Goldfields ups Committee Bay budget

Committee Bay Resources (CBR-V) has had another $800,000 added to its exploration budget by joint-venture partner Gold Fields Exploration at their Committee Bay gold project, northeast of Baker Lake, N.W.T.

The budget increase is in response to significant high grade gold results that have been intersected at the Three Bluffs occurrence this summer, as well as promising new surface discoveries.

Highlighting the drilling at three Bluffs was hole 13 (the deepest hole drilled to date) that intersected 51.34 grams gold over 3.29 metres at a depth of 102 metres; 95 metres downhole of that it hit 12.5 grams gold over 7.6 metres (this included 3.7 metres grading 19.6 grams gold per tonne).

Drilling at Three Bluffs indicates that the widest high grade zones extend from surface and plunge 20-30 to the northeast. The holes intersect multiple zones of mineralization.

Gold-bearing quartz veins are concentrated along the contact of iron formation with dacite. The contact has been traced over a 3-km strike length. Drilling has shown that gold mineralization extends at least 500 metres along strike below a diorite sill.

The most westerly hole in recent drilling cut 6.7 metres grading 15.08 grams gold at a downhole depth of 84.3 metres. This included a 3.29-metre intercept that graded 25 grams gold per tonne. Another highlight was hole 26 that intersected 6.3 metres grading 14.7 grams gold at a downhole depth of 101 metres. This included a 3.85 metre intercept grading 20.78 grams gold. At 129.4 metres downhole a second zone assayed 7.24 grams gold per tonne over 4.6 metres.

Four holes tested the surface exposure of high grade gold-bearing folded iron formation in the Four Hills area. This resulted in assays as high as 3.77 grams gold over 5.94 metres.

Three other holes tested an electromagnetic anomaly to the north of outcropping iron formation. The best intercept graded 1.8 grams gold per tonne over 1.5 metres.

Many more showings have been found that require further work. Ground magnetic and electromagnetic surveys are planned, as well as detailed mapping and sampling. A mineral resource estimate will be calculated using the Three Bluffs drill results.

Gold Fields Exploration, a unit of Gold Fields (GFI-N), has earned a 55% interest in the project.