March 9, 2012, Friday, 21:12 GMT | 17:12 EST | 02:42 IST | 05:12 SGT
Contributed by Marketwire
Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY)(OTCQX:HTBNF) is pleased to announce that it has received further channel sample results from the Jons Pit and Cambior prospects at Sela Creek (Figure 1), including 10 meters at 2.51 g/t gold (CH038) at Jons Pit and 2 meters at 26.58 g/t gold (including 1 meter at 51.37 g/t gold) at Cambior Pit (Figures 2 and 3).
To view figures 1-3, please visit the following link: http://media3.marketwire.com/docs/hby309i.pdf.
Results from CH038 (10 m at 2.51 g/t gold) at Jons pit are especially significant. Artisanal miners have recently re-worked the area and exposed a greater width of the mineralized zone, which was previously only partially exposed due to being covered by tailings and overburden. There remain a number of areas along strike from known mineralization within the Jons Pit prospect which are covered by tailings where Hunter Bay cannot currently sample, and these zones represent excellent exploration targets.
The Jons Pit prospect comprises a number of artisanal pits which have been excavated along a northwest trending shear zone with a strike length of at least 1.5 kilometers (Figure 2). The mineralized section of the shear zone is up to 16 meters wide and gold mineralization is associated with limonite-silica altered schist with disseminated voids after pyrite and a narrow white-clay selvedge after K-feldspar. The latest channel sample results from the Jons Pit prospect include:
-- 6.0 meters at 1.07 g/t gold (from 0.0 to 6.0 meters, CH037),
-- 10.0 meters at 2.51 g/t gold (from 0.0 to 10.0 meters, CH038), including
-- 1.0 meter at 5.82 g/t gold (5.0 to 6.0 meters)
-- 4.0 meters at 3.14 g/t gold (from 0.0 to 4.0 meters, CH039), including
-- 1.0 meter at 6.50 g/t gold (0.0 to 1.0 meters)
-- 3.0 meters at 1.17 g/t gold (from 6.0 to 9.0 meters, CH039),
-- 4.0 meters at 3.25 g/t gold (from 0.0 to 4.0 meters, CH043), including
-- 1.0 meter at 6.11 g/t gold (1.0 to 2.0 meters)
Artisanal miners at the Cambior Pit have exploited a sheeted quartz vein zone that is up to 10 meters wide and has a strike length of over 700 meters (Figure 3). Veins generally dip sub-vertically and are hosted at the inferred contact between a granitoid and schist. The latest channel sample results from the Cambior Pit include:
-- 1.0 meter at 6.05 g/t gold (from 0.0 to 1.0 meters, CH040)
-- 2.0 meters at 26.58 g/t gold (from 4.0 to 6.0 meters, CH040), including
-- 1.0 meter at 51.37 g/t gold (4.0 to 5.0 meters)
Results from the sampling program to date have delineated drill targets at Jons Pit, Cambior and Puma prospects, which occur in a 7 kilometer long northwest mineralized trend. Channel sampling at these prospects is now complete and Hunter Bay's exploration program will focus on the 5000 meter drill program due to commence in Q2 2012. In addition Hunter Bay continues to soil sample in areas of interest along strike from artisanal workings. Artisanal miners also continue to expose new areas and these areas will be sampled accordingly as they present.
Assay Procedure
Sample preparation and gold fire assay was carried out by The Assay Office (Suriname), Paramaribo, Suriname. The laboratory is not certified. The Assay Office includes routine Canadian Certified Reference Materials (CCRM), in-house standards and blank samples with each sample submission. Hunter Bay inserts its own routine QAQC samples, including gold certified reference material and blank material which are routinely checked. Hunter Bay ensures that chain-of-custody is maintained at all times from point of collection to delivery to the assay laboratory.
Qualified Person
Andrew Tunningley, MAusIMM (CP), a director of Hunter Bay, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects is responsible for the work program on the Sela Creek Project. Mr Tunningley has supervised and approved all technical information contained in this news release.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in Canada and South America. Hunter Bay currently owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT, has an option to acquire up to an eighty percent (80%) interest in the Sela Creek Project located in Suriname and has an option to acquire a forty five percent (45%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to commence its planned drill program at the Sela Creek Project, Hunter Bay's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Hunter Bay's properties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Hunter Bay Minerals plc Christopher Wilson CEO and President (+44) 207-127-9125
SOURCE: Hunter Bay Minerals Plc
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