Hope Bay Drilling Delivers Strong Results
- Hole 220 intercepts 44 feet grading 1.9 oz/ton -
MAE - TSE MAENF-OTC Bulletin Board
VANCOUVER, April 12 /CNW-PRN/ - Miramar Mining Corporation and Cambiex Exploration Inc. today announced that drilling at the Hope Bay project in Nunavut has delivered some positive results. Included in results received to date are the results of hole D220 in the Doris area, which intercepted 44.3 feet grading 1.9 oz/ton gold. Miramar Mining Corporation, through its wholly owned subsidiary Miramar Hope bay Ltd. and Cambiex Exploration Inc. are in a 50-50 joint venture at Hope Bay.
``We believe the results we are seeing from drilling at Hope Bay thus far confirm the robustness of the existing 4.28 million oz resource and the tremendous potential of this project for the discovery of additional resources(+),' said Mr. Walsh, Miramar's President & CEO.
2000 Work Program
In January 2000, a C$12 million work program was approved by the Hope Bay Joint Venture with the objective of defining sufficient measured and indicated resources to commence a pre-feasibility study by year-end(+). Unseasonably warm weather and a subsequent breakdown of the Hercules transport aircraft have resulted in some delays to the planned program. Efforts were made to place the program back on schedule. All four drill rigs at Doris and the three underground rigs at Boston are now delivering at expected drilling rates. Approximately 280 holes are planned for 2000 of which 99 have already been completed. The joint venture has received assays for approximately half the completed holes. If necessary, we believe any additional drilling required could be completed during the summer at Boston, where all weather access is generally available, or added to an already planned drill campaign scheduled for the first few months of 2001, with only a minor impact on the project schedule(+).
Since the 2000 drill program consists of primarily infill drilling within the existing resource previously announced in Miramar's press release of December 7, 1999, the joint venture partners are only reporting holes that affect the previously estimated resources.
Doris Hinge Zone
The most significant result of drilling at the Doris deposit during 2000 has been the discovery of a hinge zone between the Central and Lakeshore veins(+). Previously interpreted as two 3 kilometer long sub-parallel veins varying between 2 and 25 meters apart, recent drilling suggests that the Lakeshore and Central veins are in fact the same vein folded over, with a hinge zone lying just below surface where the vein appeared to be significantly thicker(+). This folding and thickening has been confirmed by hole D220, as well as several other holes for which assays are in progress. Traced for approximately 150 metres along strike so far, the vein in the hinge area is significantly thickened and much higher grade than in the limbs of the fold, and lies between 10 meters and 35 meters below surface(+).
``The definition of this Hinge Zone close to surface is a pleasant surprise and we believe it significantly enhances the potential economics of an open pit at Doris as this high grade, thicker Hinge Zone could be mined in the first years of operation(+),' reported Mr. Walsh. ``These results also open up a new target type, as there may be potential for further folding and thickening of other already identified vein systems(+).'
This Hinge Zone was discovered as result of infill drilling intended to upgrade the 1.2 million oz resource at Doris from inferred to measured and indicated category. A total of 149 holes totaling 20,000 meters are planned at Doris, of which 56 holes have been completed for 9,960 meters of drilling. Highlights of holes completed at the Doris deposit for which assays are available include the following:
Hole No. From To (m) Width (m) Gold (g/t) Width (ft) Gold (oz/t)
---- ------ --------- ---------- ---------- -----------
D211A 128.20 132.60 4.40 10.09 14.4 0.29
D220 47.10 60.60 13.50 65.27 44.3 1.91
D223 78.20 82.40 4.20 33.43 13.8 0.98
D311 246.8 253.9 7.10 14.49 23.3 0.42
D317 116.00 118.00 2.10 24.69 6.9 0.72
Holes D211A, D220 and D223 are located in the proposed pit area at Doris, while holes D311 and D317 are located just south of the proposed pit area, under Doris Lake. Hole D220 is a vertical hole and the intercept represents the true width of the hinge zone. Drilling is currently continuing in the proposed pit area and at Doris Central, two kilometers south of the pit area, where BHP previously identified a significant resource.
Boston In-fill drilling
In-fill drilling with three underground rigs is well underway at the Boston deposit. This work is designed to take a significant portion of the current inferred resource in the B2 and B3 zones to a measured and indicated category. During 2000, 75 holes totaling 16,000 meters of drilling are planned to be drilled of which 43 holes totaling 5,314 meters have been completed. Highlights of recent drill results from the B2 Zone at Boston for which assays are available are as follows:
Hole No. From To (m) Width (m) Gold (g/t) Width (ft) Gold (oz/t)
-------- ---- ------ --------- ---------- ---------- -----------
B248 104.50 108.00 3.50 12.6 11.3 0.37
B250 79.50 84.00 4.50 13.28 14.8 0.39
B251 59.80 65.15 5.35 25.06 17.6 0.73
B253 36.18 39.69 3.51 13.70 11.5 0.40
B254 48.40 54.20 5.80 12.84 19.0 0.37
B258 53.50 55.00 1.50 10.15 4.9 0.30
B259 96.55 98.55 2.00 148.7(x) 6.48 4.34(x)
(x) 53.3 g/t or 1.56 oz/ton if capped at 90 g/t
Drill holes B248, 250 and B251 have extended a previously known steeply plunging high grade shoot to the north of the resources defined by BHP, while holes B253, B254, B258 and B259 have resulted in the discovery of a steeply plunging mineralized shoot to the south of the resources defined by BHP.
This drilling continues to confirm the grade and continuity of the B2 Zone, which contains approximately two-thirds of the previously defined 2.4 million ounce resource at Boston, and increase its size.
Quality Control
To ensure the integrity of exploration results, the Hope Bay Joint Venture has a rigorous quality control and quality assurance program in place. All core is logged and photographed before splitting. Half the core is retained as a permanent record and half-core samples are shipped to TSL Laboratories, in Saskatoon, for assaying. Standard sample preparation and assay procedures are used by TSL with an AA finish. All samples assaying over five g/t are re-assayed with a standard metallics procedure. All assays are uncapped unless otherwise stated. Blank samples and standards are inserted into the assay stream throughout the program. A check assay program is also in place whereby one in 10 samples is sent to Chemex Laboratories, in Vancouver, for check assay. Check assay results are in process. Chemex is accredited ISO9002 and TSL is in the accreditation process for ISO9002.
Dean McDonald P.Geo., Exploration Manager with Miramar Mining Corporation, is the qualified person responsible for the technical results disclosed in this news release. Mr. McDonald has overseen the design and implementation of the QA/QC program and is satisfied that appropriate controls are in place to ensure that these results are accurate. This QA/QC program is being reviewed by Roscoe Postle Associates, who have also visited the site and the assay lab.
(+)This News Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 concerning the Company's plans for work at the Hope Bay project, the expected results of this work and the goal of developing a profitable gold mine at Hope Bay. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in this forward-looking statement, including, without limitation, that the contemplated work will not advance the known resources to a measured and indicated resource standard, that additional work may not support a feasibility study, that capital and operating costs may be higher than currently estimated and may preclude commercial development, risks and uncertainties relating to fluctuating precious and base metals prices; recovery rates; accidents, equipment breakdowns, labour disputes and severance costs or other unanticipated difficulties with or interruptions in production, the possibility of unexpected costs and expenses relating to environmental issues, uncertainties relating to the need for government approvals and the cooperation of government agencies in regards to any environmental liabilities and other risks and uncertainties, including those described in the Company's Annual Report on Form 20-F for the year ended December 31, 1998 and Reports on Form 6-K filed with the Securities and Exchange Commission.
All resource estimates reported in this disclosure are calculated in accordance with proposed National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, and resource information reported in this disclosure may not be comparable to similar information reported by United States companies. The terms ``Resource' and ``Resources' normally may not be included in documents filed with the Securities and Exchange Commission or are referred to as ``mineralization' or ``mineral deposits'.
Certain forward-looking statements in this report are indicated with a ``(+)'
This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation
Tony Walsh
President & CEO
Miramar Mining Corporation |
