East Santa Cruz Update
January 22 2007 - 2:00AM
UK Regulatory
HIDEFIELD GOLD PLC
EAST SANTA CRUZ MINERALISATION EXTENDED
* Phase II drilling increases the known limits of the mineralisation in the
Sulfuro Vein both along strike and at depth
* Mineral resource estimation under way
* Economic scoping study to be completed by end of March 2007
Hidefield Gold plc ("Hidefield" or the "Company", HIF:AIM) is pleased to report
significant gold mineralisation has been intercepted in a further twenty core
holes drilled during the recently extended Phase II drilling campaign on the
Sulfuro vein of the La Paloma sector of Hidefield's East Santa Cruz gold
project, Argentina. Detailed drilling results are set out in the Appendix.
Results have also been received for eight core holes on the Arco Iris vein at
La Paloma.
The Company is also pleased to report its has engaged Independent Engineers of
Perth, Australia, to carry out an initial resource estimate as part of an
economic scoping study for potential mine development at East Santa Cruz and
this is expected to be completed during the first quarter of 2007.
Significant gold mineralisation has been intercepted in drill holes S-D06-14 to
18, located at the south end of the Sulfuro vein which contains values up to
90.56 gpt gold (21.70 gpt with high grade intervals cut to 34.3 gpt) and 81.56
gpt silver along 6.00 metres (see announcement of 25 October 2006 on drill hole
S-D06-15).
The results from this group of drill holes are considered highly significant
for the project as they extend the known Sulfuro gold mineralisation sixty
metres beyond its most southerly exposure at surface and below the deepest vein
penetrations in earlier holes. This mineralisation has now also been confirmed
to a vertical depth of 150 metres.
Drill holes S-D06-19 to 33, with results up to 31.18 gpt gold (24.67 gpt with
high grades cut to 34.3 gpt) and 147.79 gpt silver along 2.20 metres in
S-D06-22 successfully tested the central and northern sections of the vein.
The Sulfuro vein has now been traced and tested by thirty six core holes, on
approximately 50 metre centres, for a strike length of 800 metres and average
depth of 100 metres. Potentially ore grade mineralisation occurs in three
partially coalescing, south-plunging "ore shoots" within the drilled strike
length. Two of the "ore shoots" at the south and north end of the vein remain
open along strike and down plunge at depth. Assay results for the thirteen
holes drilled by the Company in Phase I and a further twenty holes in the
Phase-II drilling campaign together with a surface plan and longitudinal
projection through the vein and an updated corporate presentation are available
for viewing on the Company's website (www.hidefieldgold.com).
Drill holes A-D06-08 to 15, totaling 967 metres, tested potential extensions of
gold mineralisation within the Arco Iris vein indicated by earlier programmes.
Lower grade gold mineralisation, varying from traces (less than 1 gpt gold) to
1.25 gpt gold along 4.20 metres in A-D06-09 and 3.23 gpt gold along 0.90 metres
in A-D06-10, was intercepted in all of the holes but these are considered to be
below potentially ore grade intercepts.
The Phase II drilling campaign was continued in the Martinetas sector of the
project area until termination at the holiday break on 15 December. Additional
results from thirty four holes testing the Calafate, Coyote Norte, Coyote Sur
and Cerro Oro vein systems at Martinetas are awaited and will be reported as
received.
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 of land covered by
these mineral licences. The licences cover extensive epithermal gold vein
systems with a collective strike length of more than 100km, of which only about
2 km has so far been explored in the Company's phased drill programmes at La
Paloma and Martinetas.
John Prochnau BSc (Mining Engineering), MSc (Geology), and Hidefield's Chief
Executive Officer, has reviewed and approved the content of this announcement.
Editor's Note:
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, those of which in South America are directly
held as are the projects in Alaska, while those 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 and operates in 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 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 + 44 207 590 5503
Paul Ensor
Hanson Westhouse Limited (Nomad to the Company) + 44 113 246 2610
Tim Feather
Teather & Greenwood: Landsbanki Limited (Broker to the + 44 207 426 9000
Company)
James Maxwell
APPENDIX
EAST SANTA CRUZ PROJECT
Sulfuro Vein - Drill Summary
Hole From (m) To (m) Interval (m) gpt gpt
Au Ag
S-D06-01 36.21 40.10 3.89 3.36 11.28
including
36.21 37.00 0.79 7.76 20.8
S-D06-02 54.15 64.48 10.33 3.45 6.14
including
62.0 63.5 1.50 17.78 27.22
S-D06-03 175.01 176.60 1.59 1.70 24.61
including
175.41 175.88 0.47 5.00 72.90
S-D06-04 133.94 140.85 6.91 3.48 34.0
including
138.25 140.25 2.00 10.58 97.67
S-D06-05 Abandoned above vein
S-D06-06 125.07 133.05 7.98 14.89 16.00
6.89 (cut)
including
126.86 130.20 3.34 34.23 30.93
15.01 (cut)
including
127.45 128.55 1.10 92.67 28.55
34.30 (cut)
138.0 138.40 0.40 9.16 16.40
S-D06-7 44.90 46.55 1.65 5.90 89.18
including
45.75 46.15 0.80 8.58 89.90
S-D06-8 47.35 53.30 5.95 2.86 15.97
S-D06-9 65.15 73.90 8.75 5.52 21.23
including
65.15 66.00 0.85 11.10 30.40
and
68.45 69.90 1.45 16.04 36.71
S-D06-10 77.61 82.92 5.31 3.28 18.20
including
80.00 82.00 2.00 5.94 32.17
S-D06-11 151.23 154.60 3.37 0.57 3.77
S-D06-12 88.65 92.75 4.10 4.81 17.12
including
88.65 90.20 1.55 8.58 39.45
including
89.60 90.20 0.60 13.15 73.70
S-D 06-13 61.00 66.90 5.90 8.76 15.27
including
61.00 61.55 0.55 15.65 15.00
and
64.00 66.90 2.90 14.01 26.03
76.55 77.15 0.60 17.90 30.10
S-D 06-14 75.00 76.10 1.10 3.13 46.78
77.65 83.40 5.75 18.58 18.80
8.73 (cut)
including
81.15 82.60 1.45 67.22 35.07
28.14 (cut)
S-D06-15 102.00 108.00 6.00 90.56 81.56
21.70 (cut)
including
103.00 106.70 3.70 144.98 121.19
33.31 (cut)
and
104.00 105.00 1.00 386.00 146.00
34.30 (cut)
S-D06-16 185.45 186.40 0.95 3.96 1.05
189.12 194.60 5.48 4.46 18.31
including
191.30 194.60 3.30 5.95 14.79
including
191.30 191.80 0.50 18.08 57.65
S-D06-17 97.90 101.15 3.25 37.77 61.52
19.21 (cut)
including
97.90 100.10 2.20 55.11 89.60
27.68 (cut)
102.00 104.50 2.50 2.37 5.37
S-D06-18 168.85 174.00 5.15 4.14 67.73
including
170.70 171.55 0.85 8.02 183.78
and
172.63 174.00 1.37 7.50 5.92
S-D06-19 55.30 55.70 0.40 4.01 16.80
S-D06-20 49.20 52.00 2.80 4.47 14.05
S-D06-21 95.10 100.40 5.30 3.77 12.16
including
97.50 100.40 2.90 6.03 13.10
including
97.50 99.00 1.50 8.65 17.81
S-D06-22 83.80 85.00 1.20 16.87 15.53
13.39 (cut)
90.10 92.80 2.70 31.18 147.79
24.67 (cut)
S-D06-23 109.00 112.70 3.70 7.41 20.73
including
109.00 110.45 1.45 13.08 46.62
S-D06-24 91.80 92.80 1.00 2.64 25.30
103.90 105.00 1.10 2.01 5.82
S-D06-25 92.60 95.45 2.85 1.95 19.96
including
94.60 95.45 0.85 3.98 56.35
100.80 104.00 3.20 2.81 25.26
including
102.50 103.40 0.90 6.44 24.00
S-D06-26 No significant values
S-D06-27 81.70 83.20 1.50 2.87 21.90
S-D06-28 113.55 119.00 5.45 2.31 10.79
including
117.00 119.00 2.00 3.49 19.91
S-D06-29 120.00 121.90 1.90 5.06 3.43
including
121.40 121.90 0.50 14.95 5.00
126.25 129.00 2.75 2.61 13.82
S-D06-30 137.50 140.50 3.00 2.29 21.55
144.40 144.90 0.50 8.50 13.00
S-D06-31 103.80 105.80 2.00 5.66 10.84
including
104.25 104.80 0.55 12.20 24.50
S-D06-32 89.80 92.40 2.60 8.26 63.96
including
90.25 91.15 0.90 11.33 88.7
and
92.00 92.40 0.40 17.90 82.30
S-D06.33 39.20 41.60 2.40 1.90 6.02
Note: Cut values represent high grade intercepts reduced to 34.3 grammes per
tonne gold
END
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