Bald Eagle Discovers New Zone of Epithermal Mineralization at Hot Springs Project in Nevada
TORONTO, May 19, 2021 /CNW/ - Bald Eagle Gold Corp. ("Bald Eagle" or the "Company") (TSXV: BIG) is pleased to announce drill results for three of five drill holes received from its winter drilling campaign at the Hot Springs Property in Nevada (the "Property"). Two of the five drill holes intercepted a newly identified zone of gold mineralization (hole HS-2020-01 reported; HS-2020-04 pending). The new zone of mineralization correlates well with the IP geophysics chargeability anomalies identified by the joint venture prior to commencement of the drill program. Drilling identified wide intercepts of significant alteration, which display characteristics of a hybridized low-sulphidation epithermal gold system. The majority of historical drilling did not investigate horizons deeper than 100 metres. The average hole depth of this program was approximately 370 metres. Based on these deeper drill results, a new system has been identified. These drill results materially increase the potential to establish a significant gold resource.
The analytical chemistry programs for the first three holes were completed by American Assay Labs in Sparks, Nevada, and ALS Global Geochemistry Analytical Laboratory in Reno, Nevada. The drilling of the five core holes was completed in March 2021. The program totaled 1,846.3 metres of core drilling. All results are being incorporated into the Property's three-dimensional Leapfrog model and correlated to the IP geophysics data.
The results from the first three core drill holes are summarized below.
Drill-Hole* |
From |
To |
Thickness |
Average Gold |
HS-2020-01 (Shallow Horizon) |
15.6 |
37.8 |
22.2 |
1.00 |
including |
15.6 |
18.3 |
2.7 |
6.27 |
HS-2020-01 (Deeper Horizon) |
180.3 |
389.9 |
209.6 |
0.55 |
including |
189.3 |
229.0 |
39.7 |
0.70 |
including |
264.0 |
296.5 |
32.5 |
0.79 |
including |
323.3 |
378.5 |
55.2 |
0.71 |
HS-2020-02 |
20.9 |
100.9 |
80.0 |
0.24 |
including |
49.8 |
84.5 |
34.7 |
0.51 |
HS-2020-03 |
24.1 |
103.4 |
79.3 |
0.36 |
including |
35.8 |
66.8 |
31.0 |
0.68 |
HS-2020-04 |
Results Pending |
|||
HS-2020-05 |
Results Pending |
|||
* The three reported holes were drilled at a 60-degree dip and 90-degree azimuth |
** Does not represent true width |
*** No cut-offs have been applied |
HS-2020-01
Drill hole HS-2020-01 was designed to twin a previous high-grade shallow intercept and further investigate mineralization at depth based on anomalies identified during the IP geophysics program. The deeper zone was encountered from 180.3 to 389.9 metres and intercepted 209.6 metres averaging 0.55 grams per tonne gold. This included 39.7 metres averaging 0.70 grams per tonne gold and 32.5 metres averaging 0.79 grams per tonne gold. Based on the results of HS-2020-01, it has been determined that significant gold mineralization is associated with sulfides. Therefore, the upcoming programs will be testing a number of identified geophysical targets, which represent sulfide bodies that may contain significant gold mineralization. This drill hole confirmed the increase in gold mineralization associated with sulphide content starting at 180 metres and throughout the chargeability anomaly.
The deep zone of HS-2020-01 is hosted within a shattered zone of the Harmony Formation where multiple silicification events, brecciation events, and silica-sulphide pulses have created a broad mineralized zone. The zone is open laterally and along strike. More drilling is planned to test offsets of this mineralized body as well as evaluating other geophysical targets.
HS-2020-02 and HS-2020-03
Holes HS-2020-02 and HS-2020-03 tested shallow mineralization previously identified in historical surface exploration results. Drill hole HS-2020-02 was drilled at the top of the hill above hole HS-2020-03 and was designed to test for further mineralization at depth. The zone from 20.9 to 100.9 metres intercepted 80.0 metres averaging 0.24 gram per tonne gold. This interval correlates with hole HS-2020-03. Drill Hole HS-2020-03 was the first hole drilled during the program. The target zone was encountered from 24.1 to 103.4 metres intercepting 79.3 meters and averaged 0.36 grams per tonne gold. Drill hole HS-2020-03 did not reach the target depth.
Drill hole HS-2020-04 will assist in determining stratigraphic and structural continuity of hole HS-2020-01. This is important as the mineralization appears to have stratigraphic and structural controls.
Mr. Sidney Himmel, President, CEO and Director, comments: "These results are consistent with our belief that the Property hosts an epithermal gold deposit. In particular, the results of hole HS-2020-01 which tested one of the geophysical anomalies, was very promising in terms of the width of mineralized horizons and correlation of sulfides with gold. These initial grades are consistent with large and mineable bulk tonnage gold deposits in Nevada. The next programs will entail the targeting of additional geophysical targets, a number of which have been identified, and will result in the creation of a local mineral deposit model incorporating structural and lithological controls. With a deeper epithermal system now confirmed, the results now warrant undertaking a comprehensive exploration program to infill known mineralized zones, and to test the extent of mineralization across the entire project area."
The technical information in this news release has been reviewed and approved for disclosure by Michael Feinstein, PhD, CPG, and the "qualified person" for Bald Eagle Gold Corp. within the meaning of NI 43-101. All samples are collected and maintained in accordance with established QA/QC protocols. Analytical services reported in this press release were carried out by ALS Minerals, an ISO/IEC 17025:2005 & ISO-9001:2008 accredited laboratory. American Assay Labs will complete the cutting, preparation, and assaying for the remaining two holes. American Assay Labs is an ISO-17025 accredited laboratory.
The Hot Springs Property
The Hot Springs Property is a 50%-50% joint venture between the Company and Osgood Mountains Gold LLC. The Property consists of approximately 11,894 acres comprised of private mineral rights and unpatented federal lode mining federal claims. This Property is located at the junction of the prolific Getchell Gold Trend and the Battle Mountain Gold Trend in north-central Nevada. The land position is situated approximately 25 miles west of the Twin Creeks, Getchell and Pinson Mines and 30 miles east of the Sleeper Mine.
On March 5, 2021, the Company filed an NI43-101 compliant technical NI-43-101 report on the Property, entitled "NI 43-101 Technical Report, Hot Springs Gold Project, Humboldt County, Nevada" with an effective date of November 3, 2020. A set of historical data exists for 8,175 meters of drilling across 91 drill holes. The historic drill programs outlined a near surface zone of gold mineralization in an area with dimensions of approximately 1,200 metres by 400 metres.
About Bald Eagle Gold Corp.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company's objective is to acquire advanced exploration projects for exploration and development. The Company intends to, through evaluating historical data and utilizing modern exploration techniques and geological concepts enhance resources. The management team and board of directors of the Company have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.
CAUTIONARY NOTES
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, the future operating or financial performance of Bald Eagle, the estimates of potential quantity, grade, and metal and mineral content at the Property, Bald Eagles's assessment of the reliability and relevance of the historical drill results; the ability of the joint venture to operate the exploration and development programs for the Property, and the anticipated timing of the second phase exploration work.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Bald Eagle, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Bald Eagle has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Bald Eagle does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Bald Eagle Gold Corp.
Sidney Himmel, President, CEO & Director, Telephone: +1 (416) 924-2698, Email: [email protected]; Darren Collins, CFO & Director, Telephone: +1 (786) 633-1756, Email: [email protected]
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