Vancouver — According to an independent resource estimate,
Toronto-based SRK Consulting pegs the measured and indicated resource at 596,600 tonnes grading 20.6 grams gold per tonne. In the inferred category are 378,000 tonnes averaging 15.7 grams gold.
Crew plans to increase the resource base in preparation for production. A feasibility study is ongoing.
Comprising 1,080 sq. km, the Nalunaq property hosts a high-grade, narrow-vein, underground deposit. It is 40 km from the village of Nanortalik on the southern tip of Greenland, and 6 km from tidewater. Crew acquired its stake in the project in late 1999 through a merger with Mindex of Norway. The remaining 33% is held by NunaMinerals, which is owned by the state of Greenland.
The prospect is a gold-bearing quartz vein and calc-silicate altered shear system which outcrops on the eastern and northern faces of Nalunaq Mountain. It was discovered in 1992 by Nunaoil while following up regional stream-sediment and scree-sampling work done in the late 1980s.
The vein system is exposed semi-continuously along a 1,750-metre slope of the mountain, between a vertical elevation of 400 and 1,250 metres. The vein structure strikes northeast and dips from 25 to 45 southeast at an average of 34.
The main vein zone consists of multiple quartz veins within a strongly sheared zone of calc-silicate-altered amphibolite (chlorite, epidote and carbonate). The quartz thickness ranges from 0.01 to 0.75 metre; the zone itself has a true thickness ranging from 0.15 to 1.5 metres. The individual veins pinch and swell and are locally folded or stretched out.
Gold occurs in a free state and almost exclusively in association with quartz in veins and veinlets. A high nugget effect has caused erratic grades, creating concerns about the continuity of mineralized zones. Surface sampling has returned some extremely high-grade values, including more than 800 grams gold per tonne across 1 metre. In addition, underground channel sampling has yielded values of up to 5,000 grams.
In related news, Crew and Olympus Capital Holdings Asia have fully funded their rights-offering commitments of $5 million each, adding $10 million to the coffers of
Proceeds from the financing are earmarked for the advanced Somboon potash project in northeastern Thailand. Reserves are pegged at 180 million tonnes grading 23.6% potassium oxide. Olympus Capital will become the controling shareholder of Asia Pacific, and Crew will hold an 8% stake.
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