Company Press Release
SOURCE: Miramar Mining Corporation
Miramar Reports More Very High Grade from Boston Deposit, Hope Bay
High Grade Nature and Continuity of B2 Zone Confirmed - Hole B249 intercepts true width of 23.5 feet grading 2.2 oz/ton - - Hole B373 intercepts true width of 13.0 feet grading 5.4 oz/ton - - Hole B296 intercepts true width of 11.2 feet grading 4.4 oz/ton -
MAE - TSE MAENF-OTC Bulletin Board
VANCOUVER, July 17 /CNW-PRN/ - Miramar Mining Corporation and Hope Bay Gold Corporation Inc. today announced the completion of an underground exploration drill program and final assay results from the year 2000 underground exploration program at the Boston deposit on the Hope Bay project, Nunavut. Final assay results from this year's underground program confirm the presence of three high-grade trends within the B2 zone at Boston, which are all open to expansion.
``These most recent results confirm the high-grade nature and the continuity of the Boston deposit,'' said Tony Walsh, Miramar's President & CEO. ``Not only do we continue to generate exceptionally high grade results on a consistent basis at Boston, significantly higher than those generated by BHP's wide spaced drilling in prior years, but these areas are all open to expansion at depth. The Central Zone of the B2 lens appears to blossom out below the ramp bottom and continues to be open below the deepest holes drilled this year. Further, considerable exploration potential remains to be tested in the Boston area, including the B3 and B4 zones and potential extensions to the north and south within what is proving to be a very large and persistent high grade gold deposit at Boston.''
``We have now announced all results from what has been an exceptionally successful drill program at Hope Bay in 2000,'' noted Mr. Walsh. ``Not only have we received a large number of very high grade intercepts from the Boston deposit and confirmed the continuity of these high grade zones, but the grades of our intercepts are generally higher than those obtained by BHP. In addition, high-grade results and discoveries of new zones at Doris Central and Doris North confirm the potential of the Hope Bay belt to contain multiple high-grade deposits(1). We are now in the process of calculating new resources for each of the three areas tested in the 2000 drill campaign, which we expect to have completed in September,'' he said.
``We are now turning our attention to the potential of the rest of the belt and to our plans for 2001,'' said Mr. Walsh. ``We have exploration crews in the field beginning to assess the numerous other high quality exploration targets on the Hope Bay belt. Their work will provide the basis for prioritizing 2001 drilling aimed at discovering further high grade deposits(1).''
Boston 2000
Drilling All assay results from a total of 15,995 m of drilling in 144 holes completed at the Boston deposit have now been received and released. Sixty-nine of these holes were drilled into the B2 Zone on 30x30m grid, later in filled to a 10x15m grid with an additional 65 drill holes. The remaining 10 holes were drilled into the B3 zone. Results from 51 new holes are contained in this release, 41 from the B2 zone and 10 from B3.
Boston High Grade Trends
These latest results continue to confirm the presence of three high-grade trends identified earlier within the B2 zone at Boston. The B2 zone was previously estimated by BHP to contain an inferred resource of 4.2 million tonnes grading 12.2 g/t gold (1.6 million oz of gold) within an overall inferred resource of 5.7 million tonnes grading 13.1 g/t gold (2.4 million oz of gold) for the entire Boston deposit(1). In-fill drilling of limited areas of the Boston deposit by BHP in 1996 and 1997 resulted in higher grade and lower tons, but slightly higher total contained ounces than previous estimates. The 2000 drill program is expected to result in substantially better definition of these high-grade trends as compared to the previous resource estimates completed by BHP(1). All three of these high-grade trends are still open to expansion to depth and wide-spaced drilling by BHP has intersected these zones at depth. Further, typical Archean greenstone gold deposits tend to have considerable vertical continuity, often greatly in excess of what has been drill tested to date at Boston.
Boston Central
Underground in-fill drilling on a nominal 10x15m pattern has further defined a high-grade trend in the central portion of the B2 resource at Boston that has now been traced for approximately 300m vertically, with a strike extent of 50-70 meters. This trend appears to blossom at depth below the ramp bottom and continues to an untested area below the deepest holes drilled this year. Deeper drill holes by BHP suggest the zone continues, but may narrow. Highlights of recent drill results from this area of the B2 Zone are set out below and all newly received assays for joint venture holes completed at Boston Central are attached in Table 1.
Hole ID True Width Gold Grade True Width Gold Grade
------- ---------- ---------- ---------- ----------
(meters) (g/t) (Feet) (Oz/t)
-------- ----- ------ ------
B249 7.2 75.3 23.5 2.20
including 4.5 114.1 14.7 3.33
B353 6.5 14.6 21.4 0.42
B354 4.9 27.5 16.1 0.80
including 2.5 47.2 8.2 1.38
B373 3.3 53.9 10.7 1.57
B373 4.0 184.3 13.0 5.37
B375 3.1 23.9 10.1 0.70
Boston North
Drilling in 2000 has more accurately defined and extended a high-grade trend within the resource previously indicated by BHP drilling. The latest in- fill drilling program indicates this trend can be traced for more than 250 meters vertically and has a strike extent of 60-80 meters. Highlights of recent infill drill results from this North area of the B2 Zone are set out below and newly received assays for all joint venture holes completed at Boston North are attached in Table 2.
Hole ID True Width Gold Grade True Width Gold Grade
------- ---------- ---------- ---------- ----------
(meters) (g/t) (Feet) (Oz/t)
-------- ----- ------ ------
B231 2.1 29.2 6.9 0.85
B289 1.4 62.5 4.5 1.82
B291 2.7 32.4 9.0 0.94
B290 4.1 22.5 13.4 0.66
B294 2.1 28.2 6.8 0.82
B296 3.4 150.7 11.2 4.40
Boston South
Additional infill drilling in the south trend has confirmed the continuity of this high-grade trend and is expected to result in a significant improvement in the resource previously estimated for this area(1). Traced for approximately 150m vertically and 60-70m along strike, this trend is still open to depth, raking to the south. These results are a positive development and suggest good potential for further, near surface resources. Highlights of recent results from infill drilling in this area of the B2 Zone are set out below and all new assay results for joint venture holes completed at Boston South are attached in Table 3.
Hole ID True Width Gold Grade True Width Gold Grade
------- ---------- ---------- ---------- ----------
(meters) (g/t) (Feet) (Oz/t)
-------- ----- ------ ------
B314 2.8 24.2 9.3 0.70
B314 2.7 24.2 8.7 0.70
B315 2.7 24.5 8.9 0.72
B316 1.0 318.8 3.2 9.30
B368 1.2 49.4 4.0 1.44
Longitudinal Projection
A longitudinal projection locating all Hope Bay Joint Venture 2000 drill holes and BHP's 1992-97 drill holes for this same area of the B2 Zone is attached. If you are missing this longitudinal section, please download this news release from Miramar's or Hope Bay Gold's website at miramarmining.com or cambiex.com, to which it is attached, or contact us at the numbers listed below.
Boston B3 Zone
While the focus of 2000 drilling at Boston was on the B2 zone, a preliminary program of ten underground holes was targeted at the Boston B3 zone in 2000 to test various vein orientations within this horizon. The B3 Zone lies approximately 70 m (200 feet) east of the B2 Zone. Significant gold mineralization was intersected in some of these holes and the results are currently under review. Highlights of drilling in this area are set out below and assays for all ten B3 holes are attached in Table 4.
Hole ID Intercept Gold Grade Intercept Gold Grade
------- --------- ---------- --------- ----------
(meters) (g/t) (feet)(x) (oz/ton)
-------- ----- --------- --------
B304 2.0 19.5 6.5 0.57
B305 3.8 16.0 12.5 0.47
B335 8.0 18.0 26.2 0.52
B335 3.0 28.4 9.8 0.83
(x)Note: true width of these B3 intercepts cannot be determined as the orientation of the vein complex has not yet been determined.
Quality Control
These results are reported under an extensive quality control program supervised by Dean McDonald, P.Geo. Ph.D., Exploration Manager with Miramar Mining Corporation, who is an appropriately qualified person as defined by National Policy 43-101. To further ensure the integrity of exploration results, the Hope Bay Joint Venture had Roscoe Postle and Associates independently audit quality control and quality assurance (``QA/QC'') programs in place at the Hope Bay project. See News Release 00-06 dated April 11, 2000 for details on the program. This QA/QC program includes on site control of core samples and a program of duplicate, check, and blank assaying, including check assaying at a separate laboratory. Roscoe Postle found that the quality of these QA/QC programs exceeded industry standards. Dr. McDonald has corroborated the data, including sampling, analytical and test data, on which the above information is based.
All samples are assayed at TSL Laboratories in Saskatoon and check assays are performed at ALSChemex Laboratories in Vancouver, both of whom use standard sample preparation and fire assay procedures with a gravimetric finish. Initially, all samples assaying over 5.0 g/t were re-assayed with a standard metallics procedure. This was later increased to 7.5 g/t once confidence in gravimetric analysis was established.
Hope Bay Project
Miramar Mining Corporation, through its wholly owned subsidiary Miramar Hope Bay Ltd., and Hope Bay Gold Corporation Inc. are in a 50-50 joint venture at Hope Bay and control virtually the entire Hope Bay Archean greenstone belt extending approximately 80km from the coast. Three deposits have been identified to date: Boston, Doris (North and Central) and Madrid, containing an inferred resource as estimated by BHP prior to the 2000 drilling, of 4.28 million oz in 12.8 million tonnes(1). The focus of the 2000 drilling program has been to in-fill the core areas of the Boston and Doris deposits to increase the resource confidence to a measured and indicated category, required to support initiation of a pre-feasibility study(1). Some of the best intercepts ever drilled at Boston were announced in a news release dated June 7, 2000 which, along with the recent high grade results from Doris North and Central, confirm the potential of these three deposits to support the development of a mine(1). In addition, 14 other targets of economic interest have been identified by drilling and remain to be evaluated, including South Patch, demonstrating the tremendous potential of the Hope Bay belt to host additional gold deposits(1).
(1)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. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what would be recovered when a project is actually mined. 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, uncertainties involved in the interpretation of drilling results and other tests; 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 and labour disputes or other unanticipated difficulties with or interruptions, 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, 1999 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 ``(1)''.
This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation
TABLE 1
Boston Deposit - B2 Zone, Central Panel
---------------------------------------
Sections 12350N to 12500N, Surface to -350m
(HBJV Composites greater than 5.00 g/t)
-------------------------------------------------------------------------
HOLE-ID YEAR SECTION TYPE FROM TO LENGTH TRUE AU
FOR (m) (m) (m)(x) THICKNESS (g/t)
PIERCE (m)
POINT
-------------------------------------------------------------------------
B249 2000 12449 Underground 120.9 131.8 10.9 7.2 75.3
including 120.9 127.7 6.8 4.5 114.1
B252 2000 12495 Underground No Significant Intersections
B287 2000 12478 Underground 150.0 152.4 2.4 1.6 12.6
B288 2000 12487 Underground 160.0 162.7 2.7 1.8 17.4
B348 2000 12461 Underground 32.6 34.8 2.2 1.7 5.8
B349 2000 12471 Underground 32.1 38.0 5.9 4.4 19.7
B350 2000 12482 Underground 33.6 34.9 1.3 0.9 36.6
B353 2000 12450 Underground 33.5 35.5 2.0 1.2 27.8
42.2 53.0 10.8 6.5 14.6
B354 2000 12476 Underground 38.0 46.3 8.3 4.9 27.5
including 40.0 44.2 4.2 2.5 47.3
B355 2000 12424 Underground 42.7 44.3 1.5 0.9 12.4
B356 2000 12426 Underground 61.7 63.6 1.9 1.5 18.7
B357 2000 12438 Underground No Significant Intersections
B358 2000 12463 Underground 46.9 49.8 2.9 1.4 8.2
67.0 70.0 3.0 1.4 30.1
B359 2000 12473 Underground 65.0 69.0 4.0 1.9 6.7
71.3 72.8 1.4 0.7 11.8
B366 2000 12353 Underground 30.1 31.7 1.7 1.6 9.3
B367 2000 12353 Underground 54.6 55.6 1.0 0.8 19.2
B369 2000 12402 Underground 63.1 68.5 5.4 5.0 7.4
71.1 73.0 1.9 1.8 39.3
90.5 96.0 5.5 5.1 15.3
B373 2000 12434 Underground 126.1 130.4 4.2 3.3 53.9
138.8 141.0 2.2 1.7 10.2
143.0 148.1 5.1 4.0 184.3
157.0 160.0 3.0 2.3 10.7
B374 2000 12422 Underground 70.8 74.0 3.2 1.8 12.9
101.6 103.4 1.8 1.0 24.2
B375 2000 12428 Underground 101.7 106.7 5.0 3.1 23.9
122.0 125.0 3.0 1.9 18.8
(x) Note: Due to rounding, Length may not appear to exactly match
the subtraction of From and To distances
TABLE 2
Boston Deposit - B2 Zone, North Panel
-------------------------------------
Sections 12500N to 12650N, Surface to -350m
(HBJV Composites greater than 5.00 g/t)
-------------------------------------------------------------------------
HOLE-ID YEAR SECTION TYPE FROM TO LENGTH TRUE AU
FOR (m) (m) (m)(x) THICKNESS (g/t)
PIERCE (m)
POINT
-------------------------------------------------------------------------
B231 2000 12647 Underground 50.7 53.1 2.4 2.1 29.2
B289 2000 12500 Underground 82.0 84.0 2.0 1.4 62.5
108.7 111.6 3.0 2.2 9.1
B291 2000 12517 Underground 157.1 160.9 3.7 2.7 32.4
B290 2000 12520 Underground 127.7 132.4 4.7 4.1 22.5
B292 2000 12528 Underground 134.9 137.8 2.9 2.4 10.7
B293 2000 12532 Underground 134.0 136.0 2.0 1.6 7.9
B294 2000 12545 Underground 131.1 133.7 2.7 2.1 28.2
B296 2000 12549 Underground 115.7 119.3 3.7 3.4 150.7
B297 2000 12555 Underground 166.5 167.7 1.2 0.9 11.9
B343 2000 12559 Underground 45.0 51.8 6.8 4.5 5.6
B370 2000 12564 Underground 163.9 166.0 2.6 1.9 10.8
B371 2000 12560 Underground 148.0 149.0 1.0 0.9 23.4
B372 2000 12555 Underground 155.0 156.4 1.4 1.0 8.0
(x) Note: Due to rounding, Length may not appear to exactly match
the subtraction of From and To distances
TABLE 3
Boston Deposit - B2 Zone, South Panel
-------------------------------------
Sections 12350N to 12200N, Surface to -350m
(HBJV Composites greater than 5.00 g/t)
------------------------------------------------------------------------
HOLE-ID YEAR SECTION TYPE FROM TO LENGTH TRUE AU
FOR (m) (m) (m)(x) THICKNESS (g/t)
PIERCE (m)
POINT
------------------------------------------------------------------------
25.0 26.3 1.3 1.0 21.0
B310 2000 12325 Underground 31.7 33.8 2.2 1.7 12.0
42.5 45.4 2.9 2.3 17.3
B312 2000 12333 Underground 32.0 37.0 5.0 4.1 6.1
50.0 51.0 1.0 0.8 34.0
B313 2000 12299 Underground 35.7 38.9 3.2 1.8 24.4
B314 2000 12314 Underground 20.8 24.2 3.4 2.8 24.2
43.6 46.6 3.1 2.7 24.2
B315 2000 12334 Underground 33.5 36.2 2.7 2.7 24.5
B316 2000 12347 Underground 32.8 34.2 1.4 1.0 318.9
B364 2000 12329 Underground Abandoned
B368 2000 12349 Underground 58.4 59.7 1.3 1.0 29.9
62.5 64.1 1.6 1.2 49.4
(x) Note: Due to rounding, Length may not appear to exactly match
the subtraction of From and To distances.
TABLE 4
Boston Deposit - B3 Zone
------------------------
(HBJV Composites greater than 5.00 g/t)
------------------------------------------------------------------------
HOLE-ID YEAR FROM TO LENGTH AU
(m) (m) (m)(x) (g/t)
------------------------------------------------------------------------
B300 2000 46.0 46.6 0.6 39.1
48.3 49.2 0.9 18.7
B301 2000 No Significant Intercepts
B302 2000 44.9 48.9 4.0 6.00
B303 2000 No Significant Intercepts
B304 2000 87.0 89.0 2.0 19.5
BUG305 2000 55.3 59.1 3.8 16.0
65.6 67.4 1.8 19.7
BUG306 2000 159.0 160.9 1.9 8.6
BUG335 2000 86.0 94.0 8.0 18.0
88.0 91.0 3.0 28.4
BUG336 2000 50.0 51.0 1.0 24.9
BUG337 2000 82.7 87.4 4.7 9.5
(x) Note: true width of these B3 intercepts cannot be determined as
the orientation of the vein complex has not yet been determined.
SOURCE: Miramar Mining Corporation |
