Drilling on the Meliadine gold property in the Northwest Territories has enabled 50-50 partners Comstate Resources (TSE) and Cumberland Resources (VSE) to define, more clearly, the extent of the deposit.
Twenty-nine holes have been drilled to date, of which five have been assayed. Two intersections returned uncut values of 0.69 oz. gold per ton across 6.2 ft. and 0.31 oz. over 26.5 ft. Based on this and values from earlier drilling, the company estimates the mineralized zone extends for a strike of 500 ft. and remains open in all directions.
This, the first of three phases of exploration, has focused on water-covered areas of the property; the second and third phases will drill from dry land. Comstate holds the property through its 99.5%-owned subsidiary, Comaplex Minerals. Comstate anticipates a Toronto Stock Exchange listing for Comaplex by mid-June, after which the former will hold about 61% of the latter. The property is 15 miles north of Rankin Inlet on the northwest side of Hudson Bay. It covers a 40-mile-long Archean oxide iron formation.
Be the first to comment on "First results reported from Meliadine play"