SOURCE: Hunt Gold Corporation

February 24, 2009 09:47 ET

Hunt Gold Corporation -- Company Releases Remainder of the Highly Successful Assay Results

Company Releases the Balance of the Initial Assay Reports From Its First Drilling Program and Proves Gold Mineralization in Each of Its Drill Holes

NEW YORK, NY--(Marketwire - February 24, 2009) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced yesterday, the assay results from the first five drill holes of its first recently completed drill campaign at the Company's "Mockingbird" Gold Project in Arizona. The assay work was done by Jacobs Assay of Tucson, Arizona.

The Company releases the remainder of the Assay Results for the remaining three drill holes:

-- All of the first eight drill holes encountered Gold Mineralization.
Eighth Drill Hole encountered High Grade Gold. The Assay Results have
matched and in fact beaten, the Company's Management expectations.
-- Based upon proven historical geological drilling and Assay Results and
data supported by the current ongoing exploration work at the Company's
"Mockingbird" Gold Property, Management was correct in its statement
yesterday, where we stated that we are of the opinion that the new
extensive drilling and exploration campaign will yield considerably higher
grades than detailed in this announcement and considers this substantial
investment to be justified.
-- Initial Assay Results clearly prove that Management's decision to embark
upon the Company's new "Non Stop" Drilling Campaign at considerable expense
is justified based upon the initial phase of drilling and the subsequent
Assay results announced today. Management considers its decision to
authorize the US$10 million in Convertible Bonds to be sound and sensible
given the proven Gold Mineralization of its small initial drilling
campaign; now allowing for a massive drilling program to commence without
delay.
-- New Drilling Contracts to be announced this week and to commence without
delay. Bids for 5,000 feet of reverse circulation (RC) drilling have been
solicited from the final two preferred drilling companies.  The Company is
currently in the second round of this bidding.  This RC drilling will be at
a dramatically lower cost per foot than the core drilling done for the
first drill campaign.
-- An additional 320 acres of mining claims have been staked this week,
bringing the Company's "Mockingbird" Gold Project claims to almost 3,000
acres.

Hunt Gold Corporation's CEO, Michael G Saner, stated that he is "delighted with the success of the Company's initial campaign and the Assay Results published yesterday and today; which clearly prove that the Company's 'Mockingbird' Gold Property is extremely viable." He added that "the new extensive drilling campaign will now prove up significant additional Gold reserves. In short, the Company's Management is absolutely delighted with these initial results."

Hunt Gold Corporation is pleased to announce the assay results for the last three drill holes from its recent eight hole drill campaign at the Company's "Mockingbird" Gold Property in Arizona.

High grade gold was found in the last (8th) drill hole at the Company's "Dandy Gold Mine" on the Company's "Mockingbird Gold Property." The interval from 105 to 108 feet assayed .16 ounces of gold per ton. This interval is in the hanging wall of the Dandy vein.

The high grade of gold intercepted by the 8th drill hole at the Dandy Mine is consistent with the historic production at the Dandy Mine: 2,500 ounces of gold were produced in the early 20th century from gold ore with an average grade of one ounce of gold per ton. And, as previously announced, past sampling of dumps at the Dandy Mine had gold values up to two ounces per ton.

The fact that gold mineralization with a grade of .16 ounces per ton was not previously mined is especially exciting, since this interval was in the hanging wall of an old stope (mine working). This suggests that there may be a substantial un-mined gold resource at the Dandy Gold Mine that was considered too low grade to mine 100 years ago, but could be profitably mined today at the much higher current gold market price.

The Dandy Gold Mine is a likely target for substantial footage of RC drilling during the next drilling campaign commencing shortly.

It should also be stressed that all of the eight holes from the drill campaign encountered gold mineralization.

The assay results for gold and silver for the 6th, 7th and 8th drill holes are:

Hole Number      Interval(feet)   Gold(ounces / ton)  Silver(ounces / ton)
-----------      -------------    -----------------   -------------------
Great West Mine
GW-08-5              60 - 65            .005                < .05
                     65 - 70          < .001                < .05
                     70 - 75            .005                < .05
                     90 - 95            .001                < .05
                     95 - 110         < .001                < .05
                     110 - 115        < .001                  .10
                     115 - 120        < .001                < .05
                     120 - 125        < .001                  .05
                     125 - 130          .003                < .05
                     130 - 135          .002                  .10

Dandy Mine

D - 09-1             90 - 95            .006                < .05
                     95 - 100           .003                < .05
                     100 - 105          .001                < .05
                     105 - 110        < .001                  .05
                     110 - 115          .010                  .15
                     115 - 120          .003                  .05
                     120 - 125          .004                  .10
                     125 - 130          .002                  .05
                     130 - 135          .003                  .05
                     135 - 140        < .001                  .05
                     140 - 145          .002                  .05
                     145 - 150        < .001                  .10
                     150 - 157          .001                  .05

D-09-2               65 - 70            .003                  .05
                     70 - 75            .002                  .05
                     75 - 85            .004                < .05
                     85 - 90          < .001                  .10
                     90 - 95            .001                < .05
                     95- 100            .002                < .05
                     100 - 105          .003                < .05
                     105 - 108          .16                   .10
                     (this interval was the hanging wall of the Dandy vein)
                     108 - 117          .011                  .05
                     (this interval was gob from a filled stope)
                     117- 123           .001                  .05
                     (this interval was gob from a filled stope and some of
                      the footwall)

For the purposes of providing a complete overview of the Assay Results from the initial campaign, we are including the results released yesterday, to provide stockholders with all of the data from the initial Drill Campaign:

Two holes at the Company's "Great West Gold Mine" on the "Mockingbird" Gold property encountered especially encouraging gold intervals: GW-08-1, 110 feet to 115 feet, .070 ounces of gold per ton and GW-08-04, 105 feet to 110 feet, .041 ounces of gold per ton. Open pit gold mines in the Arizona / California / Nevada region have profitably mined gold that assayed as low as .02 ounces per ton, although establishment of the cutoff grade for mining at Mockingbird will need to await preparation of the feasibility study, which will require several more rounds of drilling.

As previously announced, the Company is well underway in establishing a geochemical control grid at the property. Over 50 rock chip samples have been taken so far from numerous historic workings throughout the 4+ square mile property. Upon completion of this work, the anomalous values for gold, silver and copper (a pathfinder element at the Company's "Mockingbird" Gold Property) will be mapped, contoured and used to select drill sites for the next drill campaign.

The main targets for the next round of drilling will be in the vicinity of the low-angle Mockingbird Detachment Fault, which is a sub-horizontal interface between the older Precambrian rocks and the younger overlying upper plate Tertiary volcanic rocks. This zone was mined at the Mockingbird Mine itself and hosted a majority of the Mockingbird District's historic production of 15,000 ounces of gold.

The assay results for gold and silver for the first five holes are:

Hole Number      Interval(feet)   Gold(ounces / ton)  Silver ounces / ton)
-----------      -------------    -----------------   -------------------
Great West Mine
GW-08-1              70 - 95          < .001                < .05
                     95 - 100         < .001                  .05
                     100 - 105          .002                  .05
                     105 - 110          .005                  .05
                     110 - 115          .070                  .10
                     115 - 120          .001                < .05

GW-08-2              80 - 85          < .001                  .05
                     85 -90             .001                  .05
                     90 - 100         < .001                  .05
                     100 - 105        < .001                  .10
                     105 - 115        < .001                  .05
                     115 - 120          .001                  .10

GW-08-03             37 - 40            .002                  .05
                     40 - 45          < .001                  .10
                     45 - 50            .003                  .15
                     50 - 55            .003                  .05
                     70 - 75            .004                  .05
                     75 - 80            .006                  .25
                     80 - 85          < .001                  .05
                     85 - 90            .002                  .05
                     90 - 95            .001                  .05
                     95 - 100         < .001                  .05
                     100 - 105        < .001                  .10
                     105 - 110        < .001                  .15
                     110 - 115          .001                  .05
                     115 - 120        < .001                  .15

GW-08-04             45 - 55          < .001                < .05
                     55 - 65          < .001                  .05
                     65 - 70          < .001                  .10
                     70 - 75          < .001                  .05
                     75 - 80          < .001                  .10
                     80 - 90          < .001                < .05
                     90 - 95          < .001                  .15
                     95 - 100           .002                  .10
                     100 - 105          .001                  .15
                     105 - 110          .041                  .15
                     110 - 120        < .001                  .05
                     140 - 150          .001                  .15
                     150 - 155        < .001                  .20
Pocahontas Mine
P-08-1
                     107 - 110.5      < .001                < .05
                     110.5 - 115        .003                < .05
                     115 - 120          .001                < .05
                     120 - 125          .006                < .05
                     125 - 130          .003                < .05
                     130 - 135          .001                  .10

ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Williamson," "Blue Copper Mine," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders. The Company has disposed of its "Lookout" Silver Projects and will be retaining an amount of US$65 million in quoted stock from that disposal.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.

Contact Information

  • For further information contact:

    MDM Worldwide Solutions, Inc. (Investor Relations Enquiries)
    E Mail : Email Contact
    Telephone : (646) 961-4458
    Contact : Richard Hausig

    Hunt Gold Corporation (Corporate Enquiries)
    E Mail: Email Contact
    Telephone: (954) 840-6956
    Contact: Mr. Michael G Saner