Vancouver South African-based Gold Fields (GFI-N) has agreed to spend $7.1 million on Committee Bay Resources‘ (CBR-V) flagship project some 300 km northeast of Baker Lake in Nunavut.
“The recently approved budget allows the Joint Venture to significantly increase the level of exploration activity at Committee Bay,” says company president, John Williamson. “Our objective remains to advance the Three Bluffs area to a resource as soon as possible, while continuing the systematic exploration of the highly prospective Committee Bay belt.”
The 2004 exploration season is set to get underway in Feb with an 8,000 metre drill program slated to begin in March. The partners aim to drill 4,200 metres into last year’s gold discovery at the Three Bluffs prospect, as well as nearby targets dubbed the Ledge, Hayes and Antler.
So far, the mineralized zone at Three Bluffs has been intersected over a 700 metre strike length down to depths of 50 metres. Mineralization is hosted in poorly banded to massive iron formation. Chip samples collected in the central and eastern portion of the 1.8 km long zone returned 11.6 grams gold per tonne over 4.8 metres and 19.04 grams gold over 3.9 metres, respectively. From 1994-to-1996, 12 drill holes tested a 420 metre strike length section of the showing. The holes averaged 1.22 grams gold over 57.3 metres. Within the broad zone, two higher grade sections were identified returning up to 4.8 grams gold over 6 metres and 9.3 grams gold over 2 metres respectively.
Last year, a $1.4 million program returned impressive drill results from the zone including 27.41 grams gold over 9.4 metres in hole 6, 61.6 grams gold over 4.8 metres in hole 5 and 19.9 grams gold over 5 metres in hole 4.
On a regional scale, the partners collected 530 rock samples with 42 of them yielding greater than 1 gram gold. The highest value obtained came in at 288.9 grams gold. The program generated three new targets and extended four of the previously known mineralized systems.
The joint venture plans on having two drill rigs turning on the Three Bluffs zone until late April when one of the rigs will move over to the Four Hills-Cop area.
Located 35 km west southwest of Wolf Lake, Four Hills was discovered in 1995 when 92 rock grab samples returned up to 48.07 grams gold per tonne. Moving 5-km to the east, the Cop showing was discovered in 1997, when a rock grab sample returned 27.63 grams gold. Mineralization at both locations are hosted in an Archean iron formations in a broad regional fold.
A second round, 3,200 metre drill program will test new targets on the large property package, as well as addition follow-up drilling in the Three Bluffs and Four Hills areas.
“The Committee Bay project is one of Gold Fields’ top exploration programs world-wide.” says Gold Fields Vice President of Exploration, Craig Nelsen.. “The potential of the Committee Bay belt has barely been tested and we hope to advance several targets to a resource development stage with this aggressive program.”
The prospective land package marks the northern extension of the same rock units that host Cumberland Resources’ (CBD-T) 3 million oz Meadowbank gold resource, some 150 km to the southwest.
Gold Fields can earn a 55% stake in the property by spending $7.5 million over a 4 year period. The major can then up its interest to 65% by spending another $7.5 million.
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