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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
HIDEFIELD GOLD PLC DON NICOLÁS SCOPING STUDY HIGH GRADE GOLD REPORTED IN INITIAL 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 report on the preliminary conclusions of the scoping study report for the Don Nicolás gold project in Santa Cruz Province, Argentina. In addition the Company is pleased to report initial assay results from the first three core holes of the ongoing Phase III drilling programme at the Don Nicolás project which commenced in late October 2007. The initial drill results included an intercept of 11.71 grammes per tonne ("gpt") gold (10.74 gpt cut to 34.3 gpt) along 6.35 metres from S-D07-34 in the Sulfuro deposit. Importantly, this intercept extends the gold mineralization in the South oreshoot at Sulfuro a further 25 metres south of earlier drilling. Scoping Study The scoping study has confirmed the economic viability of the development of a mine on the Sulfuro deposit, representing the most advanced of the deposits on the Don Nicolás project. The Sulfuro deposit currently represents approximately 65% of the resource identified on the Sulfuro and Martinetas sectors of the Don Nicolás project. As announced on 29 August 2007, the Sulfuro deposit resource contains approximately 195,500 ounces of gold within 729,950 tonnes of ore at a grade of 8.33 gpt gold. The scoping study has now confirmed that mining of this deposit, whilst involving suboptimal operating parameters, would be profitable for the development of an initial three year mining operation producing approximately 50,000 ounces of gold per year. The conceptual design for the Don Nicolás mine operation confirms that initial production would be from an open pit followed by underground development and processing in a conventional leaching plant. Metallurgical test work, carried out by AMMTEC Laboratories in Perth, indicates excellent gravity plus leach recoveries of 98+ per cent. for oxidised ores and acceptable leach recoveries of 84+ per cent. for sulphide ores at a grind size of 75 microns. Reagent consumption for all ore types was also confirmed as entirely satisfactory. Key economic parameters for this design included an initial estimated capital cost of approximately US$27.7 million for a mine development using a 250,000 tonnes per annum processing plant. Management is very satisfied with positive outcome of the Don Nicolás scoping study which was conservatively assessed and based on only the Sulfuro resource which remains open along strike and at depth and represents a very limited part of the overall project potential. The study provides a sound basis for the ongoing evaluation of the viability of the project and the timing of a development decision. In the meantime the Company will continue to increase the resource base through the current Phase III drilling programme and ongoing core drilling programmes. Drilling results Assay results from the initial three core holes of the Phase III drilling programme included an intercept of 11.71 gpt gold (10.74 gpt cut to 34.3 gpt) along 6.35 metres from S-D07-34 in the Sulfuro deposit. Holes S-D07-34 to 36 all intercepted strong epithermal vein mineralization at up to a further 50 metres along strike to the south and 30 metres below the deepest level of earlier drill holes. The Sulfuro vein has now been tested by drilling for a strike length of 850 metres, through a vertical range of 190 metres and remains open along strike and at depth. Following is a summary of results. Drill Hole From (m) To (m) Interval (m) gpt Au gpt Ag S-D07-34 126.15 127.30 1.05 13.73 34.54 136.90 143.25 6.35 11.71 29.98 (10.74) incl. 136.90 139.85 2.95 22.24 58.58 (20.15) incl. 137.85 139.85 2.00 28.71 50.61 (25.63) S-D07-35 211.20 215.15 3.95 2.83 22.57 inc. 2.12.10 214.65 2.55 3.70 30.13 219.20 223.50 4.30 2.06 30.18 incl. 220.80 222.90 2.10 3.00 49.09 S-D07-36 170.75 173.00 2.25 2.22 2.21 incl. 171.60 172.55 0.95 3.78 2.53 Notes: Values in brackets represent grades cut to 34.3 gpt. True thickness equals 75-80% of core intervals. The current Phase III drill programme has now stopped for the holiday break and will resume on 7 January 2008. To date nineteen holes totaling 2,428 metres, including S-D07-34 to 36 reported in this announcement, have been completed on the Sulfuro deposit and another six holes totaling 461 metres, have been completed 150 metres to the west of Sulfuro on the Rocio deposit which has not been previously tested by drilling. Assay results of these holes are expected to be received from the beginning of next month. Drilling will continue at Sulfuro in the New Year with additional drilling also planned for extensions of open oreshoots within the Coyote Norte, Coyote Sur and Cerro Oro vein systems in the Martinetas sector of the project area and for the Trofeo and Goleta veins in the Microondas area. John Prochnau BSc (Mining Engineering), MSc (Geology), Hidefield's Chief Executive Officer, has reviewed and approved the content of this announcement. Commenting on these results, Kenneth Judge, Chairman said "We are pleased that the preliminary conclusions of the scoping study have confirmed the parameters for the initial design of an economically viable mine on this property and this report will provide valuable information for our future mine development planning. We are also very pleased that the Phase III programme has got off to such a good start with the reporting of further high grade intercepts on this new extension to the Sulfuro vein. We are optimistic that the continuation of these excellent drill results will add important additional resources to the Sulfuro deposit which was the principal focus of the scoping study." 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 END
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