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Newsroom - Clients - HNTM
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
HuntMountain Resources
HuntMountain Finalizes Contract to Develop Argentine Gold Property
SPOKANE, WA--(MARKET WIRE)--Aug 8, 2007 -- HuntMountain Resources (OTC BB:HNTM.OB - News) (Frankfurt:MPT.F - News) is delighted to announce that the company's Argentine subsidiary, Cerro Cazador S.A. (CCSA), has signed a definitive agreement with Fomicruz S.E., the provincial government's exploration entity, to explore and develop the advanced La Josefina precious metal property in Santa Cruz, Argentina. On July 24, 2007 in a public ceremony attended by government and private industry dignitaries including the Governor of Santa Cruz, executives from Fomicruz, HuntMountain, Cerro Cazador, and members of the press, the company agreed to invest a minimum of USD$6,000,000 in exploration and development over a four-year period. This represents a significant investment in the province where Cerro Cazador controls an additional six exploration concessions.
Mr. Tim Hunt, Chairman and CEO of HuntMountain, who attended the ceremony and met with government officials, commented, "The addition of the La Josefina property brings our total land position in Santa Cruz to 283,000 acres (114,000 hectares) and positions HuntMountain as one of the largest and most prominent precious metal exploration companies in the region." He added, "This partnership, essentially with the government of Santa Cruz, should bring some unique benefits to Cerro Cazador's exploration and development efforts in the province. We are committed to maintaining a close relationship with Fomicruz officials and geo-scientists, and to providing training to young professionals as we work together to define and expand the high-grade precious metal occurrences known to exist at La Josefina. We will also continue additional exploration to identify new potential deposits. Our immediate goal is to upgrade and expand an existing internally-calculated resource of 150,000 ounces of gold in order to define a larger 43-101-compliant resource within the next two field seasons."
The La Josefina project is located in the central-north portion of the Santa Cruz Province in the Deseado Massif and comprises an area of over 130,000 acres (52,770 hectares). It encompasses a 10 km long hydrothermal alteration belt that is 1 to 3 km wide, hosted within pyroclastic rocks of the Chon Aike Formation (middle to upper Jurassic in age). Since 1994, a number of exploration programs have been carried out in the area, including regional and detailed (1:500) geological mapping; soil, regolith and rock sampling; trenching; geophysical surveys; and drilling. Most of these programs were carried out by Fomicruz in collaboration with the Instituto de Recursos Minerales (INREMI) of the La Plata University at a cost of more than USD$2,800,000. As a result of this exploration, more than 8,000 samples were collected and assayed, 3,900 meters of trenches were opened and sampled, and a total of 4,100 meters of diamond core drilling was completed and analyzed. Most of the exploration was carried out in three prospective areas -- Central, Veta Norte, and the Sinter sector. The first two areas consist mainly of gold and silver bearing quartz veins, stockworks, and hydrothermal breccias. These are normally associated with argillization and propilitization alteration halos. Mineralized veins and structures generally trend NW-SE to NE-SW and exhibit compositions and textures that are distinctive of low sulfidation epithermal deposits. In contrast, the Sinter sector is characterized by the presence of deposits indicative of high level geothermal systems including superficial siliceous to carbonate precipitates and replacements, hydrothermal eruption breccias, and steam-vent associated alteration.
Trench samples in the Sinter sector have returned gold values that locally exceed 500 grams per ton (g/t). In addition, 1,750 meters of shallow core drilling was completed in this area, with most holes drilled to less than 80 meters depth. The best interval from this drilling was 12.2 meters of 22.94 g/t gold. In the Veta Norte area, trench samples locally reached 33 g/t gold and 479 g/t silver. Thirty-five trenches and 15 shallow core holes have been completed along a 900 meter vein system crossing the Veta Norte area. The best drill intersection in the Central area was an interval of 2.1 meters returning 164.3 g/t gold and over 100 g/t silver. In the Central area, 32 diamond drill holes were completed and 12 trenches crossing observed veins were cut. All drill holes were shallow, with only four reaching beyond 50 meters in depth. The table below shows highlights from each of these three areas.
La Josefina Sample Results - Fomicruz S.E.
Sample Interval Gold Silver
Area Type Length (m) (g/t) (g/t)
---------- ---------- ---------- ---------- ----------
Sinter Drill Core 12.20 22.94
7.26 4.16
3.00 7.48
2.00 2.51
1.90 2.96
1.00 3.92
Trench 3.00 176.93
7.00 114.07
Veta Norte Drill Core 0.71 42.52 145.00
0.52 23.84 52.50
3.00 7.76 155.30
2.45 4.65 17.50
1.70 1.21 114.60
0.90 5.65 429.00
0.50 8.92 109.00
1.40 4.07 156.00
1.41 17.20 232.50
2.80 3.48 7.00
1.73 12.64 12.37
0.98 1.75 107.50
4.00 3.04 19.16
Trench 19.80 4.99
1.00 6.94
1.00 5.56
1.00 5.21
4.00 3.83
3.00 4.14
2.00 3.60
Central Drill Core 2.10 164.30 101.10
0.74 88.80 86.50
5.01 1.31 5.55
7.01 1.62 7.76
0.47 20.00 75.60
1.97 1.25 62.95
HuntMountain Resources is a U.S.-based junior exploration company engaged in acquiring, exploring and developing precious and base metals properties throughout North and South America. This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not even be anticipated. This news release is neither a prospectus nor an offer to sell securities or stocks in the company. It is intended for informational purposes only.
Randal Hardy
President
HuntMountain Resources
(509) 892-5287
(509) 892-5318 Fax
rhardy@huntmountain.com
Matt Hughes
Vice President of Exploration
HuntMountain Resources
(509) 892-5287
(509) 892-5318 Fax
mhughes@huntmountain.com
http://www.huntmountain.com
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