Today before the opening bell, Hunt Gold Corp. announced assay results from the first five drill holes of its first recently completed drill campaign at the Mockingbird Gold Project in Arizona. The assay work was done by Jacobs Assay of Tucson, Arizona.
The company reported the following:
- All of the first five drill holes encountered Gold Mineralization.
- Management considers these Assay initial results to be solid and positive but is of the opinion that the Assay Results from the remaining three drill holes to be of a far higher grade and Jacobs Assay has elected to place the assays for the other 3 drill holes in EXCEPT meaning that 3 or 4 intervals in the ore zone are listed as pending. Management is of the opinion that Jacobs Assays has higher gold values for these intervals, and to that end, they are re-running the tests to ensure that these higher grade Assay Results are as expected by Hunt Gold's Management Team. These additional Assay Results will be announced shortly.
- Based upon proven historical geological and drilling, Assay Results and data supported by the current ongoing exploration work at the Company's Mockingbird Gold Property, Management is of the opinion the new extensive drilling and exploration campaign will yield considerably higher grades than detailed in this announcement and considers this substantial investment to be justified.
- 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 today. 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.
According to the press release, all five drill holes encountered gold mineralization. Two holes at the company's Great West Gold Mine on the Mockingbird Gold property encountered particularly 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.
Hunt Gold Corporation's CEO, Michael G Saner commented, We are very pleased that the initial drill results confirm the Company's view that its 'Mockingbird' Gold Property is a gold bearing system. Furthermore, the potential gold ore is in the zones predicted by the Company's geologists, which means that we are gaining an understanding of the gold mineralization at what is at present our flagship Gold Property.
He added, I am proud of all of the extensive, intensive and methodical work being done by the entire team to prepare for this second and hugely extensive drilling campaign. This is a big property, with dozens of mineralized outcrops, and we intend to drill in all of the right places for all of the right reasons.
The company's next round of drilling will be targeted on the vicinity of the low-angle Mockingbird Detachment Fault, which is a sub-horizontal interface between the older Precambrian rocks and the younger overlying upper plate Tertiary volcanic rocks. This zone was mined at the Mockingbird Mine itself and hosted a majority of the Mockingbird District's historic production of 15,000 ounces of gold.
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