Hunter Bay Minerals plc
TSX VENTURE : HBY
OTCQX : HTBNF

July 11, 2012 17:01 ET

Hunter Bay Minerals Reports Drilling Results at Jons Pit Central, Sela Creek

LONDON, UNITED KINGDOM--(Marketwire - July 11, 2012) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY)(OTCQX:HTBNF) is pleased to announce that it has received final assay results for three diamond drill holes completed at the Jons Pit Central prospect, Sela Creek, Suriname. The holes (SKD007, SKD008 and SKD009) were drilled using HQ diameter rods through saprolite and NQ diameter rods through hard rock, and targeted the depth extension of sheeted quartz veins and limonitic zones exposed at surface by artisanal miners (Figure 1).

Table 1 discloses all mineralized intervals intercepted in holes SKD007, SKD008 and SKD009. Significant results from the drilling are shown in section on Figures 2 and 3 and are summarized below:

  • 8 meters @ 2.7 g/t gold (from 32 to 40 m, SKD008), including
    • 4 meters @ 4.57 g/t gold (from 34 to 38 m)

  • 9 meters @ 0.53 g/t gold (from 49 to 58 m, SKD008)

  • 12 meters @ 0.44 g/t gold (from 61 to 73 m, SKD008), including
    • 2 meters @ 1.46 g/t gold (from 68 to 70 m)
  • 18 meters @ 1.01 g/t gold (from 40 to 58 m, SKD009), including
    • 3 meters @ 3.22 g/t gold (from 44 to 47 m)
  • 14.2 meters @ 1.75 g/t gold (from 139.8 to 154 m, SKD009)

Results from Jons Pit Central confirm the presence of 2 main subparallel mineralized zones, over a strike length of at least 160 meters. The two mineralized zones are between 8 and 35 meters in true width and are open along strike and down dip.

The Jons Pit prospect is defined at surface over a strike length of 1.6 km by a series of shallow open pits which were excavated by artisanal miners as they exploited the oxidized tops of shear-hosted quartz veins and limonite-stained silica-pyrite altered shear zones. Hunter Bay previously completed six diamond drill holes 600 m to the NE of holes SKD007 to SKD009 at the Jon Pit main prospect, and drilling has now confirmed the presence of multiple steeply dipping zones of shear-hosted gold mineralization over a strike length of 780 metres.

Artisanal miners have recently been very active in the southeast of the Jons pit trend where they are exposing multiple zones of limonitic and quartz-vein hosted mineralization. A recent channel sample taken at the Jons Pit Southeast prospect assayed.

  • 16 meters @ 1.28 g/t gold (from 2 to 18 m, CH044), including
    • 5 meters @ 2.73 g/t gold (from 4 to 9 m)

Andrew Tunningley, Hunter Bays Chief Geologist and Executive Director comments, "Drilling at Jons Pit Central to date confirms the presence of sub-parallel, steeply dipping, sheeted quartz vein and sulphide mineralized zones beneath artisanal workings and channel samples at surface. To date mineralization intercepted in diamond drill holes is generally of higher grade and wider than defined by surface channel samples. Further drilling is planned to test the continuity of mineralization between Jons Pit and Jons Pit Central prospects, as well as to test the encouraging channel sample results from Jons Pit Southeast in an area of expanding artisanal workings. It is also apparent that there are blind mineralized structures beneath surface workings and that there remains excellent exploration potential at Sela Creek."

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 time from point of collection to delivery to the assay laboratory.

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 South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eight percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT and has a thirty percent (30%) interest in the net profits of the Fortuna Project located approximately 400 kilometers southeast of Quito, 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 the results of Hunter Bay's 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.

Table 1: Summary of holes SKD007, SKD008 and SKD009. Following routine RQD logging of core prior to geological logging and sampling, no recovery issues are believed to materially impact the accuracy of these results.
Hole ID From
(m)
To
(m)
Interval
(m)
Estimated True Width
(m)
Gold
(g/t)
SKD007 30.00 38.00 8.00 6.50 0.27
58.00 64.11 6.11 4.28 0.21
164.00 174.00 10.00 7.00 0.58
SKD008 32.00 40.00 8.00 7.00 2.70
including 34.00 38.00 4.00 2.80 4.57
44.00 46.00 2.00 1.40 0.23
49.00 58.00 9.00 5.70 0.53
61.00 73.00 12.00 7.90 0.44
including 68.00 70.00 2.00 1.40 1.46
118.00 119.45 1.45 1.02 1.83
128.00 130.85 2.85 2.00 0.61
142.60 144.00 1.40 0.98 1.45
152.00 154.00 2.00 1.40 0.40
SKD009 18.00 20.00 2.00 1.40 1.32
40.00 58.00 18.00 12.60 1.01
including 44.00 47.00 3.00 2.10 3.22
65.00 66.00 1.00 0.70 0.29
78.00 80.00 2.00 1.40 0.27
139.80 154.00 14.20 9.94 1.75

To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/hby711i.pdf.

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.

Contact Information

  • Hunter Bay Minerals plc
    Christopher Wilson
    CEO and President
    (+44) 207-127-9125