Step Out Drilling Continues to Expand the Bruce Channel Discovery
July 16, 2007
TORONTO, July 16, 2007 – 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 mineralized envelope 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
(gt/) |
Feet |
Ounces/Ton
(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 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.
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 to 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 south-west 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 south-west 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
(in Metres) |
Length |
Gold |
|
|
From |
To |
Metres |
Feet |
Grams
per Tonne
(g/t) |
Ounces
per 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 |
0.50 |
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
(in Metres) |
Length |
Gold |
|
|
From |
To |
Metres |
Feet |
Grams
per Tonne
(g/t) |
Ounces
per 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 19-6 |
|
Intersection
(in Metres) |
Length |
Gold |
|
|
From |
To |
Metres |
Feet |
Grams
per Tonne
(g/t) |
Ounces
per 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
Contact Us
For further information please feel free to contact our offices at:
Tel: 416-867-8998; Fax: 416-867-9393
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.
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