Hunter Bay Minerals plc
TSX VENTURE : HBY
OTCQX : HTBNF

May 29, 2012 08:00 ET

Hunter Bay Minerals Reports Drilling Results Including 42 Meters Grading 1.22 g/t Gold in SKD001 at Sela Creek

LONDON, UNITED KINGDOM--(Marketwire - May 29, 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 prospect, Sela Creek, Suriname. The three holes (SKD001, SKD002 and SKD004) were drilled using HQ diameter rods through saprolite and NQ diameter rods through hard rock as a fence line (Fence 001) beneath an artisanal open pit at the northwestern end of a 1.6 km long Jons Pit trend (Figure 1). This trend comprises a series of sub-parallel linear artisanal open pits that exploit the saprolitic parts of mineralized structures within the shear zone.

Table 1 discloses all mineralized intervals intercepted in holes SKD001, SKD002 and SKD004. Significant results from the drilling are shown in section on Figure 2 and are summarized below:

  • 42 meters @ 1.22 g/t gold (from 102 to 144 m, SKD001), including
    • 15 meters @ 2.42 g/t gold (from 105 to 120 m)
  • 28 meters @ 1.12 g/t gold (from 102 to 130 m, SKD002), including
    • 2 meters @ 5.89 g/t gold (from 115 to 117 m), and
    • 3 meters @ 2.45 g/t gold (from 120 to 123 m)

Results from Fence 1 confirm the down dip extension of gold mineralization identified in channel samples taken within limonitic zones at the base of an artisanal open pit. One of the issues that Hunter Bay has faced with channel sampling of surface workings is that many of the artisanal open pits are either flooded or back-filled with tailings material, such that channel location and length is dependent upon access and exposure. In most cases Hunter Bay has not been able to sample the larger and deeper open pits where the artisanal miners were most active (Figure 3).

The results from Fence 001 are considered highly significant, in that channel samples taken in the line of the drill fence returned assays of 4 m @ 2.35 g/t Au (Channel 043) and 10 m @ 0.55 g/t Au (Channel 003), whilst the drill holes intercepted three thick quartz-sulphide (Figures 4 and 5) mineralized structures and numerous narrow structures which define a mineralized corridor with a true width of approximately 90 m.

The base of oxidation was encountered 5 to 40 m below surface and all holes intercepted primary quartz-sulphide mineralization which assayed either similar to, or higher than, surface channel samples. This suggests that there may be net depletion of gold from the saprolite zones where they have been washed by artisanal miners and that surface channel samples may under-estimate primary gold grades.

Andrew Tunningley, Hunter Bay's Chief Geologist, comments, "We are delighted that the first three diamond drill holes intercepted wider zones of mineralization, with equivalent or better grades, than defined by surface channel samples. Mineralized zones pinch and swell over short distances, which is typical of greenstone-hosted shear zone type mineralized systems worldwide. All zones have the potential to pinch or swell along strike or down dip and represent important exploration targets."

A recent overfly of the 1.6 km long Jons Pit target indicated that drill holes SKD001, SKD002 and SKD004 were drilled at the northwestern end of the trend where artisanal pits are narrowest. Artisanal miners have been increasingly active towards the southeast of the Jons Pit trend where multiple structures have been mined over several hundred meters of width.

Hunter Bay's President and Chief Executive Officer, Dr. Chris Wilson, comments, "The activity of the artisanal miners is a significant plus as they are clearly focusing on high grade structures. The distribution of artisanal pits within the Jons Pit trend indicates that there are multiple sub-parallel mineralized zones within a broader shear corridor. The number of potentially mineralized structures increases to the southeast of the Jons Pit trend where artisanal miners are exploiting pits over a width of at least 300 meters. The distribution of these workings suggests that mineralized zones have very similar architecture and strike length to other greenstone-hosted gold deposits within the Guiana Shield such as Hicks and Smarts (Azimuth Resources) and Urucum and Tapereba (Beadell Resources Ltd)."

Drilling is ongoing and Hunter Bay is presently completing hole SKD006 which was drilled with holes SKD003 and SKD005 in a fence line 80 meters to the southeast and along strike of Fence 001. All holes in Fence 002 intercepted quartz-sulphide mineralization and assay results are pending.

Hunter Bay will move the drill rig to the Jons Pit Central prospect located 400 meters southeast along strike from Jons Pit, in order to complete two orientation fence lines across three sub-parallel zones of open pits.

The Jons Pit trend is one of several high priority targets at Sela Creek where artisanal miners have excavated numerous shallow pits above mineralized shear zones. Other targets include Puma, Cambior and Central Ridge, all of which have produced significant channel sample results and/or gold in soil anomalies. Hunter Bay is planning to drill a scout program at Cambior beneath a previously announced channel sample of 9 m @ 13.6 g/t Au after completing the next holes at Jons Pit Central.

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 SKD001, SKD002 and SKD004. 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)
Downhole
Interval
(m)
Estimated
True Width
(m)
Gold
(g/t)
SKD001 6.00 34.00 28.00 14.60 0.50
including 29.00 30.00 1.00 0.50 2.04
44.00 58.00 14.00 8.20 0.64
86.00 90.00 4.00 2.30 0.54
102.00 144.00 42.00 21.20 1.22
including 105.00 120.00 15.00 8.20 2.42
SKD002 48.00 50.00 2.00 1.20 0.24
78.00 82.00 4.00 2.30 0.89
102.00 130.00 28.00 16.00 1.12
including 115.00 117.00 2.00 1.20 5.89
and 120.00 123.00 3.00 1.80 2.45
133.00 138.00 5.00 2.70 1.46
including 135.00 136.00 1.00 0.60 4.34
146.00 147.00 1.00 0.60 1.55
166.00 168.00 2.00 1.20 0.45
184.00 194.00 10.00 5.40 0.32
222.00 225.00 3.00 1.80 1.20
228.00 230.00 2.00 1.20 0.82
252.00 254.00 2.00 1.20 0.58
SKD004 14.00 16.00 2.00 1.20 0.44
30.00 34.00 4.00 2.00 0.24
69.00 70.00 1.00 0.50 2.16
74.00 75.00 1.00 0.50 0.32
80.00 83.00 3.00 1.80 1.16

To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/hby529_F1-3.pdf.

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Contact Information

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