-Barry Greenstone Belt, approximately 200 km northeast of Val d'Or, Quebec. SRK Consulting (Canada) Inc. prepared a mineral resource statement for Eagle Hill in compliance with National Instrument 43-101 in February 2014 comprising 2,375,000 tonnes at 9.75 g/t gold (744,000 ounces) in the indicated category and 3,084,000 tonnes at 7.37 g/t gold (731,000 ounces) in the inferred category. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long.

About Eagle Hill Exploration Corporation

Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of the high-grade Windfall Lake gold deposit, located between Val-d'Or and Chibougamau in Quebec. In August 2013, Southern Arc Minerals and Dundee Corporation invested an aggregate of $12 million to purchase a controlling interest in Eagle Hill and fund an aggressive exploration program. More information is available at www.eaglehillexploration.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Qualified Person

The technical information in this document has been reviewed by Eagle Hill's Vice President Exploration, 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.

Cautionary Note Regarding Forward-looking Statements

This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will", "retains the right", "look forward", "initiating", "expanding" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the following: uncertainty involving resource estimates and the ability to extract those resources economically, or at all; uncertainty involving drilling programs and the Company's ability to expand and upgrade existing resource estimates; the regulatory process and actions; the need to work with local communities and authorities to advance the properties; the need to work with Dundee and Southern Arc to advance the property; technical issues; new legislation; competitive factors and conditions; uncertainties resulting from potential delays or changes in plans; the occurrence of unexpected events; and the Company's ability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, including uncertainty related to drill results and the inclusion of drill results in future resource estimates for the property. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

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
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
Connecting to major cloud service providers is becoming central to doing business. But your cloud provider’s performance is only as good as your connectivity solution. Massive Networks will place you in the driver's seat by exposing how you can extend your LAN from any location to include any cloud platform through an advanced high-performance connection that is secure and dedicated to your business-critical data. In his session at 21st Cloud Expo, Paul Mako, CEO & CIO of Massive Networks, wil...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...