Eagle Hill Exploration Corporation-Windfall Lake Property Update: Summary and Plans for 2011 |
| Marketwire.com - Nov 11, 2010 |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2010) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) is pleased to provide the following update and outline near future plans for the Windfall Lake Property (the "Property").
As of October 31, 2010, and only one year after acquiring the project, the Company has completed significant steps towards the definition of a large gold system, potentially amenable to bulk mining:
* Identified 6 distinct mineralized gold zones within a 600 x 600 meter area with most gold zones open in several directions including a newly discovered zone near surface;
* The new near surface gold zone has been identified at a depth of between 59 meters and 100 meters and contains gold values of up to 17.36 grams per ton over 12.0 meters (drill hole EAG-10-240);
* The new zone is open in all directions, including to surface;
* Demonstrated consistent gold mineralization in Zone 27 – all 14 holes of the summer 2010 drill program hit wide gold mineralization including drill hole EAG-10-196 showing 14.51 grams per ton of gold over 52.0 meters and drill hole EAG-10-238 showing 3.35 grams per ton of gold over 24.6 meters;
* A high priority exploration target may double the size of the Zone 27, and in addition Zone 27 is open along strike and to surface; and
* Completed Deep EM and IP programs outlining the potential extension of the known gold zones.
The Company has generated the Property's first 3D Gemcom model interpretation based on additional assaying of core from the earlier drill programs, information from the underground ramp and including the new 2010 drill results. This compilation work has yielded a better understanding of the geometry of the gold zones and shows potential continuity and possible mineralized extensions within the areas tested.
Next Phase of Exploration
The Company plans to continue its aggressive exploration strategy and intends to complete a series of activities over the course of the next phase of exploration with the objective of expanding and better defining the large gold resource at Windfall Lake:
* 10,000 meter drill program scheduled to commence in January 2011;
* Begin an extensive trenching program to determine if identified gold zones extend to surface;
* Expand the IP grid to investigate potential exploration sites along the southwest trending structure; and
* Transfer 3D modeling from our current Gemcom Model to a more detailed GoCad modeling system. The GoCad modeling system is designed to better detail the Windfall Lake Property's geological structure and will be a major advantage in determining potential targets and increased mineralized zones;
Eagle Hill is well funded to complete this next phase of exploration without the need for further financing. The Company's financing from last fall included warrants and 92% of all of these related warrants were exercised prior to their one-year expiry which has recently passed. The funds received from the exercise of the warrants along with the May 2010 private placement and future exploration tax incentive payments from the Quebec Government have left Eagle Hill in a strong financial position.
Dr. Jean-Philippe Desrochers, Ph.D., P.Geo. is a Qualified Person registered in Quebec as defined by NI-43-101 and has reviewed the technical information that this press release contains.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive historic grassroots exploration work. Eagle Hill has signed options with Murgor Resources Inc., Freewest Resources Canada Inc., and Noront Resources Inc. to acquire the Windfall Lake Property.
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold and precious metal exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val d'Or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.
ON BEHALF OF THE BOARD,
P. Bradley Kitchen, President
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.
For more information, please contact
Eagle Hill Exploration Corporation (Vancouver)
Brad Kitchen
604.638.8072
info@eaglehillexploration.com
www.eaglehillexploration.com
or
Investor Cubed Inc. (Toronto)
Neil Simon
647.258.3310 or Toll Free: 1.888.258.3323
nsimon@investor3.ca
www.investor3.ca
or
MI3 Communications Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
Read Full Article from Marketwire.com
- Posted: 2010-12-14 15:10:33
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