Miramar extends Naartok

Drilling by Miramar Mining (MAE-T) is extending mineralization in the Madrid area of the Hope Bay gold project, near Bathurst Inlet in Nunavut.

The project consists of a series of deposits that host a total indicated and measured resource of 1.8 million contained ounces averaging 9.9 grams gold per tonne, plus an inferred resource of 3.6 million oz. gold averaging 6.9 grams gold.

Plans call for 38,000 metres of core drilling and 5,000 metres of reverse-circulation drilling, the objective being to expand the Madrid system (the largest gold system outlined on the property), extending the high-grade Doris North deposit, and test the depth potential of the Boston deposit. The program is budgeted at $18 million.

Two recent holes in the Madrid area returned encouraging results from the Naartok deposit, extending mineralization more than 200 metres to the northwest and 75 metres to the west. One of these holes returned 45.2 metres grading 3.6 grams gold per tonne, which includes 9.1 metres of 11.4 grams and 1.8 metres of 36.4 grams gold. The other hole returned 14.8 metres grading 7.2 grams gold, which includes 4.5 metres of 19.2 grams and 0.25 metre of 219.3 grams.

The Naartok area was last estimated to contain an indicated resource of 271,000 oz. gold at a grade of 5.4 grams, plus an additional inferred resource of 358,000 contained ounces averaging 4.1 grams.

In addition to the current drill program, Miramar intends to continue the permitting process for the proposed Doris North gold mine. The company is evaluating Naartok as a potential source of open-pit material that could be treated in an expanded processing plant at Doris, 6 km to the north.

The Naartok resource is situated entirely on land and has the added advantages of good grade and simple metallurgy.

Elsewhere in Nunavut, Miramar can earn a 60% interest in the George and Goose Lake gold projects, which collectively contain indicated resources of 4.37 million tonnes grading 9.8 grams gold, plus an inferred resources of 1.88 million tonnes grading 9.9 grams. Drilling at both projects will attempt to confirm existing resources and find new mineralization.