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Agnico Eagle Provides Results of 2013 Exploration Program for Homestake Ridge Project

Homestake Resource Corporation reported today that optionee Agnico Eagle Mines Limited has provided the Company with results of the 2013 exploration program for the Homestake Ridge project.

The highlight of the program is a bonanza-grade silver intercept in drilling southeast of the Homestake Silver Deposit that appears to be the edge of a new mineral deposit, possibly on the same structure or on a parallel structure to the one hosting the Main Homestake and Homestake Silver deposits. Hole HR13-253 contains a 18.6 metre interval averaging 101.8 g/t silver from 364.4 to 383.0 metres down hole, including a 0.5 metre interval averaging 1,675.0 g/t silver from 364.4 to 364.9 metres (the true thickness has not been determined yet).

The bonanza-grade silver drill intercept is in an area referred to as the Slide Target, which is located 400 metres to the south of the Homestake Silver deposit. Elevated silver values and strongly anomalous pathfinder minerals, such as antimony, barium and arsenic, were returned from two holes drilled up-dip from the bonanza-grade intercept. These holes contain similar pathfinder values to those present in holes located adjacent to the Homestake Silver deposit. A lateral offset (i.e. HR13-258) to the interval was terminated as the drill deviated from its intended direction and could not reach the projected target. This hole still ended in anomalous silver mineralization of up to 14g/t Ag over a 1.00 metre interval (469.5 to 470.5 metres).

The mineralized interval comprises a series of colloform banded quartz-carbonate veins containing galena (lead), sphalerite (zinc), pyrite, chalcopyrite (copper) and black sulphosalts (silver) with a distinct epithermal vein character, similar in style to veins most closely associated with upper portions and lateral margins of the nearby Homestake Silver deposit (4.4Mt grading 2.8g/t gold and 130.4g/t silver at an $85NSR cut-off). The intercept occurs at 275 metres vertically below surface.

Agnico Eagle has been operating the project since January 2013 as a continuation of the 2012 Option Agreement on the property. The 2013 exploration program included:

  • 3,947 metres of core drilling in 10 holes distributed widely at the property (see attached map);
  • surface mapping and prospecting throughout the property;
  • soil sampling over previously untested areas; and
  • the completion of 18.9 line-kilometres of IP/Res geophysics over several target areas, including the Homestake Main, Homestake Silver, and South Reef Zones.

Work by Agnico Eagle in 2013 was designed primarily to examine several new areas and deposit types throughout the property. Mapping positively identified a multi-kilometre strike-length of what has been interpreted to be equivalent to the "Eskay Creek" horizon in the upper Hazelton stratigraphy in two areas on the property, including a large lense of sedimentary rocks located to the south of the Homestake Silver deposit. Four holes tested this sedimentary package with Hole HR13-252 returning 82.5 metres averaging 1,580ppm zinc, indicating possible proximity to a previously undetected VMS system.


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