Attention Business Editors:
Step out drilling continues to expand the Bruce Channel Discovery. Latest results include 15.36 metres (50.39 ft) @ 23.24 g/t (0.68 oz/t)
TSX: GEA
TORONTO, July 16 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) (OTCBB:GEAFF)
("Gold Eagle" or the "Company") is pleased to announce its latest series of
drill results from the Bruce Channel Discovery ("BCD") on 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 expands the BCD envelope by approximately 30 metres to the
south-west
- The mineralized envelope extends a minimum of 1,100 metres vertically
with horizontal dimensions of 645 metres northeast-southwest by
450 metres northwest-southeast;
- Drilling continues to intersect significant grades and widths;
- Drilling continues to intersect multiple high-grade zones;
- The mineralized envelope remains open in all directions;
- Four drill rigs currently operating.
Highlights of latest drilling:
Hole Number Metres Grams/Tonne Feet Ounces/Ton
(g/t) (oz/t)
BC 19-7 15.36 23.24 50.39 0.68
BC 19-7 0.79 167.13 2.60 4.87
BC 19-8 2.40 21.30 7.87 0.62
BC 19-8 0.37 80.64 1.21 2.35
BC 21-6 9.00 11.92 29.53 0.35
BC 21-6 0.40 47.69 1.31 1.39
BC 21-6 0.40 50.98 1.31 1.49
The BCD is a significant gold structure intersected at approximately 850
metres beneath the Bruce Channel waterway. The mineralized envelope is
currently estimated to extend a minimum of 1,100 metres vertically and
approximately 645 metres northeast-southwest and 450 metres
northwest-southeast.
In common with Goldcorp Inc's Red Lake, Campbell and Cochenour Willans
Mines 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.
Four drill rigs (BC 19, BC 23, BC 27, FN 1) are currently on the Gold
Eagle property.
- BC 19 and BC 23 are completing a series of 'wedge' holes within the
current mineralized envelope to further test continuity of identified
gold structures.
- BC 27 is a step-out hole, testing the area immediately to the
southwest of the current mineralized envelope.
- FN 1 is currently testing a potentially new area of gold
mineralization beneath the Bruce Channel waterway, approximately
450 metres west-southwest of the Bruce Channel Discovery mineralized
envelope.
A fifth drill rig, capable of drilling 2,500 metres, is expected in the
coming weeks. Upon arrival, this rig and, the rig currently located at FN 1
will be relocated to the south-westerly edge of the current BCD mineralized
envelope. A step-out drilling program from both the mainland and McKenzie
Island will then commence in a southwest direction towards the FN series, some
450 horizontal metres away.
BC 19 Series
The BC 19 Series is located on the mainland approximately 200 metres
southwest of the BC 23 Series. The BC 19 Series is aimed at establishing
continuity between the BC 10 and BC 11 Series of holes to the northeast and
the BC 21 Series located a further 200 metres southwest. These 'wedge' drill
holes are very important as they further establish the structural and
mineralogical continuity of gold zones within the mineralized envelope.
See map, "Drill Plan (BC Series-16Jul07)", on the company website
http://www.goldeaglemines.com/_bin/images/maps.cfm
BC 19-7
-------
BC 19-7 intersected a number of high grade structures with visible gold
between 1,365 metres to 2,013 metres, a down-hole distance of 648 metres.
These structures show potential for both vertical and horizontal continuity.
BC 19-7
-------------------------------------------------------------------------
Intersection Length Gold
(in Metres) -----------------------------------
-------------------------------------- Grams per Ounces per
From To Metres Feet Tonne (g/t) Ton (oz/t)
-------------------------------------------------------------------------
1,365.40 1,377.14 11.74 38.52 6.84 0.20 VG
-------------------------------------------------------------------------
including 0.46 1.51 79.13 2.31 VG
-------------------------------------------------------------------------
1,378.59 1,393.95 15.36 50.39 23.24 0.68 VG
-------------------------------------------------------------------------
including 0.79 2.60 167.13 4.87 VG
-------------------------------------------------------------------------
0.62 2.03 38.26 1.12
-------------------------------------------------------------------------
0.43 1.41 51.70 1.51 VG
-------------------------------------------------------------------------
0.78 2.55 53.23 1.55 VG
-------------------------------------------------------------------------
0.48 1.57 163.54 4.77 VG
-------------------------------------------------------------------------
1,402.90 1,408.00 5.10 16.73 11.35 0.33 VG
-------------------------------------------------------------------------
including 0.50 1.64 57.12 1.67
-------------------------------------------------------------------------
1,411.00 1,411.50 0.50 1.64 16.10 0.47 VG
-------------------------------------------------------------------------
1,451.00 1,452.00 1.00 3.28 7.55 0.22
-------------------------------------------------------------------------
1,776.00 1,777.00 1.00 3.28 8.38 0.24
-------------------------------------------------------------------------
1,861.10 1,861.43 0.33 1.08 16.15 0.47 VG
-------------------------------------------------------------------------
1,865.60 1,866.00 0.40 1.31 15.02 0.44 VG
-------------------------------------------------------------------------
1,878.20 1,879.70 1.50 4.92 5.20 0.15 VG
-------------------------------------------------------------------------
1,985.00 1,985.50 0.50 1.64 6.62 0.19
-------------------------------------------------------------------------
2,003.80 2,004.30 0.50 1.64 7.67 0.22
-------------------------------------------------------------------------
2,012.60 2,013.54 0.94 3.08 30.20 0.88 VG
-------------------------------------------------------------------------
including 0.40 1.31 68.47 2.00 VG
-------------------------------------------------------------------------
BC 19-8
-------
BC 19-8 intersected a number of high grade structures with visible gold
between 1,303 metres to 1,608 metres, a down-hole distance of 305 metres.
These structures show potential for both vertical and horizontal continuity.
BC 19-8
-------------------------------------------------------------------------
Intersection Length Gold
(in Metres) -----------------------------------
-------------------------------------- Grams per Ounces per
From To Metres Feet Tonne (g/t) Ton (oz/t)
-------------------------------------------------------------------------
1,303.00 1,306.00 3.00 9.84 5.02 0.15 VG
-------------------------------------------------------------------------
1,402.40 1,403.20 0.80 2.62 5.37 0.16
-------------------------------------------------------------------------
1,435.90 1,446.30 10.40 34.12 7.82 0.23 VG
-------------------------------------------------------------------------
including 0.37 1.21 80.64 2.35 VG
-------------------------------------------------------------------------
1,461.70 1,467.30 5.60 18.37 5.03 0.15
-------------------------------------------------------------------------
1,482.20 1,483.80 1.60 5.25 6.73 0.20
-------------------------------------------------------------------------
1,579.40 1,580.30 0.90 2.95 3.27 0.10 VG
-------------------------------------------------------------------------
1,581.90 1,584.30 2.40 7.87 21.30 0.62 VG
-------------------------------------------------------------------------
including 0.80 2.62 59.52 1.74 VG
-------------------------------------------------------------------------
1,590.60 1,593.60 3.00 9.84 5.85 0.17 VG
-------------------------------------------------------------------------
1,604.50 1,605.70 1.20 3.94 9.50 0.28
-------------------------------------------------------------------------
1,606.90 1,608.60 1.70 5.58 15.27 0.45 VG
-------------------------------------------------------------------------
including 0.34 1.12 65.69 1.92 VG
-------------------------------------------------------------------------
1,614.80 1,615.50 0.70 2.30 26.47 0.77
-------------------------------------------------------------------------
1,649.90 1,650.70 0.80 2.62 7.28 0.21
-------------------------------------------------------------------------
1,728.10 1,728.90 0.80 2.62 5.10 0.15
-------------------------------------------------------------------------
1,788.90 1,789.70 0.80 2.62 6.92 0.20
-------------------------------------------------------------------------
BC 21 Series
The BC 21 Series is located on the mainland approximately 200 metres
southwest of the BC 19 Series. The BC 21 Series is providing both step-out
drilling to the south-west and testing the continuity of high grade gold
mineralization structures intersected in the BC 19 Series. These 'wedge' drill
holes are very important as they provide structural and mineralogical
continuity of gold zones within the mineralized envelope. A new hole, BC 25
Series, has been collared to further test the mineralization to the south-west
of the BCD.
See map, "Drill Plan (BC Series-16Jul07)", on the company website
http://www.goldeaglemines.com/_bin/images/maps.cfm
BC 21-6
-------
BC 21-6 is a step-out hole designed to test the continuity of gold
mineralization to the south-west down the Bruce Channel. This hole
successfully intersected structures and gold mineralization approximately
30�metres to the southwest of any previous Bruce Channel Discovery drill
holes.
-------------------------------------------------------------------------
BC 21-6
-------------------------------------------------------------------------
Intersection Length Gold
(in Metres) -----------------------------------
-------------------------------------- Grams per Ounces per
From To Metres Feet Tonne (g/t) Ton (oz/t)
-------------------------------------------------------------------------
904.00 905.00 1.00 3.28 6.77 0.20
-------------------------------------------------------------------------
1,614.00 1,615.00 1.00 3.28 5.10 0.15
-------------------------------------------------------------------------
1,694.00 1,703.00 9.00 29.53 11.92 0.35 VG
-------------------------------------------------------------------------
including 0.40 1.31 47.69 1.39 VG
-------------------------------------------------------------------------
0.40 1.31 50.98 1.49 VG
-------------------------------------------------------------------------
BC 21-5
-------
Drill hole was abandoned short of targeted depth. No significant values.
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)
About Gold Eagle Mines Ltd.
Gold Eagle Mines Ltd is a Canadian based 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 ALS
Laboratories 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.
For further information: please feel free to contact our offices at Tel: (416)
867-8998, Fax: (416) 867-9393, www.goldeaglemines.com
