Hunt Mining Corp.
TSX VENTURE : HMX

Hunt Mining Corp.

March 22, 2011 09:01 ET

Hunt Mining Corp.: Drilling Intersects More High Grade Gold at La Josefina

LIBERTY LAKE, WASHINGTON--(Marketwire - March 22, 2011) - Hunt Mining Corp. (the "Corporation") (TSX VENTURE:HMX) is pleased to announce results from the ongoing diamond drilling program at the La Josefina Project in Santa Cruz province, Argentina.

Results continue to come in from the Veta Ailin structure located in the Central Zone of La Josefina. This structure had limited historic drill testing and was not considered in the current La Josefina National Instrument 43-101 resource estimations. Recently received assays from the 2011 drill program have confirmed, and expanded, the occurrence of high-grade gold, silver, and base-metal mineralization along a 200 meter stretch of the Veta Ailin structure. Eight of the eleven drill holes being reported in this news release cut significant precious and/or base metal mineralization (table 1).

The best interval was from hole SC-D11-255, with a true mineralized width of:
  • 1.94 meters grading 135.31 g/t (grams/tonne) gold, 39.72 g/t silver and 6.51% lead Including:
    • 0.47 meters of 206.08 g/t gold, 89.40 g/t silver and 4.0 % lead.
    • 0.52 meters of 97.64 g/t gold, 20.90 g/t silver and 1.7% lead.
    • 0.50 meters of 228.01 g/t gold, 47.10 g/t silver and 6.1% lead.
Hole SC-D11-252 included a true mineralized width of:
  • 3.00 meters grading 7.14 g/t gold, 133.44 g/t silver 6.67% lead and 1.16% copper 
    Including:
    • 0.48 meters of 0.26 g/t gold, 580.00 g/t silver, 2.1% copper and 30.0% lead
    • 0.52 meters of 27.20 g/t gold, 42.10 g/t silver, 1.3% copper and 1.0% lead
Hole SC-D11-258 included a true mineralized width of:
  • 2.85 meters grading 2.38 g/t gold, 178.65 g/t silver and 25.18% lead
    Including:
    • 0.43 meters of 1.44 g/t gold, 729.00 g/t silver, and 26.8% lead
    • 0.48 meters of 3.73 g/t gold, 253.00 g/t silver, and 24.8% lead
    • 0.48 meters of 9.08 g/t gold, 53.70 g/t silver, and 13.9% lead

The current drill campaign is planned to comprise 12,000 meters of HQ and NQ diamond core drilling on the Corporation's La Josefina and El Gateado projects. The La Josefina drilling program has been designed to increase the current resource base by offsetting historic drill holes that were excluded from the current NI43-101 resource and drilling step out holes on the five identified ore shoots that remain open to expansion. In addition, the Corporation will drill test portions of the more than 15 kilometers of exposed mineralized structures that remain undrilled. At El Gateado, 2,000 meters of core drilling is planned to offset and expand a mineralized zone identified during a 2006 drilling campaign where hole GAT-DDH-001 intersected 11.3 meters (estimated to be true width) of 3.65 g/t gold.

The Corporation's management is very pleased with the continued high grade drill results on Veta Ailin and optimistic that they will significantly expand and upgrade the current resource base at La Josefina.

Table 1. Veta Ailin HQ Diamond Core Drilling Results

Hole ID From   To   Interval (m ) True Wth (m ) Au g/t   Ag g/t   Cu % Pb % Zn %
SC-D11-250                 N/S   N/S   N/S   N/S   N/S  
SC-D11-251 63.35   63.75   0.40   0.38   1.36   23.20   1.00   0.17   0.03  
SC-D11-252 54.00   57.20   3.20   3.00   7.14   133.44   1.16   6.67   N/S  
Including 54.60   55.10   0.50       0.26   580.00   2.10   30.00   0.04  
Including 55.65   56.20   0.55       27.20   42.10   1.30   0.97   0.04  
SC-D11-253                 N/S   N/S   N/S   N/S   N/S  
SC-D11-254 12.55   14.10   1.55   1.47   0.34   10.65   N/S   2.10   N/S  
SC-D11-255 14.16   16.20   2.04   1.94   135.31   39.72   N/S   3.35   N/S  
Including 14.16   14.65   0.49       206.08   89.40   0.39   4.00   0.22  
Including 14.65   15.20   0.55       97.64   20.90   0.24   1.70   0.19  
Including 15.20   15.73   0.53       228.01   47.10   0.49   6.10   0.20  
SC-D11-256 43.60   44.90   1.30   1.25   1.42   43.83   N/S   9.38   N/S  
SC-D11-257 27.25   28.25   1.00   0.95   1.17   184.85   N/S   26.05   N/S  
Including 27.25   27.80   0.55       1.02   232.00   0.21   30.00   0.84  
SC-D11-258 24.35   27.35   3.00   2.85   2.38   178.63   N/S   12.08   N/S  
Including 24.75   25.20   0.45       1.44   729.00   0.37   26.80   0.12  
Including 25.20   25.70   0.50       3.73   253.00   0.12   24.80   0.05  
Including 25.70   26.20   0.50       9.08   53.70   0.23   13.90   0.09  
SC-D11-259 15.50   16.35   0.85   0.81   1.57   293.45   N/S   24.21   N/S  
Including 15.90   16.35   0.45       1.32   443.00   0.22   30.00   0.14  
SC-D11-260                 N/S   N/S   N/S   N/S   N/S  
 
Notes:
  • True widths were estimated at 95% of intercept width based on surface sampling, Drill hole inclinations and cross section comparisons
  • All drilling has been conducted in accordance with standard industry practices
  • All samples are being prepared and assayed by Alex Stewart Laboratories in Mendoza Argentina
  • An analysis of all company quality control and assurance practices can be reviewed in our NI 43-101 technical report for La Josefina posted on SEDAR
  • N/S indicates intervals not deemed to be significant

Mel Klohn, Senior Technical Advisor for the Corporation is the Qualified Person under NI 43-101 who has approved the technical content of this new release.

About Hunt Mining

Hunt Mining Corp. has been an active and aggressive explorer in Santa Cruz since 2006. Since that time, the Corporation's wholly owned subsidiary, Cerro Cazador S.A. ("CCSA"), has completed a large amount of exploration activity including more than 39,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 12,000 surface channel, chip, and trench samples. The Corporation is currently engaged in a resource expansion drilling campaign at the flag-ship La Josefina project. Historical results and additional information can be viewed at www.huntmining.com.

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, relating, but not limited to the Corporation's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes or other expectations including with respect to the planned drilling program on the Corporation's La Josefina and El Gateado projects and the expansion and improvement of the resource base on the Corporation's La Josefina project . Such forward looking-information is based on current expectations that involve a number of known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, failure to establish estimated resources, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of mineral resources and unanticipated operational or technical difficulties and other factors. Such forward-looking information are based on a number of assumptions, including but not limited to, the availability of financing, no significant decline in existing general business and economic conditions, the level and volatility of the price of gold, the accuracy of the Corporation's resource estimates and of the geological, metallurgical, price and other assumptions on which the estimates are based. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Corporation does not assume the obligation to revise or update this forward-looking information after the date of this announcement or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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