Vancouver – The final three holes of the winter drilling at JV partners Committee Bay Resources’ (CBR-V) and Gold Fields’ (GFI-N) Three Bluffs occurrence in Committee Bay, Nunavut, has yielded some of the best results to date.
In wrapping up the winter’s drill program, Committee Bay intersected a wide, gold mineralized zone in the iron formations at Three Bluffs.
Hole 4TB010 cut an impressive 68.3 metres of 7.37 grams gold per tonne, including intercepts of 16.3 metres grading 25.39 grams gold and 5.6 metres of 47.51 grams.
Multiple zones of the iron formation were encountered in the hole and exhibited silicification and replacement by pyrrhotite and some arsenopyrite and pyrite. Gold occurs as coarse mineralization in quartz veining that overprints the sulphides.
Twelve drill holes from 2003 and 2004 completed at Three Bluffs now cover several hundred metres of strike along the gold mineralized iron formation.
This latest high-grade hole suggests in increase in gold grade towards a diorite intrusion toward the northeast. The area is targeted for further drilling over the summer to expand the mineralization and test other iron formations and structures.
The company plans 8,000 metres of drilling 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.
Exploration is funded by Gold Fields, who is earning a 55% interest in the project through expenditures of $7.5 million over four years. They can increase to 65% interest by spending an additional $7.5 million.
As of the latest figures, the company reports 26.1 million shares outstanding and the issue trades in the $1.80 range at presstime.