VANCOUVER, CANADA, April 5, 2013 - Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company")
(CNSX: HHS) is pleased to announce the completion of spring 2013 diamond drilling and ground magnetic geophysical survey programs at the Company's English Bay Gold Property in the LaRonge Gold Belt, Saskatchewan, Canada.
The 2013 spring program consisted of 2 diamond drill holes (CSP-36 and CSP-37) totaling 478 metres (m) designed to confirm and expand the down dip extent of previous encountered diamond drill intercepts of high-grade gold mineralization. Ground magnetic geophysical surveys totaling 6.7 line-km were completed over the NNE trending linear magnetic anomaly coincident with drill intercepted high-grade gold quartz vein and pyrite-pyrrhotite mineralization; in addition to a second parallel NNE trending magnetic high anomaly located 2 kilometers to the northwest of the "Main Zone" of mineralization. Diamond drilling of this second High Priority geophysical target was planned; however spring-melt conditions have prohibited equipment access to proposed drill sites.
Diamond drilling between 1997 and 2001 at English Bay Gold Property defined two steeply WNW dipping sheeted quartz vein systems, spaced by a true-width of 40 m, over a NNE trending strike length of 250 m, and 200 m vertical extent from surface. Within this Main Zone of drilling the "Upper" and "Lower" vein zones being defined by a total of 15 individual drill hole intercepts.
Drill holes CSP-36 and CSP-37 (100o azimuth / -50o and -75o degree dip) were designed to infill drill section 7310N at the centre of the Main Zone and to confirm previous high grade gold intercepts of 37.24 grams-per-tonne (g/t) gold (1.09 ounces-per-ton; oz/t) over 2.59 m encountered at a depth of 114.6 m within 1997 drill hole CSP-3 (85o azimuth / -60o degree dip).
At a depth of 31.1 m drill hole (drilled width) CSP-36 (-50o) intersected an 11.86 m zone of 3-5% banded, fracture fill and disseminated pyrite-pyrrhotite and minor quartz vein mineralization consistent with the Upper Vein zone; and at a depth of 73.42 m a 14.03 m (drilled width) zone of 3-10%finely banded to disseminated pyrite-pyrrhotite containing numerous narrow pyrite mineralized quartz stringers consistent with the Lower vein zone. Between the depths of 45.60 and 73.33 m drill hole CSP-37 (-75o) intersected 0.33 m and 3.33 m (drilled width) sheared, crenulated, and sericite altered quartz-carbonate-pyrite (?pyrrhotite) vein zones giving way at a depth of 125.13 m to a broad 138.20 m (drilled width) strongly deformed sulphide zone containing between 5% and locally up to 30% banded to semi-massive pyrrhotite-pyrite. Within the sulphide zone, three separate pyrite-pyrrhotite mineralized boudinaged quartz-carbonate vein zones having widths of 4.85, 6.15 and 12.15 m were intersected between 133.15 and 208.85 m depth downhole.
Core logging of CSP-37 is currently ongoing and it is anticipated that a total of 75 (1 m drilled width) half-split core samples from drill hole CSP-36 and in excess of 200 samples from CSP-37 will be submitted for gold fire-assay and multi-element ICP-MS analysis.
To view a map depicting the locations of a completed 2013 drill hole and historical drill holes at the English Bay Gold Property, please visit Hi Ho's website at www.hihoresources.com/?page_id=634
About English Bay Gold Property
Historical work on this property between 1997 and 2001 by a private company included ground magnetic and very low frequency electro-magnetic (VLF-EM) geophysical surveys and diamond drilling. This orientation drilling program included 35 holes totaling 4,707 metres within the 4 claims comprising the 2,087 hectare (5,157 acre) English Bay Property.
Diamond drilling targeted a 600 metre north-northeast trending magnetic and VLF-EM conductive anomaly. Gold mineralization at the English Bay Property is associated with quartz-carbonate veining, and disseminated to semi-massive pyrite-pyrrhotite mineralization hosted within fine-grained metasediments.
A number of historical significant high-grade gold intersections were discovered during the previous diamond drill programs. At a depth of 114.6 metres, drill hole CSP-3 returned assays of 37.24 grams-per-tonne (g/t) gold (1.09 ounces-per-ton; oz/t) over 2.59 metres. Drill hole CSP-35, collared 25 m to the south of CSP-3, intersected two zones of mineralization; including 2.44 metres grading 9.38 g/t gold (0.27 oz/t) at a depth of 160.0 metres, and 1.22 metres grading 19.10 g /t gold (0.56 oz/t) at 173.7 metres. Drill hole CSP-16 collared 300 metres to the south of CSP-3 intersected a shear zone at depth of 105.5 metres that returned assays of 72.86 g/t gold (2.13 oz/t) over 1.22 metres. This drilling was conducted without the supervision of a Qualified Person, and as such must be confirmed by additional drilling conducted under National Instrument 43-101 standards. The previous results cannot be relied upon for investment purposes.
The LaRonge Gold belt is home to many past and currently operating mines, including Anglo Rouyn, Contact Lake, Jolu, Roy Loyd, and Komis, with additional projects and operations currently being developed.
The 2013 English Bay Gold Property exploration program is supervised by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant of APEX Geoscience Ltd., Edmonton, AB, who is the qualified person for the project as defined by National Instrument 43-101. Mr. Raffle has reviewed the portion of the technical content of this news release as it relates to the English Bay Property. Drill core samples from the 2013 diamond drill program will be submitted to TSL Laboratories, Saskatoon, SK, for analysis by gold fire assay and multi-element ICP-MS. A quality assurance/quality control (QA/QC) program is in place, with the insertion of standard, blank and duplicate samples into the sample stream to confirm the accuracy of the reported results.
Hi Ho Silver Resources Inc. is a Canadian exploration company dedicated to the exploration of precious metal deposits across Canada. For further information on the Company and its projects, please visit our website at www.hihoresources.com or contact our President and CEO, Mr. Dennis McKnight.
On Behalf of the Board of Directors
President , Chief Executive Officer and Director
Hi Ho Silver Resources Inc.
Email: [email protected]
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.CNSX.ca Note: Further information regarding the Company can be found on SEDAR at www.SEDAR.com
hi hFORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as planned exploration activities on the Property, the establishment of a NI 43-101 compliant resource on the Property, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the existence of weather conditions suitable for exploration activities; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements