Partners cut gold at Monument Bay

Bema Gold (BGO-T) and Wolfden Resources (WLF-T) are firming up the gold resource and intersecting high-grade gold at their Monument Bay project, 340 km east-southeast of Thompson, Man.

Thirteen holes cut the Twin Lakes zone, including hole 260, which returned 4.8 metres grading 31.7 grams gold per tonne. The interval included 1 metre grading 76.9 grams and 1.2 metres grading 58.4 grams.

Hole 251 cut 23.58 grams gold over 2.6 metres, including 0.6 metre grading 42.1 grams and 1 metre grading 31.6 grams.

Four other holes in this zone cut 0.3-0.8 metre grading 31-49 grams gold.

Six of the holes cut 0.35-2.7 metres of 4-14.3 grams gold.

Infill drilling is firming up the central areas of the Twin Lake and Seeber River zones. In addition, some stepout holes are defining the geometry of the mineralization.

One hole drilled at each of the zones failed to cut significant mineralization.

Drilling of the Seeber River zone was highlighted by hole 264, which cut 1.2 metres grading 106 grams gold, including 0.2 metre of 625 grams.

Hole 265, drilled from the same setup but at a steeper angle, cut 0.3 metre grading 92.7 grams gold followed 46 metres farther down-hole by 1 metre of 210 grams.

Hole 269 cut 1.8 metres grading 119 grams gold per tonne, including 0.5 metre of 410 grams gold.

Four other holes cut 20-77 grams gold over widths of 0.4-0.5 metre, and another four returned 0.3-1.8 metres of 1.5-13.9 grams.

An inferred resource of 1.07 million tonnes grading 15.4 grams gold per tonne was estimated before May 2004; the estimate is based on a cutoff grade of 8 grams gold per tonne.

The property is underlain by a greenstone belt of sediments and lesser volcanics intruded by granitoid plutons. Mineralization is hosted by sheared, silicified and sericitized volcanic and sedimentary rocks. High-gold grades are associated with veins.

Bema Gold holds a 70% interest in the 87-sq.-km property while Wolfden owns 30%. A 2% net smelter return royalty is payable on to Newmont Mining (NEM-N) on the first 1 million oz. gold produced. This increases to 3% once that threshold is reached.

Hydro lines currently run as far as Red Sucker Lake, 60 km southwest of the property.

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