Eagle Hill Exploration (CVE:EAG) said its net loss for the 2014 fiscal year narrowed, while the company also announced that its preliminary economic assessment for its flagship Windfall Lake gold project is slated for completion by the end of this month.
The junior explorer released its fiscal year financial results for the period ending October 31, saying it currently has working capital of about $700,000.
Last September, the company began a preliminary economic assessment for its Windfall project in Quebec, and said today that the study is proceeding on schedule and on budget.
The work leading up to the PEA so far has been positive, with metallurgical results in November showing that up to 95.7 percent of gold at Windfall Lake can be recovered using a standard flotation and cyanide leaching process, a 4 percent increase over previous estimates.
Windfall Lake covers approximately 12,400 hectares in the prolific Abitibi Greenstone Belt in Quebec. Eagle Hill increased its ownership and significantly consolidated the property in 2013 and 2014 by entering into a series of purchase and option agreements, now owning 100 percent of the asset.
The company undertook an aggressive drilling program last year, with a total of 734 holes drilled at the property, and high grade mineralization identified in multiple zones.
The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth, Eagle Hill said.
For the year ending October 31, 2014, the company posted a net loss of $2.8 million, or $0.007 per share, compared to a net loss of $3.6 million, or $0.2 per share, in 2013. It had total assets of $37.5 million.