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HuntMountain Enhances El Capitan
Silver-Gold Project by Acquiring
Historic Mine
(SPOKANE, WA) HuntMountain Resources
(OTCBB:HNTM)(Frankfurt:MPT) announced the acquisition of the El Milagro
mining concession in the Chinipas district of western Chihuahua State,
Mexico. El Milagro is a 247-acre (100-hectare)
high-grade exploitation concession encompassing a historic
gold-silver-lead mine with production dating back to the 17th century.
The property is contained within the Company�s El Capitan Silver-Gold
Project area located mid-trend along the prolific Sierra Madre Gold
Belt and lies approximately 30 kilometers north of Coeur�s Palmarejo
silver-gold project. The property shares a similar geological
setting to many of the deposits situated within the Sierra Madre
Occidental. The concession was purchased outright through
HuntMountain�s wholly-owned subsidiary, Cerro Cazador Mexico S.A. de
C.V., with a 2.5% net profits royalty retained by the previous owners.
El Milagro is a key component of
the broader El Capitan project which encompasses multiple zones of
known precious and base metal occurrences including several that have
undergone small-scale, historic mining. Mine workings within the
concession have exposed high-grade hydrothermal vein systems,
silicified structures, and oxidized quartz breccias containing gold,
silver, copper, and lead mineralization. Preliminary grab samples
taken within the mine during a due diligence period returned the following
outstanding results*:
- 246 g/t (7.2 oz/t) silver, 42.3 g/t (1.23
oz/t) gold, 3.82% copper, and 1.64% lead
(#MIL 002)
- 583 grams/tonne (g/t) (17.0 ounces/ton)
(oz/t) silver, 6.86 g/t (0.20 oz/t) gold, and 77.5% lead (#12101)
- 665 g/t (19.4 oz/t) silver, 8.37 g/t
(0.244 oz/t) gold, and 77.5% lead (#12104)
- 624 g/t (18.2 oz/t) silver, 3.02 g/t (0.09
oz/t) gold, and 83.9% lead (#12109)
- 555 g/t (16.2 oz/t) silver, 3.84 g/t (0.11
oz/t) gold, and 84.8% lead (#12110)
During the initial reconnaissance
phase of exploration led by Company geologist Hernando Rueda, M.Sc.,
eleven representative channel samples were taken across observed
mineralized structures within and around the Milagro mine
workings. Assays returned anomalous gold (>0.05 grams) and
silver (>1 gram) values in 100% of the samples. Significant
base metal values were also present in over one half of the samples.
The most notable assays are listed below:
|
Sample
|
From
|
To
|
Interval
|
Gold
|
Silver
|
Cu
|
Pb
|
Zn
|
|
#
|
(m)
|
(m)
|
(m)
|
g/t
|
g/t
|
%
|
%
|
%
|
|
MIL 001A
|
0
|
0.5
|
0.5
|
31.9
|
21.9
|
0.09
|
0.61
|
0.12
|
|
MIL 001B
|
0.5
|
1.0
|
0.5
|
21.7
|
19.1
|
0.09
|
0.28
|
0.08
|
|
MIL 001C
|
1.0
|
1.5
|
0.5
|
30.1
|
28.3
|
0.06
|
0.56
|
0.06
|
|
MIL 001D
|
1.5
|
2.0
|
0.5
|
8.81
|
11.7
|
0.04
|
0.19
|
0.03
|
|
MIL 003A
|
0
|
0.5
|
0.5
|
2.39
|
22.3
|
0.11
|
1.64
|
0.10
|
|
MIL 003B
|
0.5
|
0.72
|
0.22
|
29.3
|
535
|
0.55
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>30
|
0.57
|
|
MIL 003C
|
0.72
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1.02
|
0.3
|
2.15
|
44.9
|
0.42
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3.19
|
0.58
|
|
MIL 004B
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0.3
|
0.67
|
0.37
|
19.95
|
104
|
0.12
|
8.82
|
0.01
|
�El
Milagro contains some of the most prospective ground within the El
Capitan project area, and we are greatly pleased to have completed its
acquisition,� said President and Chairman Tim Hunt. �The Milagro
mine is known as �Cerro Plomosa� or �Mountain of Lead� by local
residents, and we are eager to conduct an extensive exploration
campaign that verifies the extent of precious and base metal
mineralization within the existing workings. Preliminary sampling
confirms the presence of high grade gold and silver epithermal veins
with a significant lead component. We look forward to releasing
additional news from our efforts across the broader El Capitan project
area over the next several months.�
Preliminary exploration
consisting of reconnaissance, channel sampling, and geological mapping
continues throughout the project area. Additional mine workings
have been discovered in the southwest, central, and southeast portions
of the concession, and targets are being delineated for a phase one
drilling program. Company representatives are also working with
local and regional authorities to complete all permits and agreements
necessary for road improvements and drilling.
Certified sample preparation, gold
and silver fire assay, and 28 element ICP analysis were carried out by
ALS Chemex in Chihuahua, Mexico. The qualified person who has reviewed
this news release is James F. Ebisch, M.Sc. Geology. He is a Registered
Professional Geologist in the state of Oregon (G #928).
*Grab samples were
assayed by Chris Christopherson, Inc. of Kellogg, Idaho USA.
HuntMountain
Resources Ltd. is a U.S.-based junior
exploration company engaged in acquiring, exploring and developing
precious and base metals properties throughout North and South America.
The Company currently controls and operates projects in Santa Cruz
Argentina, Chihuahua Mexico, Nevada USA, and Quebec Canada.
This news release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Forward-looking
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy, and some of which might not
even be anticipated. This news release is neither a prospectus nor an
offer to sell securities or stocks in the company. It is intended for
informational purposes only.
FOR FURTHER INFORMATION PLEASE CONTACT:
Steve Taylor, Director of Investor Relations
HuntMountain Resources
(509) 892-5287 phone
staylor@huntmountain.com
www.huntmountain.com
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