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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hidefield Gld | LSE:HIF | London | Ordinary Share | GB0003644506 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.475 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
HIDEFIELD GOLD PLC DON NICOLAS GOLD PROJECT GOLD MINERALIZATION REPORTED IN ADDITIONAL PHASE III DRILLING RESULTS Hidefield Gold Plc (AIM:HIF) ("Hidefield" or the "Company"), the gold company with advanced projects in Argentina, Brazil and Alaska, is pleased to provide the following update on progress and drilling results from the ongoing Phase III drilling programme at the Don Nicolas gold project in Santa Cruz Province, Argentina. The Phase III drilling programme commenced in October 2007 and has included eleven holes on the Sulfuro vein, three of which, S-D07-34 to 36 tested the south plunge extension of the "South" ore shoot (see announcement of 19 December 2007). An initial six holes have also been completed on each of the previously untested Ramal Sulfuro and Rocio veins in the La Paloma sector of the project area. Highlights include S-D07-40 on the Sulfuro "North" ore shoot which intercepted 9.35 metres grading 3.68 grammes per tonnne ("gpt") gold, with 2.40 metres containing 9.84 gpt gold, and R-D07-03 at Rocio which intercepted 2.55 metres grading 7.28 gpt gold including 1.25 metres at 11.59 gpt gold. The recent Sulfuro holes were designed to evaluate plunge extensions of the "Central" and "North" ore shoots. A wide vein intercept of 9.35 metres grading 3.68 gpt gold in S-D07-40, including 2.40 metres at 9.84 gpt gold has extended the "North" ore shoot about 40 metres along strike and down plunge to a vertical depth of 100 metres and this vein remains open in both directions. Gold mineralization of respectively 2.59 gpt gold along 1.30 metres in S-D07-38 and 1.36 gpt gold along 1.90 metres in S-D07-39 may have delimited the bottom of the "Central" ore shoot at a vertical depth of about 100 metres while holes S-D07-41 and 42 on the "North"ore shoot also contained lower grade vein intervals. The Ramal Sulfuro zone is a hanging wall branch of the Sulfuro vein discovered last year in trenching and is located 300 metres north of previously tested areas. Five of six initial holes on the zone, S-D07-45 to 49, intercepted mineralized veins with values ranging from 0.98 gpt gold along 6.40 metres in DH-46 to 2.11 gpt gold along 3.30 metres in DH 49. These holes and associated trenching appear to define a low grade gold occurrence about 80 metres long with an average thickness of about 5 metres and a vertical extent of 50 metres that is open in all directions. The Rocio vein is located 200 metres west of Sulfuro and had not been tested before the current programme. Six holes totaling 462 metres, R-D07-01 to 06, were completed with five intercepting potentially significant gold mineralization including 7.28 gpt gold along 2.55 metres in R-D07-03. The Rocio zone defined in these initial drill holes and trenching has a strike length of about 80 metres with an average thickness of 2.25 metres and vertical extent of 60 metres that is open in all directions. Assay results for the holes in the Phase III drilling programme reported in this release are appended to this announcement and can also be viewed on the Company's website. The Phase III drilling programme at Don Nicolas is continuing with initial testing of the Reyna vein at La Paloma, Trofeo vein at Microondas and the Coyote and Cerro Oro vein systems at Martinetas. John Prochnau BSc (Mining Engineering), MSc (Geology), Hidefield's Chief Executive Officer, has reviewed and approved the content of this announcement. Commenting Kenneth Judge, Chairman said "We are very pleased with the progress made in the Phase III programme and are optimistic that the successful conclusion of this drilling programme will add important additional resources at the Don Nicolas project." ABOUT HIDEFIELD Hidefield is a gold company with a focus on the acquisition and development of highly prospective projects in North and South America. The Company has a diverse portfolio of projects. In South America and Alaska the projects are directly held by Hidefield, while those projects in Canada, Nevada and Arizona are held in independent, self-funded associate companies. Hidefield's substantial direct gold project interests are principally in Argentina where the Company is actively exploring the advanced stage Don Nicolás gold project in Santa Cruz Province with a mineral resource estimate, prepared in compliance with JORC reporting standards, of 1,214,000 tonnes at 7.7 gpt gold containing 301,600 ounces of gold using a high grade cut of 90 gpt gold (383,400 ounces of gold at 9.8 gpt without high grade cut off). The Company is exploring an extensive portfolio of gold exploration licences in the Patagonian provinces of Santa Cruz and Chubut, Argentina while in Brazil the Company's activities are focused on the evaluation of the advanced stage Cata Preta gold project near the historic city of Ouro Preto in the productive Quadrilatero Ferrifero region of Minas Gerais state. In Alaska, Hidefield has a 60 per cent. interest in the Golden Zone and South Estelle mineral projects and an option to earn up to 100 per cent. interest, subject to a 2.5 per cent. NSR, by making a series of staged cash, share and property expenditures. The Golden Zone property is located 240 km north of Anchorage and contains a measured and indicated resource of approximately 253,000 ounces of gold, 1,180,000 ounces of silver and 6,114,000 pounds of copper. The South Estelle property, now in a joint venture with International Tower Hill Mines Ltd, is located approximately 175 km northwest of Anchorage and 230 km southwest of the Golden Zone project and adjoins Kennecott's Whistler copper-gold property. For more information on Hidefield go to www.hidefieldgold.com For further information on this release, please contact: Hidefield Gold Plc + 44 773 300 1002 Ken Judge, Chairman + 44 20 7976 2889 Investor Relations Paul Ensor Hanson Westhouse Limited (Nomad) + 44 113 246 2610 Tim Feather / Matthew Johnson Landsbanki Securities (UK) Ltd (Broker) + 44 20 7426 9000 Tom Hulme APPENDIX Sulfuro Drill Hole From (m) To (m) Thickness g/t g/t Oreshoot (m) Au Ag S-D07-37 No vein intercepted S-D07-38 117.80 119.70 1.90 1.36 20.5 Central S-D07-39 146.50 148.00 1.50 2.59 7.72 North S-D07-40 118.10 127.65 9.55 3.68 8.50 Including 120.10 122.50 2.40 9.84 14.64 Including 120.15 121.45 1.35 12.62 24.55 S-D07-41 106.95 111.30 4.35 1.81 4.38 North S-D07-42 160.90 163.70 2.70 0.67 7.20 North S-D07-43 49.40 51.31 1.91 1.11 2.73 North (up rake) S-D07-44 42.50 45.20 2.70 2.04 17.26 North (up rake) Ramal Sulfuro Drill Hole From (m) To (m) Thickness g/t g/t Comment (m) Au Ag S-D07-45 28.30 34.80 6.50 1.42 6.53 S-D07-46 24.55 30.95 6.40 0.98 13.37 S-D07-47 53.65 60.00 6.35 1.09 6.72 S-D07-48 24.35 30.85 6.50 1.11 13.47 S-D07-49 34.25 37.55 3.30 2.11 17.80 Isolated Hole S-D07-50 No significant mineralisation Rocio vein Drill Hole From (m) To (m) Thickness g/t g/t Comment (m) Au Ag R-D07-01 27.75 30.90 3.15 1.44 4.92 R-D07-02 48.50 51.20 2.70 3.09 6.14 R-D07-03 30.70 33.25 2.55 7.28 8.65 Including 31.40 32.65 1.25 11.59 11.24 R-D07-04 26.88 31.20 4.32 3.42 13.18 Including 26.88 28.35 1.47 7.40 31.03 R-D07-05 66.45 68.70 2.25 1.87 16.79 R-D07-06 Isolated hole - no significant mineralisation END
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