VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 9, 2006) - Global Hunter Corp. ("Global") (TSX VENTURE:BOB) is pleased to announce assay results from the five diamond drill holes recently completed on the Las Posadas prospect, La Corona de Cobre Project, located 70 kilometres north of La Serena, Chile. This five hole diamond drill program totaling 1,046 metres, was conducted in conjunction with a previously announced 14 hole reverse circulation drill program of 2,838 metres. The drilling provided infill and confirmatory data for calculation of a copper oxide resource on the Las Posadas Zone. Las Posadas mineralization has now been tested over a continuous strike length of 1,500 metres and is open to both the north and south. Highlights of the program include:
LP-57: 104 metres of 0.860% Copper
including 14 metres of 3.387% Copper
Results for holes LP-54 to LP-58 are tabulated below and confirm that the mineralized zone is consistent and continuous over significant lengths and widths.
-------------------------------------------------------------- Hole # From To Interval Cu (%) Cut off (Cu %) -------------------------------------------------------------- -------------------------------------------------------------- LP-54 34 m 160 m 126 m 0.314% 0.1% -------------------------------------------------------------- including: 36 m 42 m 6 m 0.608% 0.5% -------------------------------------------------------------- and: 76 m 88 m 12 m 0.507% 0.5% -------------------------------------------------------------- and: 126 m 134 m 8 m 0.655% 0.5% -------------------------------------------------------------- -------------------------------------------------------------- LP-55 104 m 254 m 150 m 0.334% 0.1% -------------------------------------------------------------- including: 140 m 166 m 26 m 0.886% 0.5% -------------------------------------------------------------- and: 148 m 162 m 14 m 1.016% 1.0% -------------------------------------------------------------- -------------------------------------------------------------- LP-56 118 m 176 m 58 m 0.557% 0.1% -------------------------------------------------------------- including: 122 m 148 m 26 m 1.041% 0.5% -------------------------------------------------------------- and: 126 m 136 m 10 m 1.494% 1.0% -------------------------------------------------------------- -------------------------------------------------------------- LP-57 64 m 132 m 68 m 1.245% 0.1% -------------------------------------------------------------- including: 64 m 112 m 48 m 1.640% 0.5% -------------------------------------------------------------- and: 74 m 98 m 24 m 2.527% 1.0% -------------------------------------------------------------- and: 76 m 90 m 14 m 3.387% 3.0% -------------------------------------------------------------- -------------------------------------------------------------- LP-58 95 m 145 m 50 m 0.276% 0.1% -------------------------------------------------------------- including: 123 m 129 m 6 m 0.528% 0.5% --------------------------------------------------------------
"Our 19 hole drill program was successful in expanding the higher grade core of Las Posadas," said Michael S. Fulp, Global Hunter's chief geologist. "With infill and step-out drilling, this portion has been expanded 150 metres to the south and 50 metres to the north giving a strike length of 550 metres within the overall deposit length of 1500 metres."
Upper areas of the sulphide mineralization below the oxide zone have been tested by previous operators but have never been fully evaluated and were not the focus of the current program. The exploration model being followed at Las Posadas is that of Phelps Dodge's Candelaria mine (470 million tonnes @ 0.95% Cu) and Anglo American's Mantos Verde mine (120 million tonnes @ 0.72% Cu). These mines have a reported ratio of sulphide to oxide of approximately 3-4:1.
"Given the known geological models within the Atacama Fault zone and the extent of mineralization at Las Posadas, we intend to test extensions of the oxide mineralization to the north and south and begin exploring the underlying sulphide mineralization in our Phase II work program in addition to conducting any necessary infill drilling to upgrade the existing historical resource," Fulp said.
In 1997, Computer Aided Geoscience Inc. of Melbourne, Australia was commissioned by Augusta Metals Inc. to perform a resource analysis of the Las Posadas mineralization. This resource analysis, dated August 6 1997, reported a Geological Resource for Las Posadas at cutoff grades ranging from 0% copper to 1.0% copper and is summarized in the table below. The Resource calculations were based on data from 29 drill holes at a nominal spacing of 100 metres with infill spacing of 50 metres.
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Oxide Sulphide Total
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Cutoff Grade Tonnes Copper Tonnes Copper Tonnes Copper
(% Cu) (millions) (%) (millions) (%) (millions) (%)
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1.0 2.9 1.88 1.8 2.40 4.7 2.08
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0.9 3.3 1.76 2.4 2.02 5.7 1.87
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0.8 3.9 1.63 3.2 1.73 7.1 1.67
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0.7 4.6 1.50 3.8 1.58 8.4 1.54
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0.6 5.6 1.35 4.6 1.41 10.2 1.38
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0.5 6.8 1.21 5.7 1.24 12.5 1.22
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0.4 8.6 1.94 7.3 1.07 15.9 1.06
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0.3 11.5 0.87 9.5 0.91 21.0 0.88
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0.2 15.5 0.71 12.5 0.75 28.0 0.73
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0.1 22.2 0.54 17.0 0.59 39.2 0.56
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0.0 23.6 0.51 17.6 0.57 41.2 0.54
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The Property owners have provided the Company with access to and copies of all historical data collected on the property, including drill sections and logs, trench plans and associated assay data. This data was reviewed by Qualified Persons as defined by National Instrument 43-101, including Michael S. Fulp, C.P.G., who has prepared the technical information contained herein. While all of the historical data reviewed is considered complete and the procedures followed appear to be reliable, the Company has not completed the necessary work to verify the classification of this resource. Therefore the Company is not treating them as a National Instrument 43-101 resource verified by a QP and as a result the historical estimate should not be relied upon.
As previously announced, Global Hunter has retained Micon International Limited ("Micon") to complete a resource study on the Las Posadas shear zone based on the recent 19 hole program and past drill results. The Company hopes to have a National Instrument 43-101 resource calculation completed in the first quarter of 2006.
La Corona de Cobre property consists of over 18,000 hectares and lies within the Coastal Belt of the Andean Cordillera of Chile, often referred to as the Chilean Iron-Copper Belt. It is underlain by lower Cretaceous andesites and mid-Cretaceous diorites of the Coastal Batholith. Copper +/- gold mineralization is hosted in numerous shear zones within this portion of the Atacama Fault System. Major iron oxide-copper-gold deposits within the Atacama Fault System to the north include the aforementioned Candelaria mine of Phelps Dodge and the Manto Verde mine of Anglo-American.
Many other mineralized shear zones resembling Las Posadas are present within the property boundaries. Mapping and sampling by Global Hunter's geologists on three similar shear zones during the recent work program has identified drill targets to test for copper oxide mineralization in future campaigns. In addition, geological work by previous operators identified large altered zones that are prospective for iron oxide-copper-gold and porphyry copper-gold deposits. Geological evaluation of other copper oxide targets and large alteration zones is on-going at La Corona de Cobre.
Additional project information, past and current drill results, geologic plan, longitudinal section, and cross-sections will be available for viewing in map and tabulated form on the Company's website at www.globalhunter.ca.
Michael S. Fulp, C.P.G., was the Qualified Person who supervised the exploration program and reviewed this news release.
On Behalf of the Board of Directors
GLOBAL HUNTER CORP.
Rod Husband, P.Geo, President
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Global Hunter Corp.
Investor Relations
(604) 681-4653 or Toll Free: 1-866-282-8398
(604) 683-6557 (FAX)
info@globalhunter.ca
www.globalhunter.ca
