Vancouver – Joint venture partners Committee Bay Resources (CBR-V) and Gold Fields (GFI-N) have completed the first three holes of this year’s drill program on the Three Bluffs occurrence at the Hayes River South area, northeast of Baker Lake in Nunavut. The impressive results extend high-grade gold mineralization discovered last year.
The six drill holes from 2003 along with the three just completed at Three Bluffs now cover several hundred metres of strike along the gold mineralized iron formation.
The latest round of holes confirms previous work and extends the gold zone along strike and to depth. A wide mineralized intercept in the eastern-most hole substantiates the trend of increasing sulphidization, silicification and gold grades eastward. Results from the drilling include:
- Hole 4TB007 Intersected 39.31 metres (from 70.44 metres) grading 4.66 grams gold per tonne, including higher grade intercepts of 11.53 metres of 13.51 grams gold and 7.92 metres of 17.7 grams;
- Hole 4TB009 A broad intersection of 78.37 metres (from 55.6 metres) was encountered averaging 4.55 grams gold, including higher grade sections of 31.75 metres of 9.37 grams gold and 7 metres of 23.26 grams.
The company plans to drill 8,000 metres in 55 holes this season on its Committee Bay gold project. The namesake property covers over 210,000 hectares of the 300-km long Committee Bay greenstone belt in the eastern Arctic.
Positive investor reaction pushed Committee Bay’s share price up 15, closing at $2.05 on volume of 115,100 at presstime. The company has 22.6 million shares outstanding.
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