VANCOUVER–An updated resource estimate for Comaplex Minerals’ (CMF-T, CXMLF-O) gold deposits in Nunavut recently had the company’s stock trading near its 52-week high.
At the Meliadine West property, some 25 km north of Rankin Inlet, a 102-hole drill program in 2007 led to an increase in both indicated and inferred resources for the Tiriganiaq deposit. The deposit is divided into two parts: a portion that is amenable to open-pit mining extending to 170 metres depth, and an underground access segment starting at 170 metres depth.
In the open-pit area, Tiriganiaq hosts 6.1 million indicated tonnes grading 6.4 grams gold per tonne and 1.6 million inferred tonnes grading 4.1 grams gold, using a cutoff grade of 2.5 grams gold. In terms of underground resources, the deposit holds 1.5 million indicated tonnes grading 10.9 grams gold and 3.3 million inferred tonnes grading 11.1 grams gold.
The 2007 drill program extended the indicated resources boundary to depths of over 400 metres in four mineralized lodes. In addition, gold mineralization now extends continuously between the main deposit and the deep, westerly-plunging continuation of the deposit, known as the Western Deeps. In both the main Tiriganiaq and Western Deeps areas, the deposit remains open at depth and down-plunge.
In the central portion of the Tiriganiaq deposit, deep drilling indicated that multiple parallel zones of mineralization are present and large enough to host mineral resources. Drilling in the Western Deeps area also demonstrated the presence of multiple gold zones.
An underground exploration program at Meliadine West includes a decline that is currently 250 metres long. At the present advance rate, the company expects to reach the first mineralized zone in the main deposit by February and the second zone in May.
Comaplex is now using the new resource estimate to develop a mine plan. Economic and optimization studies are scheduled for the near future, in part to determine what combination of open-pit and underground mining would be optimal.
The company has a 78% stake in the property, with Resource Capital Fund holding the remainder.
In the days following the announcement of the resource estimate for Tiriganiaq, Comaplex’s share price gained 41 to close at $6.41. The company has a 52-week range of $3.22-6.75 and has 46.6 million shares issued.
At Meliadine East, a 50-50 joint venture of Comaplex and Resource Capital Fund, located adjacent to Meliadine West, the new Discovery gold deposit is exposed at surface. Resource Capital Fund, the operator on the project, generated a resource estimate for Discovery late last year based on 112 historic drill holes and 21 surface diamond saw channel cuts. As with Tiriganiaq, the resource estimate for Discovery is divided into an open-pittable portion to a depth of 120 metres and an underground area deeper than 120 metres.
To a depth of 120 metres, Discovery hosts 697,400 indicated tonnes grading 6.9 grams gold and 322,000 tonnes of 7 grams gold at a cutoff grade of 2 grams gold. Below 120 metres, the deposit holds 333,000 indicated tonnes averaging 9.7 grams gold and 300,600 inferred tonnes grading 7.9 grams gold at a cutoff grade of 5 grams gold.
Resource Capital Fund has planned a $2.5-million exploration budget for Meliadine East for this year.
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