Updated Resource Estimate at Don Nicholas
22 Juni 2009 - 8:00AM
UK Regulatory
TIDMHIF
HIDEFIELD GOLD PLC
UPDATED RESOURCE ESTIMATE AT DON NICOLAS GOLD PROJECT, ARGENTINA
Hidefield Gold plc ("Hidefield" or the "Company", HIF:AIM) is pleased
to confirm the receipt of an updated report on the mineral resource
estimate for the Company's Don Nicolas gold project in East Santa
Cruz Province, Patagonia, Southern Argentina.
This report confirms that drilling to date has demonstrated a mineral
resource of 1,078,000 tonnes at 5.8 grammes per tonne ("gpt") gold
for 200,700 ounces of gold in the Indicated Category and 1,075,000
tonnes at 4.6 gpt for 158,400 ounces of gold, in the Inferred
Category. Both resource calculations were performed with a 1 gpt cut
off and a top cut of 90 gpt.
The mineral resource estimate includes Indicated plus Inferred
categories distributed among seven vein sets all located in the La
Paloma and Martinetas sectors of the project area and is contained
within 2,153,000 tonnes with an average grade of 5.20 gpt gold (6.69
gpt gold and 463,343 ounces gold if no high grade top cut is
applied).
This mineral resource estimate was carried out for the Company by
Runge Limited of Perth, Australia, an independent consultant engaged
for the purpose of completing the report, and was prepared in
compliance with the Australasian Code for Reporting of Mineral
Resources by the Joint Ore Reserves Committee (JORC) and National
Instrument 43-101 of the Standards of Disclosure for Mineral Projects
by the Canadian Securities Administrators.
Distribution of the resource is summarised in the following table.
+-----------------------------------------------------------------------------------------------+
|Don Nicolas Project |
|-----------------------------------------------------------------------------------------------|
| | Indicated | Inferred | Total Mineral Resource |
|-----------+---------------------------+---------------------------+---------------------------|
|Type | Tonnes| Au| Au| Tonnes| Au| Au| Tonnes| Au| Au|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
| | T| gpt| Ounces| T| gpt| Ounces| T| gpt| Ounces|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Sulfuro | | | | | | | | | |
|Vein | 930,000| 5.5| 165,700| 134,000| 2.0| 8,500| 1,064,000| 5.1| 174,200|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Rocio Vein | -| -| -| 93,000| 4.1| 12,400| 93,000| 4.1| 12,400|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Arco Iris | | | | | | | | | |
|Veins | -| -| -| 310,000| 5.5| 55,100| 310,000| 5.5| 55,100|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Coyote | | | | | | | | | |
|Norte Veins| 44,000| 7.6| 10,600| 66,000| 6.3| 13,300| 110,000| 6.8| 23,900|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Coyote Sur | | | | | | | | | |
|Veins | 63,000| 8.7| 17,600| 71,000| 8.6| 19,600| 134,000| 8.7| 37,200|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Armadillo | | | | | | | | | |
|Veins | -| -| -| 157,000| 3.4| 17,300| 157,000| 3.4| 17,300|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Cerro Oro | | | | | | | | | |
|Veins | 41,000| 5.1| 6,800| 245,000| 4.1| 32,300| 286,000| 4.2| 39,100|
|-----------+-----------+-----+---------+-----------+-----+---------+-----------+-----+---------|
|Total | 1,078,000| 5.8| 200,700| 1,075,000| 4.6| 158,400| 2,153,000| 5.2| 359,100|
+-----------------------------------------------------------------------------------------------+
Note: Upper top cut of 90.0gpt and lower cut-off grade of 1.0 gpt
gold; no minimum thickness. Furthermore, tonnages and total ounces
may not add to the total shown due to rounding errors.
The mineral resource estimate is based upon the results from 152
surface diamond core holes totalling 18,843 metres, and 186 surface
trenches. The drill holes were typically spaced on 25 metre centres
for Indicated mineral resources and 25 by 50 metre centres for the
Inferred mineral resource category.
Approximately 65 per cent. of the mineral resource is contained
within the Sulfuro vein at La Paloma which has an average thickness
of approximately 3 metres and has been tested for a strike length of
800 metres and maximum vertical range of 200 metres. This deposit
remains open in both strike directions and at depth. The Coyote
Norte and Sur veins at Martinetas contain high gold grades across
narrow widths within three north plunging ore shoots 50-100 metres
long; the ore shoots are delimited along strike but open down plunge.
The other veins making up the Don Nicolas resource have had limited
drilling and remain open for potential mineral resource expansion.
Mr. Danilo Silva (a Certified Profesional Geologist, registered at
the Argentinean National Geologist Counsel, under the Number 2140),
Hidefield's Vice-President, has reviewed and approved the content of
this announcement. Paul Payne, a principal and employee of Runge
Ltd, of Perth, Australia, was responsible for compiling the mineral
resource estimate referred to in this announcement and has consented
to the inclusion of the resource statement information reported in
this announcement. Mr. Payne is a "Competent Person" as defined in
the 2004 edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Resources".
ABOUT HIDEFIELD
Hidefield is a gold company with a focus on the acquisition and
development of highly prospective projects in North and South
America. The Company has a diverse portfolio of projects, those of
which in South America are directly held as are the projects in
Alaska, while those in Canada, Nevada and Arizona are held in
independent, self-funded associate companies.
Hidefield's substantial direct gold project interests are principally
in Argentina where the Company is actively exploring the advanced
stage Don Nicolas gold project in Santa Cruz Province. In Brazil the
Company is focused on the evaluation of the advanced stage Cata Preta
gold project near the historic city of Ouro Preto in the productive
Quadrilatero Ferrifero region of Minas Gerais state.
In Alaska Hidefield has a 60 per cent. interest in the Golden Zone
mineral project. The Golden Zone property is located 240 km north of
Anchorage and contains a measured and indicated resource of
approximately 253,000 ounces of gold, 1,180,000 ounces of silver and
6,114,000 pounds of copper.
For more information on Hidefield go to www.hidefieldgold.com
For further information on this release, please contact:
Hidefield Gold Plc
Ken Judge, Chairman
+ 44 773 300 1002
Investor Relations
Jon Bey: North America
+ 1 800 689 2599
Hanson Westhouse Limited
Tim Feather / Matthew Johnson
+ 44 113 246 2610
Appendix
Glossary of terms
"Au" Gold
"gpt" grammes per tonne
"high grade cut" / all values above a specified grade are reduced
"top cut" to the specified grade for the resource
calculation, to reduce estimation bias.
"indicated resources" an 'Indicated Mineral Resource' is that part of
a Mineral Resource for which tonnage,
densities, shape, physical characteristics,
grade and mineral content can be estimated with
a reasonable level of confidence. It is based
on exploration, sampling and testing
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes. The
locations are too widely or inappropriately
spaced to confirm geological and/or grade
continuity but are spaced closely enough for
continuity to be assumed.
"inferred resources" an 'Inferred Mineral Resource' is that part of
a Mineral Resource for which tonnage, grade and
mineral content can be estimated with a low
level of confidence. It is inferred from
geological evidence and assumed but not
verified geological and/or grade continuity.
It is based on information gathered through
appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill
holes which may be limited or of uncertain
quality and reliability.
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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