Vancouver – Drilling by Committee Bay Resources (CBR-V) has confirmed high-grade gold mineralization found at surface on its Raven discovery in the northeastern Nunavut project area.
Drill hole 1 at Raven returned a 17 metre intercept (from 91.5 metres) grading 4.6 grams gold per tonne, including a 3.4 metre section averaging 19.3 grams gold. The second hole cut a 2.4 metre high-grade section (from 39 metres) averaging 36.2 grams gold.
Both holes correlate well with high-grade gold encountered during bedrock sampling in late-2004 along a 6-km-long east-trending high strain zone within the Committee Bay Greenstone Belt. Within the zone, a 500-metre section exhibited intense silicification and strong quartz-tourmaline-arsenopyrite veining with grab samples returning mineralization up to 213 grams gold.
Mineralized sections of the drill intercepts occur within multiple quartz veins with visible gold, euhedral arsenopyrite and minor pyrrhotite. The 2-10 metre wide mineralized zones are concentrated along the sheared contact of a gabbro and intermediate volcanics.
Edmonton-based Committee Bay Resources has budgeted $8 million for its 2005 exploration program. Another 5 holes are scheduled at Raven to test the new zone along strike and to depth. Other work on the greenstone belt will include about 5,000 line-km of airborne geophysics (EM and magnetics) on at least 10 project areas.
The company recently inked a deal (TNM, May 13/05) to reacquire Gold Fields’ (GFI-N) 55% interest in the project area by issuing 7 million shares. The major will retain a one-time right to forego the share conversion and maintain its interest upon Committee Bay spending $10 million on exploration. To maintain its interest Gold Fields would be responsible to financing further exploration and development to the tune of 150% of Committee Bay’s expenditures.
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