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Homestake Reports Surface Soil and Rock Sampling Results from Kinskuch Project

Homestake Resource Corporation ("Homestake") reported today that surface soil and rock sampling on the Kinskuch project has extended Ag-Pb-Zn mineralization south of Homestake's 2011 drilling by an additional 750 metres and expanding the overall Illiance River trend to more than 4.5 kilometres of strike length. In addition, a second sub-parallel trend of elevated Cu and Au anomalies has been identified to the west of the main trend, along a prominent geophysical conductivity anomaly.

The geologic setting is believed to be similar to the historic Dolly Varden VMS mine, the largest historic silver producer in the region. The Illiance River trend is the first of several high-priority areas identified by Homestake on this large 63,200ha property located in British Columbia, adjacent to the Company's Homestake Ridge project.

Homestake's VP of Exploration, Rob Macdonald, explains, "Some of the best VMS deposits in the world occur within Jurassic-age Hazelton rocks, and include the past-producing Eskay Creek and nearby Dolly Varden deposits. Our drilling demonstrated that Ag-Pb-Zn mineralization occurs at very attractive grades, similar to grades at the Dolly Varden deposits. Our rock and soil geochemical results, combined with our EM geophysical data, demonstrate that we have an extensive VMS horizon at Illiance River that could host several significant mineral deposits. We will initially offset our successful prior drill holes because we feel there is a very good likelihood of developing an attractive resource there, but VMS deposits typically form in clusters so other deposits probably exist in this under-explored region."

High-grade precious and base metal assays were reported in samples from several locations along the mineralized trend and extending south of the 2011 drilling, with noteworthy samples including:

  • massive sulphide float assaying 3321g/t Ag, 1.9g/t Au, 0.8% Cu, 40.1% Pb and 22.4% Zn (4341g/t AgEq)(1) from in the vicinity of previously drill holes HR11-003 and HR11-004;
  • strongly elevated silver mineralization in a series of three select chip samples ranging from 14.5g/t Ag to 61.9g/t Ag, located 350 metres to the south of the 2011 drilling; and
  • 989g/t Ag, 1.1% Cu, 0.4% Pb and 20.3% Zn (1621g/t AgEq) assay from chip sampling of outcrop located an additional 400 metres to the south.

These surface results are similar to those from initial 2011 sampling where subsequent drilling identified a series of sub-vertical mineralized VMS horizons along a 500m strike length of the trend. Results from 2011 included a 2.8 metre interval averaging 318g/t Ag, 0.4g/t Au, 2.2% Pb and 6.5% Zn (552g/t AgEq) from drill hole KN11-02; and a 3.9 metre interval averaging 268g/t Ag, 0.2g/t Au, 1.3% Pb and 6.5% Zn (462g/t AgEq) from drill hole KN11-03 (see NR-04-12).

In addition, anomalous Cu-Au values in rock and soil samples were identified west of the Ag-Pb-Zn VMS horizons within a large 1.5km x 0.5km EM geophysical anomaly, part of the company's 2011 airborne geophysical survey. This mineralization may be more analogous to mineralization discovered by the company at its Homestake Ridge deposits.

Results from the 2012 sampling include:

  • a select-chip sample of heavily disseminated sulphides in outcrop grading 6.4% Cu;
  • a series of select-chip samples along the new trend ranging from 0.1% Cu to 0.5% Cu; and
  • a series of anomalous Au (10 to 115ppb) and Cu (60 to 277ppm) values in soil samples along the trend.

Mineralization along the entire 4.5 km Illiance River trend remains open in all directions.

To view accompanying figure, visit the following link: http://media3.marketwire.com/docs/IllianceRiverTrend.jpg

Source: http://www.homestakeresource.com

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