Hope Bay partners bullish on Naartok

Drill results from the Hope Bay gold project in Nunavut continue to show the potential of the Naartok-Matrim-Patch trend.

Partners Miramar Mining (MAE-T) and Hope Bay Gold (HGC-T) are carrying out an initial, $10-million phase designed to expand known resource areas and test the potential of several new showings, of which Naartok is one. Last year’s discovery hole in this area encountered 51.8 metres averaging 6.9 grams gold per tonne. To date, 38 holes have been completed at Naartok, the most recent highlights being:

14 grams across 3.1 metres true width in hole 114;

97.5 grams over 1.5 metres in the hangingwall of hole 122;

19.8 grams across 13.6 metres in hole 126;

9.6 grams over 19.3 metres in hole 135;

22.9 grams across 8.7 metres (including 2.6 metres of 53.6 grams) in hole 143; and

10.5 grams across 10.5 metres in hole 146.

Gold mineralization at Naartok occurs in a zone of multi-phase brecciation, quartz stockwork and silicification in the hangingwall of the Deformation zone. This style of mineralization extends up to 500 metres west of the Matrim zone, which forms part of the lower-grade Madrid deposit.

Better intercepts of mineralization appear to be localized in an area where the Deformation zone flexes, providing a possible passageway for mineralizing fluids. Drilling has defined a steeply plunging zone of widespread alteration and lower-grade gold mineralization extending 100-250 metres along strike and averaging 10-25 metres thick. Within this zone are narrower intervals of more intense silicification and higher gold grades. In addition, two mineralized hangingwall lenses have been identified.

“These results provide encouragement that the Naartok zone could develop into a significant mineralized area,” says Miramar President Anthony Walsh. “Once we have the results of the remaining holes, we will be in a better position to evaluate the continuity of the mineralized zone and the higher-grade intercepts intersected to date.”

Sixty-two holes have now been drilled along the Naartok-Matrim-Patch trend, with results from 47 reported to date. Some 200 metres east of the Naartok zone, a second mineralized flexure, or bulge, has been identified where the Perrin zone intersects the Deformation zone. On the east flank of this bulge, hole 134 intersected 3.7 metres of 20 grams.

Drilling beneath Patch Lake, a further 400 metres southeast along the Deformation zone, returned 3.8 metres of 10.8 grams, including 2 metres of 22.4 grams, in hole 106, and 1.2 metres of 32.4 grams in hole 107.

The 2001 first phase of exploration at Hope Bay is nearing completion, and details of a second phase will soon be announced. Miramar intends to raise $3.1 million for further exploration through a 2.4-million special warrant financing priced at $1.30 per warrant. Each special warrant will be exercisable for one flow-through share.

Partner Hope Bay Gold recently completed a $3-million private placement by issuing to Dundee Precious Metals 7 million units priced at 44 each.