BALD EAGLE'S HOT SPRINGS JOINT VENTURE COMPLETES DRILLING, INITIAL CORE LOGGING, AND MOVES FORWARD WITH CORE CUTTING AND ANALYSIS
Bald Eagle Gold Corp. has completed the fieldwork portion of the current drill program at its Hot Springs joint venture in Nevada. Five core holes have been drilled to vertical depths averaging over 300 metres. Four of the holes were drilled to twin historic drill holes and investigate mineralization below the previously drilled depth of 200 metres. The program holes were planned significantly deeper than historic drilling with the objective of advancing an epithermal mineralization model and establishing correlation between mineralization and geophysical defined anomalies and structures identified in the prior exploration programs.
- Identified significant structures over majority of property. Historically such structures are known to host gold mineralization in Nevada;
- Completed five core drill holes;
- Two holes drilled into identified structures to test for new gold mineralization throughout all horizons from surface;
- Three holes drilled to extend gold mineralization at depth;
- Brecciation is consistent with epithermal gold mineralization. Company observed significant brecciation and sulphide mineralization in drill core;
- Drill results currently being processed in the lab and results anticipated in due course;
- Additional drilling planned based on outcome of initial program.
Sidney Himmel, president, chief executive officer and director of the company: "With the field drill program completed, the company expects initial analytical results to be received in the coming weeks. Additional results will become available in succession. This project is located at the junction of the prolific Getchell-Comstock gold trend and the northwestern Nevada epithermal province. Fieldwork and logging to date has been entirely consistent with our expectations regarding the Hot Springs property. The significant alteration and brecciation observed during core logging is common with epithermal gold models in Nevada. Sample QA/QC has been vigorously implemented. Current laboratory analysis will include gold and silver content by fire-assay methods, along with a multielement package which includes epithermal mineralization indicator elements such as arsenic and antimony."
Exploration program update
During the fourth quarter of 2020, a geophysics program was conducted and consisted of six lines spanning four kilometres of controlled-source audio-frequency magnetotellurics (CSAMT) at 100-metre spacings and three lines spanning four kilometres of induced polarization (IP) at 100-metre spacings. The program was able to define specific structural features in the Harmony formation with promising physical characteristics for epithermal gold deposition. The Harmony formation is a key mineralization target for drilling. Promising stratigraphic horizons were identified during the program, including epithermal-type alteration and brecciation.
Preliminary interpretations from core logging indicate that the elevated IP chargeability response represents sulphide mineralization, which is consistent with the objective of the geophysics program completed. Zones of brecciation and comb-quartz/sulphide vein systems were observed with the elevated sulphide content. This type of mineralization is encouraging since epithermal gold mineralization in Nevada commonly occurs within sulphides. The alteration observed during the program consisted argillic alteration, silicification, quartz-sericite-pyrite, veining and other related alteration.
The Hot Springs property
The Hot Springs property is a joint venture between the company and Osgood Mountain Gold LLC. The property consists of approximately 11,894 acres comprising private mineral rights and unpatented federal lode mining federal claims. This location in north-central Nevada is located at the junction of the prolific Getchell gold trend and the northwestern Nevada epithermal province. The land position is situated approximately 25 miles west of the Twin Creeks, Getchell and Pinson mines, and 30 miles east of the Sleeper mine.
On March 5, 2021, the company filed a National Instrument 43-101 report on the property, entitled "NI 43-101 Technical Report, Hot Springs Gold Project, Humboldt County, Nevada." A set of historical data exists for 8,175 metres of drilling across 91 drill holes. The historic drill programs outlined a near-surface zone of gold mineralization in an area with dimensions of approximately 1,200 metres by 400 metres. This area is known as the Dutch Flats shear zone.
The technical information in this news release has been reviewed and approved for disclosure by Mark T. Smethurst, PGeo, senior geologist for Bald Eagle Gold and a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
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