Comtois drilling cuts gold zones (October 28, 2003)

Exploration drilling around known mineralization at the Comtois gold deposit in northwestern Quebec has intersected significant gold grades.

The drill program, operated by Maude Lake Mines (MAU-V) and financed by joint venture partner Candor Ventures (CND-V), tested areas along strike and down plunge from two known zones of gold mineralization, the Osborne and Bell zones. A chargeable zone defined by an earlier induced-polarization survey was also tested in the current round of drilling.

A previous estimate put the resource in the Osborne and Bell zones at 808,000 tonnes grading 20.2 grams gold per tonne. The resource estimate did not cut high assays, and used a cutoff grade of 6 grams per tonne.

Six of the eight holes intersected signficant gold values, some in multiple zones. Hole COM03-94 intersected three gold zones, a 4.5-metre core length carrying 2.8 grams gold per tonne, a 3-metre length carrying 2.6 grams per tonne, and an 8.7-metre length that ran 5.8 grams per tonne. That last interval included a 1.2-metre intersection running 23.8 grams gold per tonne.

Hole COM03-101 also intersected three zones, the first grading 3.4 grams per tonne over a length of 2.3 metres. The other two intervals graded 2.4 grams per tonne over 3 metres and 3.1 grams over 1.5 metres.

Four other holes returned grades in the 2- to 3.6-gram range over core lengths between 0.8 metres and 2.4 metres. Two other holes did not intersect significant values.

Surface sampling, done in concert with a detailed re-mapping program at Comtois, revealed a number of previously unknown gold zones on the property. Grab samples (which the partners note were taken selectively, and therefore are not reliably representative of bulk grades) showed gold grades ranging from 12.9 to 885 grams per tonne (0.38 to 25.82 oz. per ton) in grab samples from the new gold showings.

Comparable grades came back on other grab samples taken from areas where previous channel samples yielded gold grades of 1 to 32.5 grams per tonne.

Follow-up drilling is planned for later in the year. Candor is earning a 50% interest in the property from Maude Lake by funding $3.5 million in exploration work, with Maude Lake managing the program.