Vancouver — The final three holes of winter drilling at the Three Bluffs occurrence in Committee Bay, Nunavut, has yielded some of the best results to date for JV partners
Exploration is funded by Gold Fields, which is earning a 55% interest in the project by spending $7.5 million over four years. The company can increase its stake to 65% by spending an additional $7.5 million.
Crews intersected a wide zone of gold mineralization in iron formations.
Hole 10 cut an impressive 68.3 metres of 7.37 grams gold per tonne, including intercepts of 16.3 metres grading 25.39 grams gold and 5.6 metres of 47.51 grams.
Multiple zones of the iron formation were encountered in the hole and exhibited silicification and replacement by pyrrhotite and some arsenopyrite and pyrite. Gold occurs as coarse mineralization in quartz veining that overprints the sulphides.
Twelve holes drilled in 2003 and 2004 now cover several hundred metres of strike along the gold-mineralized iron formation.
The latest high-grade hole suggests in increase in gold grade toward a diorite intrusion to the northeast. The area will be further drilled to expand the mineralization and test other iron formations and structures.
The company plans 8,000 metres of drilling in 55 holes this season on its Committee Bay gold project. The namesake property covers more than 2,100 sq. km of the 300-km-long Committee Bay greenstone belt in the Eastern Arctic.
Committee Bay has 26.1 million shares outstanding and trades in the $1.80 range.
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