Partners test Hope Bay

Some 4,680 metres of drilling on the Hope Bay Gold project in Nunavut by partners Hope Bay Gold (HGC-T) and Miramar Mining(MAE-T) have indicated the potential for depth extensions to the Naartok zone and a possible new zone at South Patch.

Running from July through September, drilling tested for possible extensions to the Naartok and Suluk deposits, and three other exploration targets.

Five step-out holes (totalling 1,822 metres) were collared on the test the Naartok zone. Three holes (M188 to M190) targeted along strike of the Naartok zone and mostly cut moderate mineralization at the contact with the Deformation zone, similar to that previously encountered on the margins of the Naartok trend. The holes suggest the potential for along-strike extensions is limited.

Holes M189 and M190 both cut narrow quartz veins carrying fine visible gold in the upper parts of the holes. Hole M189 was highlighted by a 7.5-metre (from 88.5 metres below surface) core length running 25 grams gold per tonne. The veins are interpreted to be sub-vertical and possibly trending north-south, similar to veins cut in other holes on the zone.

Holes M192 and M193 tested down plunge of Naartok. The holes cut the Deformation zone deeper than expected suggesting the dip of the zone steepens significantly. The holes suggest the Naartok zone remains open at depth.

Results include:

• Hole M192 – 2.1 metres (true width, from 428.2 metres below surface) grading 30.4 grams gold per tonne; and
• Hole M193 – 1.7 metres (from 344.5 m) grading 12.5 grams gold, 1.1 metre of 9.4 grams gold and 1 metre of 19.8 grams gold.

Previously, a seven-hole drilling program at Naartok returned grades up to 23.2 grams gold over width of up to 3.2 metres. Four holes on the western extension of the Naartok structure intersected the deformation zone, but failed to cut additional mineralization.

Southeast of Naartok, along the same structural zone lays the Suluk zone. There one hole, M197, followed up on hole M180 (25 metres running 8.4 grams gold, including 4.4 metres of 14.9 grams and 4.7 metres of 12.2 grams), which cut a new mineralized zone within the Deformation zone. Hole M197 failed to cut any significant mineralization, but did cut favourable stratigraphy and alteration hosting the mineralization in hole M180 over more than 200 metres.

Hole M197 was also tested the main Suluk zone. It cut stratigraphy and alteration, which may correlate with the Suluk West, Central and East lenses discovered earlier in 2001. In the west lens, the hole returned 2.8 metres (from 275 m) of 10.1 grams gold, about 100 metres deeper than any other intercepts in the Suluk Main zone.

Mineralization at Suluk occurs in three parallel zones: West, Central and Eastern. To date, the West lens appears to carry the best gold grades over the widest intervals.

Exploration drilling targeted the South Patch, Perrin and Wolverine areas. Perrin and Wolverine failed to yield any significant mineralization.

Three holes on South Patch targeted an area hosting four earlier BHP holes that cut narrow, but locally high-grade mineralization close to the Deformation zone. The holes returned up to 50.4 grams gold over 2.4 metres.

Updated resource estimates at Boston South, Doris Connector, Naartok and Suluk are underway to incorporate all the results of the 2001 drilling, as is a scoping study on the economic potential of the Hope Bay belt. Results are expected by year-end.

Miramar and Hope Bay are equal partners on the project and control most of the 80-km-long Archean greenstone belt.