Welcome!

News Feed Item

Eagle Hill Announces Positive Drill Results and Initiation of a Preliminary Economic Assessment Study at the Windfall Lake Gold Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/14 -- Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill" or the "Company") is pleased to announce that the Company is initiating a Preliminary Economic Assessment Study ("PEA") for the Windfall Lake Gold Project ("Windfall Lake"). The Company is also pleased to announce the results of its 2014 Winter Drill Program, and its drilling plans for the remainder of 2014.

Preliminary Economic Assessment

Eagle Hill's Board of Directors is very encouraged with the drill results obtained to date at Windfall Lake, including a 38% increase to the indicated mineral resource as outlined in the March 2014 updated resource estimate prepared by SRK Consulting (Canada) Inc. (Table 1). Eagle Hill's Board of Directors has determined that completing the environmental, engineering and economic studies associated with a PEA will provide further clarity on the potential of advancing this promising, high-grade deposit to production.

The Board has appointed Eagle Hill's new director, Paul-Henri Girard, as the lead director to manage the PEA process. Mr. Girard is a Mining Engineer with extensive hands-on experience planning and operating Canadian mines. Mr. Girard started his career with Falconbridge Copper as a mining engineer in 1980, and moved to Agnico Eagle Mines in 1987 as Chief Engineer of LaRonde Mine in Quebec. Mr. Girard held increasingly senior positions with Agnico Eagle over a 25-year period, eventually retiring from the position of Vice President Canadian Operations in 2012. Mr. Girard's engineering and mining experience will be invaluable as Eagle Hill undertakes a PEA on the Windfall Lake Gold Project.

"Initiating a Preliminary Economic Assessment Study clearly indicates the Board's intention to advance the Windfall Lake Gold Project," said John Proust, Chairman and Chief Executive Officer of Eagle Hill. "We welcome Paul-Henri Girard to the Board of Directors and look forward to his input as we advance this high-grade gold deposit one step closer to production."

Results of 2014 Winter Drill Program

"The 2014 Winter Program drill results confirmed continuity of the gold mineralization of Zone 27. This zone hosts the majority of the indicated mineral resource, and the fact that it can be traced further laterally is encouraging," said Dr. Mike Andrews, Director and President of Eagle Hill.

The Winter 2014 diamond drill program had the objective of testing for gold mineralization below shallow lakes. The Company drilled extensions of Zone 27 at shallow depths, and also tested the western extension of the IP anomaly associated with the Main Zone, some 800 metres to the southwest of the current mineral resource.

A total of 3,333 metres in 16 drill holes was completed (Table 2, Figure 1). Several drill intercepts demonstrated the presence of pyritic stockwork similar to other lenses of the Main Zone. The results indicate that the upper portion of Zone 27 continues for up to 100 metres to the ENE and WSW from the modelled lenses. Highlight intersections include:


East Lake (expanding shallower portion of Zone 27 up to 100 m to the ENE)   
                                                                            
EAG-14-538                    18.5 g/t gold over 3.38 m from 196.5 m        
    incl.                     7.04 g/t gold over 6.2 m from 208.8 m         
                                                                            
EAG-14-542                    20.45 g/t gold over 2.6 m from 226.4 m        
                                                                            
EAG-14-543                    41.8 g/t gold over 1.0 m from 193.7 m         
                                                                            
EAG-14-544                    20.1 g/t gold over 0.5 m from 231.0 m         
                                                                            
Central Lake (expanding shallower portion of Zone 27 up to 100 m to the WSW)
                                                                            
EAG-14-533                    8.36 g/t gold over 1.2 m from 106.8 m         
                                                                            
EAG-14-534                    10.6 g/t gold over 0.9 m from 81.8 m          
                                                                            
West Lake (800 metres SW of Main Zone)                                      
                                                                            
EAG-14-547                    53.6 g/t gold over 0.3 m from 120.2 m         
                                                                            
EAG-14-548                    4.78 g/t gold over 4.1 m from 62.7 m          
    and                       12.55 g/t gold over 1.0 m from 219.0 m        

Drill Program for Remainder of 2014

Eagle Hill's Board of Directors has approved a 2,800-metre drill program targeting the extension of Zone 27 to the northeast below Red Dog. Eagle Hill plans to deepen six existing drill holes in a target zone that is currently untested. The Board has also approved an additional hole-to-hole IP survey to further define drill targets at depth.

Geological studies indicate that the gold mineralization hosted by Zone 27 and the Caribou Zone may have been displaced as much as 600 metres below the Red Dog dike, which coincides with the IP anomaly identified below Red Dog. The Fall 2013 drilling program confirmed continuity of gold mineralization below the Red Dog intrusion and delineated an inferred mineral resource of 455,000 tonnes at a grade of 8.21 g/t gold for 120,000 contained ounces of gold. This highlights the potential to significantly increase the mineral resource below the Red Dog intrusion.


On Behalf of the Board of Directors                                         
                                                                            
"John Proust"                                                               
                                                                            
Chairman and Interim CEO                                                    

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, Canada. The current mineral resource comprises 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 (Technical Report for the Windfall Lake Gold Project, Quebec prepared by SRK Consulting (Canada) Inc., dated March 3, 2014). These grades make Windfall Lake one of the highest grade resource-stage gold projects in the world. 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. The deposit remains open at depth and along strike, with additional drilling and technical work planned for 2014. 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. The drill program and sampling protocol is managed by Eagle Hill under the supervision of Jean-Philippe Desrochers. The diamond drill holes are drilled at NQ sizes and core recovery to date has averaged better than 95.0%. Half core is cut by rock saw and is generally sampled using nominal 1-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, Quebec. The half core samples are securely transported from the project site to the ALS Chemex laboratory by Eagle Hill personnel. Gold analyses reported in this release were performed by standard fire assay using a 30-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 analyse a full suite of elements including silver and base metals.

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", "plans", "objective", "expand", "potential" 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.


Table 1 - Mineral Resource Statement, Windfall Lake Gold Project, Quebec SRK
                 Consulting (Canada) Inc., February 28, 2014                
                                                                            
----------------------------------------------------------------------------
      Resource                               Grade          Contained Gold  
   Classification         Tonnes             (g/t)             (ounces)     
----------------------------------------------------------------------------
     Indicated          2,375,000             9.75             744,000      
----------------------------------------------------------------------------
      Inferred          3,084,000             7.37             731,000      
----------------------------------------------------------------------------

1.  Prepared by SRK Consulting (Canada), Inc. with an effective date of
    February 28, 2014. 
2.  Mineral resources are not mineral reserves and do not have demonstrated
    economic viability. There is no certainty that all or any part of the
    mineral resources will be converted into mineral reserves. 
3.  All figures have been rounded to reflect the relative accuracy of the
    estimates. 
4.  Reported at a cut-off grade of 3.0 g/t gold, assuming an underground
    extraction scenario, a gold price of US$1,200 per ounce and
    metallurgical recovery of 91.7%. 
5.  The National Instrument 43-101 technical report for this resource
    statement was filed by Eagle Hill on SEDAR at www.SEDAR.com on April 17,
    2014. 

Table 2 - Windfall Lake Gold Deposit Winter 2014 Drill Program -Summary Results


                                                                            
----------------------------------------------------------------------------
       East-  North- Eleva-                         Au                      
DDH     ing    ing    tion  From   To     Length   g/t    Comments          
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                     Central
EAG-                                                                  Lake  
 14-                               No significant                           
 531  451798 5434630   398            results                               
--------------------------------------------------------------------        
EAG-                                                                        
 14-                               No significant                           
 532  451808 5434610   398            results                               
--------------------------------------------------------------------        
                                                          Extends           
EAG-                                                     Zone 27 to         
 14-                                                    West by 100         
 533  451818 5434590   398  106.8 108.0    1.2     8.36      m              
--------------------------------------------------------------------        
                                                          Extends           
EAG-                                                     Zone 27 to         
 14-                                                     West by 30         
 534  451861 5434620   398  81.8  82.7     0.9     10.6      m              
--------------------------------------------------------------------        
EAG-                                                                        
 14-                                Abandoned in                            
 535  451863 5434616   398           overburden                             
--------------------------------------------------------------------        
EAG-                                                                        
 14-                               No significant                           
 536  451863 5434616   398            results                               
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                      East  
                                                                      Lake  
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
EAG-                                                                        
 14-                                Abandoned in                            
 537  452372 5434780  398.7          overburden                             
--------------------------------------------------------------------        
                                                          Expands           
EAG-                                                      Zone 27           
 14-                                                    slightly to         
 538  452372 5434780  398.7 196.5 215.0    18.5    3.38   the East          
--------------------------------------------------------------------        
                                                          Expands           
                                                          Zone 27           
                                                        slightly to         
 incl.                      206.2 215.0    8.8     5.79   the East          
--------------------------------------------------------------------        
                                                          Expands           
                                                          Zone 27           
                                                        slightly to         
                            208.8 215.0    6.2     7.04   the East          
--------------------------------------------------------------------        
EAG-                                                                        
 14-                                                                        
 539  452394 5434840  398.7 25.0  26.0      1      3.57                     
--------------------------------------------------------------------        
EAG-                                                                        
 14-                                                                        
 540  452413 5434810  398.7 48.2  49.3     1.1     4.51                     
--------------------------------------------------------------------        
                            89.1  90.0     0.9     5.55                     
--------------------------------------------------------------------        
                            289.8 290.8     1      3.1                      
--------------------------------------------------------------------        
EAG-                                                                        
 14-                                                                        
 541  452472 5434910  398.7 171.2 174.0    2.8     3.58                     
--------------------------------------------------------------------        
EAG-                                                                        
 14-                                                                        
 542  452492 5434870  398.7 129.7 130.1    0.4    18.85                     
                                                          Extends           
                                                         Zone 27 to         
                                                        the East by         
                            226.4 229.0    2.6    20.45    100 m            
--------------------------------------------------------------------        
                            245.1 246.7    1.6     8.59                     
--------------------------------------------------------------------        
EAG-                                                                        
 15-                                                                        
 543  452457 5434830  398.7 68.0  68.6     0.6     3.24                     
--------------------------------------------------------------------        
                            123.8 124.6    0.8     3.52                     
--------------------------------------------------------------------        
                            193.7 194.7     1      41.8                     
--------------------------------------------------------------------        
                                                          Extends           
EAG-                                                     Zone 27 to         
 15-                                                    the East by         
 544  452479 5434790  398.7 231.0 231.5    0.5     20.1     70 m            
--------------------------------------------------------------------        
                            242.6 243.9    1.3     3.15                     
--------------------------------------------------------------------        
                            264.0 265.0     1      5.52                     
--------------------------------------------------------------------        
EAG-                                                                        
 15-                                Abandoned in                            
 545  452385 5434750  398.7          overburden                             
--------------------------------------------------------------------        
EAG-                                                                        
 15-                                Abandoned in                            
 546  452385 5434750  398.7          overburden                             
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                                                                      West  
                                                                      Lake  
EAG-                                                      Northern          
 15-                                                     contact of         
 547  451017 5434330  398.5 120.2 120.5    0.3     53.6  IP anomaly         
--------------------------------------------------------------------        
EAG-                                                       South            
 15-                                                     contact of         
 548  451046 5434277  398.5 48.5  49.3     0.8     4.43  IP anomaly         
--------------------------------------------------------------------        
                                                         On western         
                            62.7  66.8     4.1     4.78  Ip anomaly         
--------------------------------------------------------------------        
 incl.                      65.7  66.8     1.1    10.85                     
--------------------------------------------------------------------        
                            219.0 220.0     1     12.55                     
--------------------------------------------------------------------        
EAG-                                                                        
 15-                               No significant                           
 549  451095 5434401  398.5           results                               
--------------------------------------------------------------------        
EAG-                                                                        
 15-                                Abandoned in                            
 550  451125 5434347  398.5          overburden                             
--------------------------------------------------------------------        
                                                         Vertically         
EAG-                                                       below            
 15-                                                     Intercept          
 551  451125 5434347  398.5 128.0 128.4    0.4     9.57 of hole 547         
----------------------------------------------------------------------------

To view Figure 1 - Windfall Lake Gold Deposit Winter 2014 Drill Program, please visit the following link:

http://media3.marketwire.com/docs/953773.pdf

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
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
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, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...