Attention Business Editors:
Significant grades and widths continue to be intersected at the Bruce Channel Discovery
48.70 Metres (159.78 ft) at 8.84 g/t Gold (0.26 oz/t)
Including 59.74 g/t over 2.10 Metres (1.74 oz/t over 6.89 ft)
TSX: GEA
TORONTO, May 3 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) (OTCBB:GEAFF)
("Gold Eagle" or the "Company") is pleased to announce the latest series of
drill holes on the Bruce Channel Discovery ("BCD") at its 100% owned Gold
Eagle property in Red Lake, Ontario. The Gold Eagle property is situated along
the Red Lake Trend, west of Goldcorp's Red Lake and Campbell Mines and
immediately southwest of Goldcorp's Cochenour-Willans Mine.
Highlights:
- Drilling continues to intersect significant grades and widths
- Drilling continues to intersect multiple high grade zones
- The mineralized envelope extends 1,100 metres vertically with
horizontal dimensions of 615 metres NE-SW by 450 metres NW-SE.
- The mineralized envelope remains open in all directions
- FN Drilling Exploration Program
Highlights of latest drilling:
Hole Number Metres grams/tonne Feet ounces/ton
(g/t) (oz/t)
BC 17-21 48.70 8.84 159.78 0.26
BC 17-21 8.00 7.35 26.25 0.21
BC 19-6 8.10 6.50 26.57 0.19
BC 19-6 0.80 24.79 2.62 0.72
BC 19-6 1.30 53.64 4.27 1.56
BC 21-4 0.40 44.57 1.31 1.30
BC 21-4 1.60 16.90 5.25 0.49
BC 21-4 0.80 32.16 2.62 0.94
The BCD is a significant gold structure intersected at approximately 850
metres beneath the Bruce Channel waterway. To date approximately 63,000 metres
of Diamond drilling has been completed and the mineralized envelope is
currently estimated to extend a minimum of 1,100 metres vertically and
approximately 615 metres northeast-southwest and 450 metres
northwest-southeast. In common with Goldcorp Inc's Red Lake Mine, Campbell
Mine and Cochenour Willans Mine, the BCD lies within the Balmer Assemblage.
The structural and mineralogical characteristics are very similar to the
aforementioned mines. Gold is found in its native form as well as within
Sulphide rich zones - particularly those with 'felted' fine grained
arsenopyrite. A number of high grade structures have been identified within
the BCD mineralized envelope and are showing horizontal and vertical
continuity.
Drilling continues at the BCD which remains open in all directions. This
work continues to establish continuity of the gold bearing zones in addition
to targeting both the vertical and horizontal extensions of the BCD
mineralized envelope.
Drill Results:
BC 17 series
------------
BC 17-20 and BC 17-21 are the final two "wedge" holes in the BC 17
series. They are the furthest to the south-west that this series of holes has
traversed. The BC 17 series have outlined several large zones of gold
mineralization in the north-eastern section of the BCD.
BC 17-20
-------------------------------------------------------------------------
Gold
Intersection -------------------------
(in Metres) Length Grams Ounces
---------------------------------------------- per Tonne per Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
960.30 963.60 3.30 10.83 3.89 0.11
-------------------------------------------------------------------------
966.60 968.40 1.80 5.91 7.17 0.21
-------------------------------------------------------------------------
BC 17-20 was stopped short due to technical problems encountered during
drilling.
BC 17-21
-------------------------------------------------------------------------
Gold
Intersection -------------------------
(in Metres) Length Grams Ounces
---------------------------------------------- per Tonne per Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
887.40 895.40 8.00 26.25 7.35 0.21
-------------------------------------------------------------------------
including 0.80 2.62 25.41 0.74
-------------------------------------------------------------------------
931.10 932.50 1.40 4.59 3.76 0.11
-------------------------------------------------------------------------
990.40 991.90 1.50 4.92 5.48 0.16
-------------------------------------------------------------------------
1026.30 1029.50 3.20 10.50 5.21 0.15
-------------------------------------------------------------------------
1043.80 1045.25 1.45 4.76 4.96 0.14 VG
-------------------------------------------------------------------------
1065.60 1067.00 1.40 4.59 3.27 0.10 VG
-------------------------------------------------------------------------
including 0.32 1.05 27.39 0.80 VG
-------------------------------------------------------------------------
1,168.70 1,169.40 0.70 2.30 22.73 0.66
-------------------------------------------------------------------------
1101.10 1101.38 0.28 0.92 14.98 0.44 VG
-------------------------------------------------------------------------
1113.60 1115.70 2.10 6.89 9.32 0.27
-------------------------------------------------------------------------
1119.60 1120.30 2.80 9.19 8.25 0.24
-------------------------------------------------------------------------
1157.70 1176.40 18.70 61.35 5.33 0.16 VG
-------------------------------------------------------------------------
1179.20 1180.60 1.40 4.59 4.07 0.12
-------------------------------------------------------------------------
1194.60 1243.30 48.70 159.78 8.84 0.26 VG
-------------------------------------------------------------------------
including 0.70 2.30 25.82 0.75
-------------------------------------------------------------------------
2.10 6.89 59.74 1.74
-------------------------------------------------------------------------
0.70 1.08 37.47 0.64 VG
-------------------------------------------------------------------------
1267.60 1268.30 0.70 2.30 6.43 0.19
-------------------------------------------------------------------------
BC 19 series
------------
The BC 19 series of holes are continuing to explore the area between
BC�10, BC 11 and BC 21.
BC 19-6
-------------------------------------------------------------------------
Gold
Intersection -------------------------
(in Metres) Length Grams Ounces
---------------------------------------------- per Tonne per Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
1,397.60 1,399.53 1.93 6.33 7.80 0.29 VG
-------------------------------------------------------------------------
including 0.38 1.25 27.87 0.81 VG
-------------------------------------------------------------------------
1,412.70 1,420.80 8.10 26.57 6.50 0.19
-------------------------------------------------------------------------
including 0.70 2.30 22.80 0.67
-------------------------------------------------------------------------
1,583.00 1,583.80 0.80 2.62 24.79 0.72
-------------------------------------------------------------------------
1,634.20 1,635.00 0.80 2.62 3.68 0.11
-------------------------------------------------------------------------
1,889.50 1,890.80 1.30 4.27 53.64 1.56
-------------------------------------------------------------------------
Including 0.31 1.02 218.50 6.37 VG
-------------------------------------------------------------------------
1,910.30 1,911.10 0.80 2.62 5.78 0.17
-------------------------------------------------------------------------
1,917.80 1,918.50 0.70 2.30 8.67 0.25
-------------------------------------------------------------------------
2,009.90 2,011.50 1.60 5.25 3.86 0.11
-------------------------------------------------------------------------
2,046.80 2,047.50 0.70 2.30 4.18 0.12
-------------------------------------------------------------------------
BC 21 series
------------
The BC 21 series of holes continue exploration of the BCD towards the
south-west.
BC 21-4
-------------------------------------------------------------------------
Gold
Intersection -------------------------
(in Metres) Length Grams Ounces
---------------------------------------------- per Tonne per Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
861.00 862.00 1.00 3.28 3.84 0.11
-------------------------------------------------------------------------
1,800.20 1,801.00 0.80 2.62 12.40 0.36
-------------------------------------------------------------------------
1,827.20 1,827.60 0.40 1.31 7.85 0.23 VG
-------------------------------------------------------------------------
1,843.20 1,845.60 2.40 7.87 4.58 0.13
-------------------------------------------------------------------------
1,847.20 1,852.00 4.80 15.75 5.57 0.16
-------------------------------------------------------------------------
1,827.60 1,828.00 0.40 1.31 44.57 1.30
-------------------------------------------------------------------------
1,988.00 1,989.60 1.60 5.25 16.90 0.49
-------------------------------------------------------------------------
2,019.00 2,020.60 1.60 5.25 3.73 0.11
-------------------------------------------------------------------------
2,028.60 2,029.40 0.80 2.62 32.16 0.94
-------------------------------------------------------------------------
2,049.20 2,050.00 0.80 2.62 14.60 0.43
-------------------------------------------------------------------------
2,058.00 2,059.60 1.60 5.25 11.74 0.34
-------------------------------------------------------------------------
2,062.00 2,063.60 1.60 5.25 6.32 0.18
-------------------------------------------------------------------------
Notes:
- VG - visible gold
- Lengths reported are core intersection lengths and do not represent
true widths
- It is anticipated that true width estimates will be made possible
after additional drilling
- Conversion Method: grams per tonne (g/t) multiplied by 0.292 equals
troy ounces per short ton (oz/t)
FN Drilling Exploration Program
-------------------------------
The FN Series of holes was initiated as a reconnaissance exploration
program to test the conformation and extent of the McKenzie Island
Granodiorite and to further examine the potentially prospective "contact" area
between the granodiorite and the juxtaposed metavolcanic/metasedimentary Bruce
Channel/Balmer sequences.
FN 1-1 is the first "mother" hole for a series of wedge holes. It is
located on McKenzie Island and is collared approximately 1,500 metres west,
south-west of BC 21 and approximately 300 m south of GS 10 (the nearest drill
hole of the Western Discovery Zone). FN 1-1 commenced drilling at an Azimuth
of 092 and was allowed to swing north to a final Azimuth of 075. The
inclination of the drill at the collar was set at -75 degrees and gradually
flattened to -69 degrees to reach a total drill hole length of 2,410.7 metres
(approximately 2,300 metres vertical from surface). FN 1-1 was also located to
facilitate the drilling of a series of wedged holes into the area south-west
of the BC 21 Series.
Drilling the FN 1-1 "mother" hole has been technically challenging and
the first set of wedges were abandoned short of the targeted depth. Drilling
is continuing and it is anticipated that a series of wedge holes will be
successfully completed.
About Gold Eagle
Gold Eagle Mines Ltd is a Canadian based junior natural resource company
developing a significant new gold discovery in the prolific Red Lake gold
camp, located in Northern Ontario, Canada.
Qualified Person
The drill program is being carried out under the direction of Mr. John F.
Whitton, P.Geo, qualified person within the meaning of National Instrument
43-101. Mr. Whitton has reviewed the contents of this news release.
Sample preparation and assay procedures are carried out by SGS
Laboratories in Red Lake using standard fire assaying with an AA or
gravimetric finish where appropriate. Samples noted to contain Visible Gold
when core logging are assayed using a screened metallics procedure with a
gravimetric finish.
Forward-Looking Statement
The statements made in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections. Accordingly, readers should not place undue reliance on
forward-looking statements. For a more detailed discussion of such risks and
other factors, refer to Gold Eagle's filings with Canadian securities
regulators available on www.sedar.com or the Company's website at
www.goldeaglemines.com
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and the
information contained herein.
%SEDAR: 00024756E
For further information: please feel free to contact our offices at Tel: (416)
867-8998, Fax: (416) 867-9393, www.goldeaglemines.com
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Gold Eagle Mines Ltd
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EXPLORATION STAGE |
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CODE : GEA.TO |
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Gold Eagle Mines is a gold development stage company based in Canada. Its main exploration property is GOLD EAGLE MINE in Canada. Gold Eagle Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.1 billions as of today (US$ 937.7 millions, € 664.1 millions). Its stock quote reached its highest recent level on September 30, 2008 at CA$ 10.37, and its lowest recent point on September 30, 2008 at CA$ 10.37. Gold Eagle Mines has 106 919 000 shares outstanding. |