Yesterday, Hunt Gold Corp. released additional details of the assay results concerning the first five drill holes of the recently completed drill campaign at the company's Mockingbird Gold Project in Arizona. The company reported the following:
– All of the first eight drill holes encountered Gold Mineralization. Eighth Drill Hole encountered High Grade Gold. The Assay Results have matched and in fact beaten, the Company’s Management expectations.
– Initial Assay Results clearly prove that Management’s decision to embark upon the Company’s new “Non Stop” Drilling Campaign at considerable expense is justified based upon the initial phase of drilling and the subsequent Assay results announced yesterday. Management considers its decision to authorize the US$10 million in Convertible Bonds to be sound and sensible given the proven Gold Mineralization of its small initial drilling campaign; now allowing for a massive drilling program to commence without delay.
– New Drilling Contracts to be announced this week and to commence without delay. Bids for 5,000 feet of reverse circulation (RC) drilling have been solicited from the final two preferred drilling companies. The Company is currently in the second round of this bidding. This RC drilling will be at a dramatically lower cost per foot than the core drilling done for the first drill campaign.
– An additional 320 acres of mining claims have been staked this week, bringing the company’s “Mockingbird” Gold Project claims to almost 3,000 acres.
Hunt Gold Corporation’s CEO, Michael G Saner, commented that he is “delighted with the success of the Company’s initial campaign and the Assay Results published [Monday] and [yesterday]; which clearly prove that the Company’s ‘Mockingbird’ Gold Property is extremely viable. The new extensive drilling campaign will now prove up significant additional Gold reserves. In short, the Company’s Management is absolutely delighted with these initial results.”
Two holes at the company’s “Great West Gold Mine” on the “Mockingbird” Gold property encountered especially encouraging gold intervals: GW-08-1, 110 feet to 115 feet, .070 ounces of gold per ton and GW-08-04, 105 feet to 110 feet, .041 ounces of gold per ton. According to the press release, open pit gold mines in the Arizona / California / Nevada region have profitably mined gold that assayed as low as .02 ounces per ton. However, the company noted that establishment of the cutoff grade for mining at Mockingbird will need to await preparation of the feasibility study, which will require several more rounds of drilling.
As announced previously, the Company is well underway in establishing a geochemical control grid at the property. More than 50 rock chip samples have been taken so far from numerous historic workings throughout the four plus square mile property. Upon completion of this work, the anomalous values for gold, silver and copper (a pathfinder element at the company’s “Mockingbird” Gold Property) will be mapped, contoured and used to select drill sites for the next drill campaign.
Further details can be read at the following link: http://www.marketwire.com/press-release/Hunt-Gold-Corporation-953605.html
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