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Tuesday, February 03, 2009
Soil Sampling Program Yields Highly Anomalous Zone 1,000 Metres Northwest of Main Zone at Frasergold Property
Hawthorne Gold Corp. ("Hawthorne") (TSX-V: HGC) and Eureka Resources Inc. ("Eureka") (TSX-V: EUK) are pleased to announce that recently received analyses, obtained from a soil sampling program 1,000 metres northwest of the Main Zone on the Frasergold Property, identified an area with a highly anomalous gold signature including values as high as 18.77 g/t.
"Hawthorne continues to expand the size of the gold system with the new highly anomalous soil samples and the previously announced high-grade and lower grade wide drill hole intercepts. Our geological team continues to deliver promising results and is working hard to model this deposit to determine the full potential of the mineralized system. The goal is to gain a better understanding of the deposit and define a National Instrument 43-101 compliant gold resource estimate at Frasergold," commented Richard Barclay, President & CEO of Hawthorne.
Prior to the completion of the 2008 Frasergold exploration season, the Company completed a soil geochemical sampling program to follow the strike of known mineralization to the northwest. Sample collection was focused within a 1,000 m by 300 m area approximately one kilometre northwest along the strike of the Main Zone and was conducted every 25 metres along ten lines spaced 100 metres apart connected by a baseline. A total of 114 samples was collected with two returning 18.77 g/t and 5.67 g/t Au. The strong results demonstrate the effective nature of geochemical sampling programs in the area and the opportunity to identify new high-priority zones along strike.
"The Frasergold property is historically known to contain a potential gold system that extends for approximately ten kilometres. These soil sample results validates Eureka's exploration work on the property in the 1980s and 1990s," stated John J. O'Neill, CEO and President of Eureka.
Highlights of the assay results are presented below:
- One sample yielded 18.77 g/t Au (18.77 part per million or ppm Au)
- One sample yielded 5.67 g/t Au
- One sample yielded 1.61 g/t Au
- One sample yielded 1.28 g/t Au
- One sample yielded 0.60 g/t Au
- One sample yielded 0.59 g/t Au (590 part per billion or ppb Au)
- 8 samples over 100 ppb
- 19 samples between 51 and 100 ppb
- 52 samples between 20 and 50 ppb
Assay Procedure and Results
All soil samples were collected from the B horizon and were sent to International Plasma Labs (IPL) for Au and ICP analyses. Please visit http://www.hawthornegold.com for the 2008 Drill Program Plan Map, Section 52+00E, and the Soil Sampling Grid Map.
Michael Petrina, P.Eng., the Company's Vice President of Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
About the Frasergold Option Agreement
Pursuant to an option agreement dated October 31, 2006 between Hawthorne and Eureka, Hawthorne can earn a 51% interest in the Frasergold property by completing sufficient exploration expenditures totaling $3.5 million (expended), completing a feasibility study by April 30, 2010, and making cash payments totaling $175,000 ($125,000 paid to date) before October 31, 2009. Hawthorne can earn a further 9% (for a total of 60%) by arranging financing for 70% of the estimated capital costs for production.
About Eureka Resources Inc.
Since its incorporation in 1981, Vancouver-based Eureka Resources Inc. has focused on the exploration and development of natural resource properties in order to create wealth for investors. Moreover, with renowned British Columbia entrepreneur John J. O'Neill at the helm, Eureka has long been a steady and trustworthy presence on the British Columbia mineral-exploration scene. In addition to Eureka's fostering of the Frasergold claim, the company holds the rights to the promising Lottie Lake copper claim, which is also in central British Columbia. Shares in Eureka Resources trade on the Venture Exchange of the respected Toronto Stock Exchange.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain in the latter part of 2009 and the continued resource development at the nearby Taurus deposit, as well as the Frasergold deposit in the Cariboo region of south central British Columbia.
For more information on Hawthorne, contact Todd Hanas toll free at 1-866-869-8072 or the Company at (604) 629-1505 or toll free at 1-888-629-1505, or you can visit Hawthorne's website at www.hawthornegold.com. For more information on Eureka, contact John J. O'Neill at (604) 608-6154 or you can visit Eureka's website at www.eurekaresourcesinc.com.
ON BEHALF OF ON BEHALF OF
HAWTHORNE GOLD CORP.
"Richard J. Barclay"
President & CEO
EUREKA RESOURCES INC.
"John J. O'Neill"
President & CEO
Certain information regarding the company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
- Associated File: http://www.hawthornegold.com/i/pdf/02-03-09FrasergoldSoilMapFeb32008.pdf
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You can also view this News Release on our website at:
http://www.hawthornegold.com/s/NewsReleases.asp?ReportID=336701 |