Don Nicolas Update
02 July 2008 - 4:01PM
UK Regulatory
Don Nicolas Update
HIDEFIELD GOLD PLC
DON NICOLAS GOLD PROJECT
PHASE III DRILLING COMPLETED
SIGNIFICANT 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 the latest
drilling results from the recently completed Phase III drilling
programme at the Don Nicolas gold project in Santa Cruz Province,
Argentina.
Recent received assay results include eight holes on the Sulfuro and
Reyna veins in the LaPaloma sector of the Don Nicolas project, nine
holes on the Coyote vein systems in the Martinetas sector and an
initial seven holes on the Trofeo vein in the Microondas sector.
Gold mineralization was intercepted in all project areas with
highlights including an 11.60 metre interval (7.5 metre true
thickness) averaging 5.51 grammes per tonne ("gpt") gold (3.38 gpt
with high values cut to 34.30 gpt) and 43.10 gpt silver from S-D08-53
on the Sulfuro vein and an average of 11.57 gpt gold (5.07 gpt cut)
across 27.00 metres (20 metres true thickness) in CYS-D08-11, over a
wide interval of multiple veining in the footwall of the Coyote Sur
vein.
On the Sulfuro vein at La Paloma, five drill holes, totaling 1,129
metres, tested the open south plunge of the South ore-shoot. Four of
the holes, S-D08-51, 52 and 54, 55, encountered 1-2 metre vein
intervals with low grade gold-silver mineralization and appear to
delimit the ore-shoot down its south plunge. The wide vein interval
in S-D08-53 represents one of the deepest penetrations on the Sulfuro
vein, at about 200 metres vertical depth, and suggests possible
steepening of the ore-shoot to a near vertical plunge.
The Reyna vein, located approximately 1km west of the Sulfuro vein at
LaPaloma, is interpreted as its offset extension across the Molino
fault. Three initial holes were drilled at Reyna with R-D08-03
intercepting 5.85 metres (4.8 metres true thickness) averaging 2.05
gpt gold including 9.25 gpt gold along 0.80 metres.
Nine additional drill holes have been completed on the Coyote Sur and
Coyote Norte vein systems in the Martinetas sector of the project
area. Drill holes CYS-D08-11 to 13 intercepted multiple gold-bearing
veins at shallow depths in the hangwall of the Coyote Sur vein
including 27 metres (20 metres true thickness) averaging 11.57 gpt
gold (5.07 gpt cut) but only low grade mineralization in the main
vein down its west plunge. CYS-D08-14 and 15 contain shallow vein
intercepts, including 1.92 metres (1.50 metres true thickness)
grading 7.39 gpt gold in CYS-D08-15, which extend the vein and
oreshoot 40 metres east of earlier drill holes.
Four holes were also completed at Coyote Norte with the most
significant mineralization occurring within multiple hangwall veins
in CYN-D08-21 across 23.21 metres (approximately 12 metres true
thickness) averaging 8.70 gpt gold (4.64 gpt cut) and 30.55 gpt
silver. Except for CYN-D08-20, which contains 1.15 metres grading
28.77 gpt gold (20.51 gpt cut) and 98.17 gpt silver, intercepts on
the main Coyote Norte vein contain low grade mineralization.
The Microondas vein field is located approximately 8km southwest of
Martinetas. Previous work at Microondas, carried out by Yamana in
the 1990's, outlined a number of gold-bearing veins including the
Trofeo zone, an anastomosing zone of veining and silicified breccia
traceable along a northeasterly strike for 500 metres. Past drill
holes intercepted up to 10.0 metres averaging 5.56 gpt gold at
Trofeo.
Seven drill holes, MIC-D08-1 to 7 totaling 891 metres, were drilled
at Trofeo in the current campaign. All contain significant gold
mineralization with intercepts up to 5.19 gpt gold along 2.27 metres
on the Trofeo vein in MIC-D08-05 and 6.33 gpt gold along 1.58 metres
in a hangwall vein in MIC-D08-04.
The Phase III drill campaign consisting of 60 holes totaling 7,367
metres, was completed in April. All cores have been logged, sampled
and sent for analysis and we expect to have full results including
eight additional holes on the Sulfuro and Rocio veins at LaPaloma,
and five holes on the Cerro Oro and Calafate vein systems at
Martinetas during July. Current project activities include
prospecting, geologic mapping, sampling and general evaluation of
partially explored vein systems outside the main resource areas at
LaPaloma and Martinetas where past drilling has been concentrated.
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.
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 have now concluded our
Phase III programme and look forward to the receipt of the balance of
our assay results and thereafter being able to confirm that our
drilling programme has added 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 Nicolas 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
Ken Judge, Chairman + 44 773 300 1002
Investor Relations
Paul Ensor + 44 20 7976 2889
Jon Bey + 1 866 689 2599
Hanson Westhouse Limited (Nomad) + 44 113 246 2610
Tim Feather / Matthew Johnson
Landsbanki Securities (UK) Ltd (Broker) + 44 20 7426 9000
Tom Hulme
APPENDIX
DON NICOL�S PHASE III
MARTINETAS - COYOTE SUR DRILL HOLES
Drill Hole From (m) To (m) Interval (m) gpt Au gpt Ag Vein
CYS-D08-11 11.00 38.00 27.00 11.57 5.96 HW Vein Zone
(5.07)
incl.
11.00 16.00 5.00 13.45 4.24
incl.
11.00 12.00 1.00 31.95 8.00
and
28.25 38.00 9.75 23.70 10.42
(5.68)
incl.
35.00 36.00 1.00 210.00 64.40
(34.30)
92.15 93.00 0.85 1.18 7.40 Coyote Sur
CYS-D08-12 23.95 25.90 1.95 7.56 4.94 HW Vein
incl.
23.95 24.35 0.40 22.10 20.80
33.17 36.08 2.91 6.89 18.18 HW Vein
incl.
33.17 34.00 0.83 20.23 59.60
39.86 40.72 0.86 15.18 8.49 HW Vein
47.50 48.00 0.50 21.80 21.30 HW Vein
80.40 84.00 3.60 0.30 3.93 Coyote Sur
CYS-D08-13 27.35 28.35 1.00 5.86 5.20 HW Vein
36.77 39.50 2.73 4.13 7.52 HW Vein
incl.
38.04 38.80 0.76 11.75 11.70
43.54 48.20 4.66 2.96 47.91 HW Vein
incl.
45.25 46.30 1.05 7.14 100.66
118.88 119.38 0.50 0.91 7.30 Coyote Sur
139.42 140.60 1.18 3.49 17.63 FW Vein
CYS-D08-14 41.29 44.00 2.71 3.50 3.73 Coyote Sur
48.17 48.70 0.53 4.70 1.85 FW Vein
CYS-D08-15 11.40 12.40 1.00 7.80 1.44 HW Vein
20.88 22.80 1.92 7.39 0.68 Coyote Sur
incl.
22.40 22.80 0.40 32.10 0.80
Note: True thicknesses �75% of core lengths.
MARTINETAS-COYOTE NORTE DRILL HOLES
Drill Hole From (m) To (m) Internal (m) gpt Au gpt Ag Vein
CYN-D08-19 103.45 104.80 1.35 0.64 5.24 Coyote Norte
CYN-D08-20 92.10 93.25 1.15 28.77 98.17 Coyote Norte
(20.51)
112.00 113.00 1.00 5.48 3.30 FW Vein
CYN-D08-21 13.79 37.00 23.21 8.70 30.55 HW Vein Zone
(4.64)
incl.
23.61 25.70 2.09 71.05 212.77
(13.56)
incl.
24.45 25.08 0.63 225.00 474.00
(34.30)
62.14 65.00 2.86 16.92 16.59 HW Vein
(14.98)
69.00 70.00 1.00 3.62 2.00 HW Vein
79.00 80.00 1.00 2.50 3.10 HW Vein
83.94 84.50 0.56 16.65 31.20 HW Vein
130.00 132.25 2.25 -0.10 2.28 Coyote Norte
CYN-D08-22 38.10 45.35 7.25 3.81 13.74 HW Vein Zone
incl.
44.60 45.35 0.75 13.80 16.10
117.00 118.45 1.45 0.35 6.85 Coyote Norte
Note: True thicknesses 50-75% of core lengths.
Values in brackets cut to 34.30 gpt gold.
MICROONDAS DRILL HOLES (TROFEO VEIN)
Drill Hole From (m) To (m) Interval (m) gpt Au gpt Ag Vein
MIC-08-01 40.35 41.30 0.95 2.62 1.13 HW Vein
95.10 96.80 1.70 2.18 7.18 Trofeo
MIC-08-02 81.83 83.14 1.31 4.13 11.26 Trofeo
MIC-08-03 40.85 41.85 1.00 0.98 1.50 Trofeo
MIC-08-04 58.22 62.60 4.38 2.28 2.85 Trofeo
incl.
58.89 60.11 1.22 5.54 4.46
113.30 114.88 1.58 6.33 6.19 FW Vein
incl.
114.06 114.46 0.40 21.45 19.50
MIC-08-05 45.10 45.50 0.40 4.45 3.80 HW Vein
60.35 62.62 2.27 5.19 4.27 Trofeo
MIC-08-06 60.00 61.00 1.00 0.91 1.30 Trofeo
MIC-08-07 107.85 120.50 12.65 1.02 1.26 Trofeo
Note: True thicknesses 50-75% of core lengths.
SULFURO VEIN - SOUTH ORE SHOOT
+-------------------------------------------------------------------+
| Drill Hole | From (m) | To (m) | Thickness (m) | gpt Au | gpt Ag |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+--------+---------------+---------+--------|
| S-D08-51 | 197.15 | 199.57 | 2.42 | 2.03 | - |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+--------+---------------+---------+--------|
| S-D08-52 | 112.90 | 115.30 | 2.40 | 1.67 | 5.16 |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+--------+---------------+---------+--------|
| S-D08-53 | 203.95 | 215.55 | 11.60 | 5.51 | 43.10 |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+------------------------+---------+--------|
| | | including | | |
|------------+----------+------------------------+---------+--------|
| | 215.00 | 215.55 | 0.55 | 79.20 | 46.20 |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+--------+---------------+---------+--------|
| | | | | | |
|------------+----------+----------------------------------+--------|
| S-D08-54 | | No Significant Values | |
|------------+----------+----------------------------------+--------|
| | | | | | |
|------------+----------+----------------------------------+--------|
| S-D08-55 | | No Significant Values | |
| | | | |
+-------------------------------------------------------------------+
Notes: Values in brackets cut to 34.30 gpt Au
True thickness of S-D08-53 approximately 7.5 metres
REYNA VEIN
Drill Hole From (m) To (m) Thickness (m) gpt Au gpt Ag
R-D08-01 23.42 24.00 0.58 0.09 1505.00
R-D08-02 No Significant Values
R-D08-03 50.95 56.80 5.85 2.05 4.56
including
56.00 56.80 0.80 9.25 11.70
Notes: True thickness of R-D08-03 approximately 4.8 metres
- ---END OF MESSAGE---
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