Maude Lake cuts gold at Bell zone

Four of seven holes collared over the Bell zone on the Cameco option at Maude Lake Exploration‘s (MAU-V) Comtois gold property, west of Lebel-sur-Quevillon, Que., have returned encouraging results.

The holes tested the zone, which comprises four new silicified, albitized and sulphide gold-enriched zones.

Significant results include:

• Hole 87 – 3 metres (from 129.3 metres below surface) grading 7.6 grams gold per tonne;
• Hole 88 – 1 metre (from 88.9 m) running 54.8 grams gold;
• Hole 90 – 1 metre (from 20 m) of 16.6 grams and
• Hole 92 – 1.5 metres (from 94.5 m) averaging 57.9 grams.

The three remaining holes cut intervals of anomalous gold.

The company says the holes confirm the Bell zone as a new gold source.

To date, indicated resources at the Cameco option stand at 1.8 million tonnes running 4.5 grams gold at a cutoff grade of 1 gram gold, for 262,488 contained ounces. Included are 695,485 tonnes of 9.05 grams gold, at a cut off of 4 grams gold.

Earlier this year, the three latest holes on the Colline de l’ouest zone at Comtois cut up to 14.4 grams gold over 2.5 metres. Last summer, channel sampling yielded 1-metre intervals of between 4.5 and 26.7 grams gold.

The company hopes the new zones will add substantially to Comtois’ indicated resources, and is currently re-evaluating the project’s total gold resource.

Late last year, Maude earned a half-interest in 130 claims owned by Cameco (CCO-T) at the 185-claim Comtois gold property. Maude got its half-interest after completing two holes at Colline de l’ouest, 1 km west of Comtois. The work brought the company’s expenditures on the Cameco option to $1.3 million.

Gold mineralization at Comtois has been delineated within a 1.2-km-long corridor of felsic volcanic rocks that remains open both to the east and west.

Metallurgical tests on the Comtois material indicate gold can be recovered using conventional cyanidation methods, and recovery rates above 95% are anticipated.

Maude Lake also has an option deal to acquire a 95% interest in 15 claims adjoining Comtois to the north from Newmont Mining (NEM-N). To do so, it must spend $200,000 on exploration before February 2005. Government-owned Societe de developpement de la Baie James holds the remaining 5%.