Updated Resource Estimate at Don Nicolas Gold
Project, Argentina
London, 22 June, 2009: Hidefield
("Hidefield" or the "Company", HIF:AIM) is pleased to
confirm the receipt of an updated report on the mineral resource estimate
for the Company's Don Nicolas gold project in East Santa Cruz Province,
Patagonia, Southern Argentina.
This report confirms that drilling to date has
demonstrated a mineral resource of 1,078,000 tonnes at 5.8 grammes per
tonne ("gpt") gold for 200,700 ounces of gold in the Indicated
Category and 1,075,000 tonnes at 4.6 gpt for 158,400 ounces of gold, in the
Inferred Category. Both resource calculations were performed with a 1 gpt
cut off and a top cut of 90 gpt.
The mineral resource estimate includes Indicated
plus Inferred categories distributed among seven vein sets all located in
the La Paloma and Martinetas sectors of the project area and is contained
within 2,153,000 tonnes with an average grade of 5.20 gpt gold (6.69 gpt
gold and 463,343 ounces gold if no high grade top cut is applied).
This mineral resource estimate was carried out for
the Company by Runge Limited of Perth, Australia, an independent consultant
engaged for the purpose of completing the report, and was prepared in
compliance with the Australasian Code for Reporting of Mineral Resources by
the Joint Ore Reserves Committee (JORC) and National Instrument 43-101 of
the Standards of Disclosure for Mineral Projects by the Canadian Securities
Administrators.
Distribution of the resource is summarised in the
following table.
Don Nicolas Project
|
|
Indicated
|
Inferred
|
Total Mineral Resource
|
|
Tonnes
|
Au
|
Au
|
Tonnes
|
Au
|
Au
|
Tonnes
|
Au
|
Au
|
Type
|
T
|
gpt
|
Ounces
|
T
|
gpt
|
Ounces
|
T
|
gpt
|
Ounces
|
Sulfuro Vein
|
930,000
|
5.5
|
165,700
|
134,000
|
2.0
|
8,500
|
1,064,000
|
5.1
|
174,200
|
Rocio Vein
|
-
|
-
|
-
|
93,000
|
4.1
|
12,400
|
93,000
|
4.1
|
12,400
|
Arco Iris Veins
|
-
|
-
|
-
|
310,000
|
5.5
|
55,100
|
310,000
|
5.5
|
55,100
|
Coyote Norte Veins
|
44,000
|
7.6
|
10,600
|
66,000
|
6.3
|
13,300
|
110,000
|
6.8
|
23,900
|
Coyote Sur Veins
|
63,000
|
8.7
|
17,600
|
71,000
|
8.6
|
19,600
|
134,000
|
8.7
|
37,200
|
Armadillo Veins
|
-
|
-
|
-
|
157,000
|
3.4
|
17,300
|
157,000
|
3.4
|
17,300
|
Cerro Oro Veins
|
41,000
|
5.1
|
6,800
|
245,000
|
4.1
|
32,300
|
286,000
|
4.2
|
39,100
|
Total
|
1,078,000
|
5.8
|
200,700
|
1,075,000
|
4.6
|
158,400
|
2,153,000
|
5.2
|
359,100
|
Note: Upper top cut of 90.0gpt and lower cut-off
grade of 1.0 gpt gold; no minimum thickness. Furthermore, tonnages and
total ounces may not add to the total shown due to rounding errors.
The mineral resource estimate is based upon the
results from 152 surface diamond core holes totalling 18,843 metres, and
186 surface trenches. The drill holes were typically spaced on 25 metre
centres for Indicated mineral resources and 25 by 50 metre centres for the
Inferred mineral resource category.
Approximately 65 per cent. of the mineral resource
is contained within the Sulfuro vein at La Paloma which has an average
thickness of approximately 3 metres and has been tested for a strike length
of 800 metres and maximum vertical range of 200 metres. This deposit remains
open in both strike directions and at depth. The Coyote Norte and Sur veins
at Martinetas contain high gold grades across narrow widths within three
north plunging ore shoots 50-100 metres long; the ore shoots are delimited
along strike but open down plunge. The other veins making up the Don
Nicolas resource have had limited drilling and remain open for potential
mineral resource expansion.
Mr. Danilo Silva (a Certified Profesional
Geologist, registered at the Argentinean National Geologist Counsel, under
the Number 2140), Hidefield's Vice-President, has reviewed and approved the
content of this announcement. Paul Payne, a principal and employee of Runge
Ltd, of Perth, Australia, was responsible for compiling the mineral
resource estimate referred to in this announcement and has consented to the
inclusion of the resource statement information reported in this
announcement. Mr. Payne is a "Competent Person" as defined in the
2004 edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Resources".
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 Don Nicolas gold project in Santa Cruz
Province. 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 per cent. interest in
the Golden Zone mineral project. 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.
For further information on this release, please
contact:
Hidefield Gold Plc
Ken Judge, Chairman: + 44 773 300 1002
Investor Relations
Jon Bey (North America): + 1 800 689 2599
Hanson Westhouse Limited (Nomad)
Tim Feather / Matthew Johnson: + 44 113 246 2610
Glossary
of terms:
"Au"
|
Gold
|
"gpt"
|
grammes
per tonne
|
"high grade cut" / "top cut"
|
all values above a specified grade are reduced
to the specified grade for the resource calculation, to reduce estimation
bias.
|
"indicated
resources"
|
an 'Indicated Mineral Resource' is that part of
a Mineral Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes. The
locations are too widely or inappropriately spaced to confirm geological
and/or grade continuity but are spaced closely enough for continuity to
be assumed.
|
"inferred
resources"
|
an 'Inferred Mineral Resource' is that part of a
Mineral Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from geological
evidence and assumed but not verified geological and/or grade continuity.
It is based on information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes
which may be limited or of uncertain quality and reliability.
|
"mineral
resource"
|
a 'Mineral Resource' is a concentration or
occurrence of material of intrinsic economic interest in or on the
Earth's crust in such form, quality and quantity that there are
reasonable prospects for eventual economic extraction. The location,
quantity, grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific geological
evidence and knowledge. Mineral Resources are sub-divided, in order of
increasing geological confidence, into Inferred, Indicated and Measured
categories.
|
|