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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 INITIAL RESOURCE ESTIMATE AT EAST SANTA CRUZ, ARGENTINA ADOPTION OF NEW PROJECT NAME Hidefield Gold plc ("Hidefield" or the "Company", HIF:AIM) is pleased to confirm the receipt of an initial report on the mineral resource estimate for the Company's East Santa Cruz gold project in Southern Argentina. This report confirms that drilling to date has demonstrated a mineral resource of 1,214,000 tonnes at 7.7 gpt gold for 301,600 ounces of gold estimated using a high grade cut of 90 gpt gold. This mineral resource estimate was carried out for the Company by Resource Evaluations Pty. Ltd. of Perth, Australia, an independent consultant engaged for the purpose of completing the report, and was prepared in compliance with the Australasian Code for Reporting of Mineral Resources by the Joint Ore Reserves Committee (JORC). The mineral resource estimate includes Indicated plus Inferred categories distributed among six vein sets all located in the La Paloma and Martinetas sectors of the project area and is contained within 1,214,000 tonnes with an average grade of 7.73 gpt gold (9.82 gpt gold and 383,400 ounces gold if no high grade cut is applied). Distribution of the resource is summarised in the following table. East Santa Cruz Project Indicated Inferred Total Mineral Resource Type Tonnes Au Au Tonnes Au Au Tonnes Au Au T gpt Ounces T gpt Ounces T gpt Ounces Sulphuro Vein 613,000 8.0 156,600 117,000 10.3 39,000 730,000 8.3 195,600 Arco Iris Veins 250,000 4.1 32,700 250,000 4.1 32,700 Coyote Norte 19,000 22.8 13,600 24,000 12.7 9,900 43,000 17.1 23,500 Veins Coyote Sur Veins 59,000 10.6 20,100 6,000 12.4 2,400 65,000 10.7 22,500 Armadillo Veins - - - 66,000 5.9 12,500 66,000 5.9 12,500 Cerro Oro Veins - - - 60,000 7.7 14,800 60,000 7.7 14,800 Total 690,000 8.6 190,300 524,000 6.6 111,200 1,214,000 7.7 301,600 Note: Upper and lower cut-off grades of 90.0 and 1.0 gpt gold respectively; no minimum thickness. The mineral resource estimate is based upon the results from 123 surface diamond core holes totaling 14,167 metres, three reverse circulation drill holes totaling 374 metres and surface trenches. The drill holes were typically spaced on 25 metre centres for Indicated mineral resources and 25 by 50 metre centres for the Inferred mineral resource category. Approximately 65 per cent. of the mineral resource is contained within the Sulfuro vein at La Paloma which has an average thickness of approximately 3 metres and has been tested for a strike length of 800 metres and maximum vertical range of 160 metres. This deposit remains open in both strike directions and at depth. The Coyote Norte and Sur veins at Martinetas contain high gold grades across narrow widths within three north plunging ore shoots 50-100 metres long; the oreshoots are delimited along strike but open down plunge. The other veins making up the East Santa Cruz resource have had limited drilling and remain open for potential mineral resource expansion. PROJECT NAME CHANGE The Company is pleased to announce that in recognition of the rapid advancement of the East Santa Cruz gold project, the project is to be renamed "Don Nicolas". Henceforth the project will be referred to as "Don Nicolas" and initially will comprise the "La Paloma" and "Martinetas" sectors of the property. The project's new name has been selected in respectful recognition of Senor Nicolas Urricelqui, the former owner of the Company's La Paloma Estancia, one of three large ranches totaling approximately 70,000 hectares in size that the Company now owns as freehold land. Senor Urricelqui is a lifetime resident of the region, a prominent and much respected local citizen and enthusiastic supporter of the Company's activities in the project area and we are honoured to have been granted permission to use the name "Don Nicolas" for the Company's flagship project in Argentina. ECONOMIC SCOPING STUDY & PHASE III DRILL PROGRAMME The Company is pleased to confirm that the economic scoping study on the Don Nicolas gold project which had been delayed pending completion of the mineral resource estimate referred to in this announcement is now anticipated to be completed and delivered during October. The Company is continuing to pursue an active field programme at the Don Nicolas gold project which includes prospecting, mapping, sampling and trenching of the extensive vein systems in both the La Paloma and Martinetas sectors of the project area. A Phase III drill programme designed to expand gold resources in the veins subject to past work as well as to test other unexplored vein targets with promising surface indications elsewhere within the project area, is scheduled to commence in late September. The Don Nicolas gold project in East Santa Cruz comprises twenty seven exploration and development licences covering approximately 203,000 hectares and freehold ownership of three ranches comprising approximately 70,000 hectares covering the principal La Paloma and Martinetas prospect areas. The licenses cover extensive epithermal gold vein systems with a collective strike length of more than 100km of which only approximately 2km has so far been explored in the Company's earlier drill programmes at La Paloma and Martinetas. Hidefield's chairman, Kenneth Judge commenting on the mineral resource statement said "We are obviously delighted with the gold resources now confirmed at Don Nicolas. This mineral resource has been developed from drill campaigns on only the La Paloma and Martinetas sectors of the project area which were undertaken following the Company's acquisition of the project in early 2006. "We are confident that ongoing development of the veins drilled to date at La Paloma and Martinetas, and exploration of the extensive untested targets throughout our large property, will continue to expand and create the project resource base capable of supporting a viable mining operation at Don Nicolas." John Prochnau BSc (Mining Engineering), MSc (Geology), Hidefield's Chief Executive Officer, has reviewed and approved the content of this announcement. Paul Payne, a principal and employee of Resource Evaluations Pty. Ltd, was responsible for compiling the mineral resource estimate referred to in this announcement and has consented to the inclusion of the resource statement information reported in this announcement. Mr. Payne is a "Competent Person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources". 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, those of which in South America are directly held as are the projects in Alaska, while those 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 East Santa Cruz gold project in Santa Cruz Province and operates in joint venture with Minera Sud Argentina S.A. with which it is currently exploring a number of gold exploration licenses in the Patagonian provinces of Santa Cruz, Chubut, and Rio Negro. In Brazil the Company is 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% interest in the Golden Zone and South Estelle mineral projects and an option to earn up to 100% interest, subject to a 2.5% 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 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 7590 5503 Investor Relations Paul Ensor Hanson Westhouse Limited (Nomad) + 44 113 246 2610 Tim Feather / Matthew Johnson Landsbanki Securities (UK) Limited (Broker) + 44 20 7426 9000 Tom Hulme Appendix Glossary of terms "Au" Gold "gpt" grammes per tonne "high grade cut" all values above a specified grade excluded from resource calculation "indicated an `Indicated Mineral Resource' is that part of a Mineral resources" Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. "inferred an `Inferred Mineral Resource' is that part of a Mineral resources Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability. "mineral a `Mineral Resource' is a concentration or occurrence of resource" material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. END
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