East Santa Cruz Update
22 August 2007 - 5:00PM
UK Regulatory
HIDEFIELD GOLD PLC
Hidefield Drilling Outlines Further Gold Mineralization at East Santa Cruz,
Argentina
Resource Statement being finalised
Phase III Drilling Programme Planned
Hidefield Gold plc ("Hidefield" or the "Company", HIF:AIM) is pleased to report
details of further gold mineralization intercepted in core holes during the
Phase II drill programme completed earlier this year on the Cerro Oro vein
system in the Martinetas sector of the East Santa Cruz gold project, Argentina.
Detailed drilling results are set out in the Appendix to this announcement.
Highlights from the eleven hole, 1,414 metre programme include multiple veining
across 12.7 metres grading 5.26 gpt gold (3.63 gpt with high values cut to 34.3
gpt) and 24.26 gpt silver in CO-D06-05, including individual vein intercepts to
71.60 gpt gold and 94.40 gpt silver along 0.50 metres.
The Cerro Oro system consists of a swarm of west-northwest striking, near
vertical veins located 100 metres south of the Coyote Sur vein (see
announcement dated 16 April 2007). The core of the system is made up of a set
of three parallel veins, Cerro Oro and Cerro Oro 1 and 2, which have been
traced by trenching and drilling for a strike length of 275 metres and maximum
vertical depth of 145 metres within a 15 to 20 metre wide zone of alteration,
veining and gold mineralization.
Sub parallel veining south of Cerro Oro, including the Calandria Sur, Calandria
Norte, Lechuza and Lechuza Norte veins, and the Tero vein to the north,
increase the overall width of the Cerro Oro system to approximately 100 metres.
Consistently anomalous gold and silver mineralization occurs throughout this
wide zone of multiple veining with intercepts up to 16.90 metres across the
Calandria Sur and Norte veins in CO-D06-10 averaging 1.80 gpt gold and 6.01 gpt
silver and individual vein intercepts up to 75.10 gpt gold and 61.25 gpt silver
across 0.45 metres in the Lechuza vein.
The Company is therefore assaying all previously unsampled intervals between
veins to determine gold grades across the entire width of multiple veining at
Cerro Oro and assess the potential of the zone for bulk mining.
Five core holes, CA-D06-01 to 05, totaling 411 metres, were also completed on
the Calafate vein located just north of the Coyote system. The holes tested a
strike length of 75 metres to a maximum depth of 50 metres. All intersected
gold-silver mineralization across narrow widths with the best interval
averaging 9.12 gpt gold and 111.00 gpt silver along 0.45 metres. The vein is
open in all directions.
A complete summary of significant mineralized intercepts in Drill Holes
CO-D06-05 to 15 on the Cerro Oro system and CA-D06-01 to 05 on the Calafate
vein can be viewed on the Company's website.
Update on Scoping Study
The Company is pleased to report that its initial resource estimate for the
East Santa Cruz gold project, being carried out by Independent Engineers
Australia Pty Ltd ("IEA") of Perth, Western Australia, is being reviewed
internally and will be published shortly. The related economic scoping study,
also being prepared by IEA, is expected next month.
Hydrogeologic and environmental baseline investigations required for eventual
mine planning and permitting have also been implemented in connection with the
scoping study.
Phase III Drilling Programme
The Company is carrying out an active field programme at East Santa Cruz
including prospecting, mapping, sampling and trenching of the extensive vein
systems in both the La Paloma and Martinetas sectors of the project area and a
Phase III drill programme is now scheduled to commence in late September 2007.
The East Santa Cruz gold project comprises twenty seven exploration and
development licences, covering approximately 203,000 hectares, and freehold
ownership of three ranches comprising about 69,000 hectares covering the
principal La Paloma and Martinetas prospect areas. The licences cover extensive
epithermal gold vein systems with a collective strike length of more than 100km
of which only about 2km has so far been explored in the Company's phased drill
programmes at La Paloma and Martinetas.
John Prochnau BSc (Mining Engineering), MSc (Geology), Hidefield's Chief
Executive Officer, has reviewed and approved the content of this announcement.
Hidefield Chairman, Ken Judge, said, "We are pleased to have received these
encouraging drill results from our recently completed drilling programme. We
are also very encouraged by the progress recently made towards completion of
the economic scoping study which we expect to receive next month. At the same
time, we are pressing ahead with other activities that are critical to helping
us establish a mining operation on these properties as soon as possible."
Following its change of name from Teather & Greenwood Limited to Landsbanki
Securities (UK) Limited with effect from 9 August 2007, the name of the
Company's broker has changed to Landsbanki Securities (UK) Limited.
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 East Santa
Cruz gold project in Santa Cruz Province. The Company also operates in a 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 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 7590 5503
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
Summary of Drill Hole Results: Cerro Oro System
Drill Hole From To Thickness Gpt Gpt Vein
Au Ag
CO-D06-05 51.60 55.40 1.80 5.64 14.53 Cerro Oro
61.30 74.00 12.20 5.26 24.26 Cerro Oro I
(3.63)
including
63.20 65.70 0.50 71.60 94.40
(34.30)
and
73.55 74.00 0.45 42.10 122.00
(34.30)
100.50 104.75 4.45 2.46 9.66 Tero
114.90 115.90 1.00 15.65 88.70 Unnamed
CO-D06-06 26.70 33.90 7.20 2.36 9.06 Calandria Norte
including
28.20 29.00 0.80 11.27 50.90
47.50 56.30 8.80 2.15 14.26 Lechuza
including
55.25 56.30 1.05 12.94 58.88
93.00 98.60 5.60 4.37 5.92 Cerro Oro I
including
95.60 97.20 1.60 11.94 8.88
114.20 114.60 0.40 7.44 9.25 Unnamed
CO-D06-07 34.50 39.30 4.80 1.41 1.36 Lechuza
52.10 57.70 5.60 1.36 11.35 Cerro Oro
71.30 73.50 2.20 3.24 38.22 Cerro Oro I
including
72.75 73.50 0.75 8.30 100.00
CO-D06-08 24.10 25.50 1.40 2.93 2.00 Unnamed
43.00 50.60 7.60 1.91 4.52 Tero
including
46.20 49.50 3.30 3.38 7.19
including
46.20 46.70 0.50 10.60 35.20
60.70 63.00 2.30 25.41 23.85 Terro HW
(6.68)
including
62.20 62.60 0.40 142.00 100.00
(34.30)
93.15 93.55 0.40 8.24 13.50 Unnamed
CO-D06-09 24.60 35.00 10.40 1.29 3.58 Calandria HW
46.00 50.00 4.00 3.44 26.52 Calandria Sur
including
49.50 50.00 0.50 15.95 61.50
58.10 65.00 6.90 1.98 5.08 Calandria Norte
71.20 71.65 0.45 12.60 57.60 Lechuza
CO-D06-10 18.00 21.20 3.20 2.46 8.82 Calandria HW
25.10 42.00 16.90 1.80 6.01 Calandria Norte &
Sur
including
28.60 31.20 2.60 4.03 8.25 Calandria Sur
and
35.40 37.30 1.90 3.51 14.09 Calandria Norte
49.60 50.00 0.40 75.10 61.25 Lechuza
(34.30)
74.50 75.50 1.00 13.13 33.98 Cerro Oro
89.20 95.50 3.30 6.01 23.20 Cerro Oro I
including
89.20 89.60 0.40 17.80 35.50
and
91.00 91.40 0.40 14.55 100.00
100.30 100.70 0.40 17.30 20.80 Cerro Oro Z
CO-D06-11 13.50 16.50 3.00 1.23 1.42 Cerro Oro I
50.70 51.50 0.80 5.88 21.45 Tero
CO-D06-12 11.20 12.40 1.20 9.88 7.60 Calandria Sur
43.60 44.20 0.60 4.33 29.30 Cerro Oro
66.30 67.85 1.35 4.37 19.73 Cerro Oro I
CO-D06-13 No intervals greater than 1.00 gpt/ 3.00 m
CO-D06-14 41.50 41.90 0.40 3.61 46.60 Calandria Sur
50.00 55.10 5.10 3.74 20.45 Calandria Norte
including
50.50 51.40 0.90 15.53 97.02
CO-D06-15 155.60 157.00 1.40 4.92 19.29 Cerro Oro
190.70 191.16 0.40 5.58 12.40 Cerro Oro I
216.00 216.40 0.40 2.48 13.80 Cerro Oro 2
Notes: True thicknesses are 0.65 to 0.80 x core intervals. (Cerro Oro System
(s) )
High values cut to 34.30 gpt gold shown in brackets.
Intercepts less than 1.0 gpt gold/ 3.00 metres or 3.00 gpt gold/ 1.00 metres
not included in the table.
Drill Holes do not cross and intercept all veins in the Cerro Oro System.
END
Hidefield Gold (LSE:HIF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hidefield Gold (LSE:HIF)
Historical Stock Chart
From Jul 2023 to Jul 2024
